MetLife Investment Management LLC Has $61.33 Million Holdings in Wells Fargo & Company $WFC

Key Points

• MetLife Investment Management LLC reduced its holdings in Wells Fargo by 3.1%, owning 854,292 shares worth approximately $61.33 million as of the first quarter.
• Wells Fargo recently declared a quarterly dividend of $0.45 per share, reflecting a boost from its previous dividend and representing a yield of 2.3%.
• The company reported $1.54 EPS for its last quarter, exceeding expectations and resulting in a quarterly revenue of $20.82 billion, up 0.6% year-over-year.

MetLife Investment Management LLC lessened its holdings in Wells Fargo & Company (NYSE:WFC - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 854,292 shares of the financial services provider's stock after selling 27,022 shares during the period. MetLife Investment Management LLC's holdings in Wells Fargo & Company were worth $61,330,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of WFC. BNP Paribas acquired a new position in Wells Fargo & Company during the 4th quarter worth $28,000. Motco lifted its position in Wells Fargo & Company by 397.6% during the 1st quarter. Motco now owns 408 shares of the financial services provider's stock worth $29,000 after acquiring an additional 326 shares during the last quarter. Accent Capital Management LLC acquired a new position in Wells Fargo & Company during the 1st quarter worth $29,000. Parvin Asset Management LLC acquired a new position in Wells Fargo & Company during the 4th quarter worth $32,000. Finally, Stone House Investment Management LLC acquired a new position in Wells Fargo & Company during the 1st quarter worth $34,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $79.0680 on Friday. Wells Fargo & Company has a 12-month low of $50.22 and a 12-month high of $84.83. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $253.29 billion, a PE ratio of 13.54, a price-to-earnings-growth ratio of 1.23 and a beta of 1.20. The firm has a 50-day moving average price of $79.55 and a 200 day moving average price of $74.93.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 earnings per share (EPS) 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 firm had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same quarter in the prior year, the business posted $1.33 earnings per share. The company's quarterly revenue was up .6% compared to the same quarter last year. Research analysts anticipate that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its board has initiated a stock buyback program on Tuesday, April 29th that allows the company to repurchase $40.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 17.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Friday, August 8th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.3%. This is a boost from Wells Fargo & Company's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, August 8th. Wells Fargo & Company's dividend payout ratio (DPR) is currently 30.82%.

Analyst Ratings Changes

A number of research analysts have weighed in on WFC shares. Morgan Stanley boosted their target price on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 4th. Truist Financial raised their price objective on shares of Wells Fargo & Company from $83.00 to $86.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research note on Tuesday, July 8th. Cowen restated a "hold" rating on shares of Wells Fargo & Company in a research note on Wednesday, July 16th. Finally, Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a research report on Monday, July 7th. Eleven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $81.58.

About Wells Fargo & Company

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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