Metis Global Partners LLC Boosts Stake in Wells Fargo & Company (NYSE:WFC)

Key Points

• Metis Global Partners LLC increased its stake in Wells Fargo & Company by 9.7%, holding 189,041 shares worth approximately $13.57 million as of the latest SEC filing.
• Wells Fargo recently reported quarterly earnings of $1.54 per share, exceeding estimates by $0.13, with a revenue of $20.82 billion for the quarter.
• The company has announced a $40 billion share repurchase program, allowing it to buy back up to 17.2% of its shares, indicating confidence in its stock value.

Metis Global Partners LLC increased its stake in shares of Wells Fargo & Company (NYSE:WFC - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 189,041 shares of the financial services provider's stock after purchasing an additional 16,706 shares during the quarter. Metis Global Partners LLC's holdings in Wells Fargo & Company were worth $13,571,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. TCW Group Inc. raised its position in Wells Fargo & Company by 10.2% in the first quarter. TCW Group Inc. now owns 586,465 shares of the financial services provider's stock worth $42,102,000 after acquiring an additional 54,256 shares in the last quarter. Alteri Wealth LLC raised its position in Wells Fargo & Company by 68.4% in the first quarter. Alteri Wealth LLC now owns 12,439 shares of the financial services provider's stock worth $893,000 after acquiring an additional 5,053 shares in the last quarter. Waddell & Associates LLC raised its position in Wells Fargo & Company by 14.5% in the first quarter. Waddell & Associates LLC now owns 8,192 shares of the financial services provider's stock worth $588,000 after acquiring an additional 1,039 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Wells Fargo & Company by 9.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,264,471 shares of the financial services provider's stock worth $90,776,000 after acquiring an additional 113,876 shares in the last quarter. Finally, Providence Wealth Advisors LLC raised its position in Wells Fargo & Company by 1.5% in the first quarter. Providence Wealth Advisors LLC now owns 16,305 shares of the financial services provider's stock worth $1,156,000 after acquiring an additional 235 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WFC has been the subject of several research analyst reports. Citigroup reiterated a "neutral" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Morgan Stanley raised their price target on Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research report on Wednesday, June 4th. Wall Street Zen cut Wells Fargo & Company from a "hold" rating to a "sell" rating in a research report on Saturday. JPMorgan Chase & Co. dropped their price target on Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Finally, Barclays dropped their price target on Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a research report on Monday, April 14th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $80.39.

Wells Fargo & Company Trading Down 1.5%

NYSE:WFC traded down $1.29 during mid-day trading on Monday, reaching $83.03. The company's stock had a trading volume of 10,625,988 shares, compared to its average volume of 19,290,604. The company's fifty day simple moving average is $78.00 and its two-hundred day simple moving average is $74.72. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.83. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $84.83. The stock has a market cap of $270.19 billion, a P/E ratio of 14.22, a P/E/G ratio of 1.31 and a beta of 1.16.

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

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Stockholders of record on Friday, May 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's dividend payout ratio is currently 27.40%.

Wells Fargo & Company declared that its board has authorized a stock repurchase plan on Tuesday, April 29th that permits the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 17.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

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.