IMS Capital Management Makes New $3.97 Million Investment in Wells Fargo & Company $WFC

Key Points

• IMS Capital Management made a new investment of approximately $3.97 million in Wells Fargo, acquiring 49,517 shares, which now represents about 1.9% of its investment portfolio.
• Wells Fargo recently announced a quarterly dividend increase to $0.45 per share, reflecting a dividend yield of 2.1% and a payout ratio of 30.82%.
• The company's stock has shown a 1.0% decline recently, with a market cap of $270.16 billion and a 12-month price range between $53.31 and $86.66.

IMS Capital Management bought a new stake in Wells Fargo & Company (NYSE:WFC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 49,517 shares of the financial services provider's stock, valued at approximately $3,967,000. Wells Fargo & Company comprises approximately 1.9% of IMS Capital Management's investment portfolio, making the stock its 11th largest holding.

A number of other hedge funds have also made changes to their positions in WFC. Wealth Management Partners LLC boosted its position in shares of Wells Fargo & Company by 3.5% in the 2nd quarter. Wealth Management Partners LLC now owns 3,805 shares of the financial services provider's stock worth $313,000 after buying an additional 128 shares in the last quarter. Financial Management Professionals Inc. raised its position in Wells Fargo & Company by 19.3% during the second quarter. Financial Management Professionals Inc. now owns 854 shares of the financial services provider's stock worth $68,000 after acquiring an additional 138 shares during the last quarter. Summit Wealth & Retirement Planning Inc. raised its position in Wells Fargo & Company by 4.3% during the first quarter. Summit Wealth & Retirement Planning Inc. now owns 3,362 shares of the financial services provider's stock worth $241,000 after acquiring an additional 139 shares during the last quarter. Nwam LLC lifted its holdings in shares of Wells Fargo & Company by 1.6% in the first quarter. Nwam LLC now owns 8,806 shares of the financial services provider's stock valued at $632,000 after purchasing an additional 142 shares in the last quarter. Finally, PGIM Custom Harvest LLC grew its position in shares of Wells Fargo & Company by 3.5% in the first quarter. PGIM Custom Harvest LLC now owns 4,225 shares of the financial services provider's stock valued at $303,000 after purchasing an additional 142 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Stock Down 1.0%

Shares of NYSE:WFC opened at $84.33 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The firm has a market cap of $270.16 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.32 and a beta of 1.25. The stock's 50-day moving average price is $80.58 and its two-hundred day moving average price is $75.56. Wells Fargo & Company has a 12-month low of $53.31 and a 12-month high of $86.66.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.13. Wells Fargo & Company had a net margin of 16.82% and a return on equity of 12.29%. The business had revenue of $20.82 billion for the quarter, compared to analyst estimates of $20.83 billion. During the same period in the prior year, the firm posted $1.33 EPS. The company's revenue was up .6% on a year-over-year basis. On average, research analysts forecast that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. Wells Fargo & Company's dividend payout ratio is presently 30.82%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WFC. Phillip Securities cut shares of Wells Fargo & Company from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Truist Financial boosted their price target on Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. The Goldman Sachs Group reduced their price objective on Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday. Finally, Raymond James Financial downgraded shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research note on Monday, July 7th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $82.56.

Wells Fargo & Company Profile

Wells Fargo & Co is a diversified and community-based financial services company, which engages in the provision of banking, insurance, investments, mortgage, and consumer and commercial finance products and services. It operates through the following segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management.

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