Independence Bank of Kentucky Has $88,000 Holdings in Wells Fargo & Company (NYSE:WFC)

Independence Bank of Kentucky lessened its holdings in shares of Wells Fargo & Company (NYSE:WFC) by 49.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,515 shares of the financial services provider’s stock after selling 1,490 shares during the period. Independence Bank of Kentucky’s holdings in Wells Fargo & Company were worth $88,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Teza Capital Management LLC acquired a new stake in shares of Wells Fargo & Company during the 3rd quarter worth approximately $1,676,000. Sherbrooke Park Advisers LLC acquired a new stake in Wells Fargo & Company in the third quarter valued at approximately $403,000. Rehmann Capital Advisory Group boosted its position in Wells Fargo & Company by 4.5% in the third quarter. Rehmann Capital Advisory Group now owns 29,179 shares of the financial services provider’s stock valued at $1,192,000 after buying an additional 1,248 shares in the last quarter. Waverly Advisors LLC boosted its position in Wells Fargo & Company by 1.8% in the third quarter. Waverly Advisors LLC now owns 16,071 shares of the financial services provider’s stock valued at $657,000 after buying an additional 291 shares in the last quarter. Finally, United Services Automobile Association boosted its position in Wells Fargo & Company by 13.7% in the third quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after buying an additional 11,825 shares in the last quarter. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Performance

WFC stock traded up $1.97 during mid-day trading on Friday, hitting $59.39. The company had a trading volume of 31,074,465 shares, compared to its average volume of 18,610,088. The stock’s fifty day moving average price is $59.55 and its two-hundred day moving average price is $55.04. Wells Fargo & Company has a 12 month low of $38.38 and a 12 month high of $62.55. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.86 and a current ratio of 0.87. The firm has a market cap of $207.05 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.42 and a beta of 1.17.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The business had revenue of $20.86 billion during the quarter, compared to analysts’ expectations of $20.19 billion. During the same quarter in the previous year, the company earned $1.23 EPS. The business’s quarterly revenue was up .6% compared to the same quarter last year. On average, analysts forecast that Wells Fargo & Company will post 5.14 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, June 1st. Stockholders of record on Friday, May 10th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.36%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.23%.

Analyst Ratings Changes

A number of brokerages have weighed in on WFC. Jefferies Financial Group raised their target price on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, April 8th. StockNews.com upgraded shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $62.00 target price (up previously from $56.00) on shares of Wells Fargo & Company in a research report on Wednesday, March 27th. Compass Point restated a “neutral” rating and issued a $64.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. Finally, Citigroup reaffirmed a “neutral” rating and set a $63.00 price target (up previously from $57.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 20th. Fourteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Wells Fargo & Company currently has a consensus rating of “Hold” and an average target price of $59.15.

Wells Fargo & Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.