Analyst IMS Investment Management Services Ltd. Trims Stock Position in Wells Fargo & Co (NYSE:WFC)

Analyst IMS Investment Management Services Ltd. lessened its holdings in shares of Wells Fargo & Co (NYSE:WFC) by 11.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,398 shares of the financial services provider’s stock after selling 1,859 shares during the period. Analyst IMS Investment Management Services Ltd.’s holdings in Wells Fargo & Co were worth $413,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Capital Square LLC acquired a new position in Wells Fargo & Co during the fourth quarter worth about $3,059,000. Amalgamated Bank raised its stake in shares of Wells Fargo & Co by 3.2% in the 4th quarter. Amalgamated Bank now owns 579,577 shares of the financial services provider’s stock valued at $31,181,000 after acquiring an additional 18,050 shares during the period. Amundi Pioneer Asset Management Inc. raised its stake in shares of Wells Fargo & Co by 264.5% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 10,660,597 shares of the financial services provider’s stock valued at $573,541,000 after acquiring an additional 7,736,141 shares during the period. Fulton Bank N.A. raised its stake in shares of Wells Fargo & Co by 5.5% in the 1st quarter. Fulton Bank N.A. now owns 20,099 shares of the financial services provider’s stock valued at $576,000 after acquiring an additional 1,052 shares during the period. Finally, Beacon Investment Advisory Services Inc. raised its stake in shares of Wells Fargo & Co by 32.2% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 15,429 shares of the financial services provider’s stock valued at $830,000 after acquiring an additional 3,758 shares during the period. 74.93% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts recently weighed in on the stock. BMO Capital Markets cut their target price on shares of Wells Fargo & Co from $37.00 to $35.00 and set a “market perform” rating on the stock in a research note on Wednesday, April 15th. Zacks Investment Research raised shares of Wells Fargo & Co from a “strong sell” rating to a “hold” rating and set a $23.00 target price on the stock in a research note on Tuesday, March 17th. Morgan Stanley cut their target price on shares of Wells Fargo & Co from $49.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Monday, March 9th. Citigroup cut their target price on shares of Wells Fargo & Co from $43.00 to $37.00 and set a “neutral” rating on the stock in a research note on Friday, March 27th. Finally, Robert W. Baird upgraded shares of Wells Fargo & Co from an “underperform” rating to a “neutral” rating and set a $50.00 price target for the company in a report on Tuesday, January 28th. Six research analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $38.93.

Wells Fargo & Co stock traded down $0.32 during trading hours on Friday, reaching $24.14. 17,144,629 shares of the stock were exchanged, compared to its average volume of 49,529,144. The stock has a market cap of $100.53 billion, a P/E ratio of 8.53, a P/E/G ratio of 3.05 and a beta of 1.18. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.85 and a current ratio of 0.87. Wells Fargo & Co has a 52-week low of $22.00 and a 52-week high of $54.75. The firm’s 50 day moving average is $27.31 and its 200 day moving average is $42.46.

Wells Fargo & Co (NYSE:WFC) last announced its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.85). The firm had revenue of $17.72 billion for the quarter, compared to analysts’ expectations of $19.40 billion. Wells Fargo & Co had a return on equity of 9.28% and a net margin of 14.52%. The firm’s quarterly revenue was down 18.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 EPS. Equities research analysts expect that Wells Fargo & Co will post 0.79 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 8th will be paid a dividend of $0.51 per share. The ex-dividend date is Thursday, May 7th. This represents a $2.04 annualized dividend and a dividend yield of 8.45%. Wells Fargo & Co’s dividend payout ratio is currently 46.58%.

In other Wells Fargo & Co news, CEO Charles W. Scharf purchased 173,000 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average price of $28.69 per share, for a total transaction of $4,963,370.00. Following the completion of the acquisition, the chief executive officer now owns 176,916 shares of the company’s stock, valued at approximately $5,075,720.04. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Noski acquired 20,000 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were purchased at an average price of $29.53 per share, for a total transaction of $590,600.00. Following the purchase, the director now directly owns 74 shares of the company’s stock, valued at $2,185.22. The disclosure for this purchase can be found here. 0.09% of the stock is owned by company insiders.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

See Also: What are municipal bonds?

Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.