Bank Pictet & Cie Europe AG Cuts Stock Position in Wells Fargo & Company $WFC

Bank Pictet & Cie Europe AG cut its stake in shares of Wells Fargo & Company (NYSE:WFC) by 2.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 808,565 shares of the financial services provider’s stock after selling 17,427 shares during the quarter. Wells Fargo & Company accounts for approximately 1.4% of Bank Pictet & Cie Europe AG’s holdings, making the stock its 18th biggest position. Bank Pictet & Cie Europe AG’s holdings in Wells Fargo & Company were worth $67,774,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in shares of Wells Fargo & Company by 2,735,254.3% in the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 949,769,723 shares of the financial services provider’s stock valued at $76,095,550,000 after acquiring an additional 949,735,001 shares in the last quarter. Norges Bank purchased a new stake in Wells Fargo & Company in the 2nd quarter valued at approximately $3,990,551,000. Massachusetts Financial Services Co. MA increased its position in Wells Fargo & Company by 54.9% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,635,681 shares of the financial services provider’s stock worth $1,332,851,000 after purchasing an additional 5,894,747 shares during the period. Amundi increased its position in Wells Fargo & Company by 18.2% during the 2nd quarter. Amundi now owns 14,155,753 shares of the financial services provider’s stock worth $1,165,868,000 after purchasing an additional 2,180,693 shares during the period. Finally, Laurel Wealth Advisors LLC raised its stake in shares of Wells Fargo & Company by 8,010.7% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,973,730 shares of the financial services provider’s stock worth $158,135,000 after buying an additional 1,949,395 shares in the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Trading Down 1.2%

Shares of WFC stock opened at $93.16 on Friday. The stock has a market cap of $292.44 billion, a P/E ratio of 15.32, a P/E/G ratio of 0.96 and a beta of 1.09. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.07. Wells Fargo & Company has a fifty-two week low of $58.42 and a fifty-two week high of $95.85. The business has a fifty day simple moving average of $88.65 and a 200-day simple moving average of $83.53.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.73 EPS for the quarter, topping the consensus estimate of $1.55 by $0.18. The business had revenue of $21.44 billion for the quarter, compared to analyst estimates of $21.11 billion. Wells Fargo & Company had a net margin of 17.18% and a return on equity of 12.51%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.42 EPS. On average, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Friday, November 7th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, November 7th. Wells Fargo & Company’s dividend payout ratio is 29.61%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on WFC shares. UBS Group decreased their price target on Wells Fargo & Company from $95.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, October 7th. Cowen restated a “hold” rating on shares of Wells Fargo & Company in a research report on Wednesday, October 15th. Citigroup upped their price target on shares of Wells Fargo & Company from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. TD Cowen raised their price objective on shares of Wells Fargo & Company from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Wednesday, October 15th. Finally, Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $95.00 to $97.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 15th. Eleven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, Wells Fargo & Company currently has an average rating of “Moderate Buy” and an average price target of $92.04.

Wells Fargo & Company Company Profile

Wells Fargo & Company is a diversified, U.S.-based financial services company headquartered in San Francisco, California. Founded in 1852 by Henry Wells and William G. Fargo, the firm has evolved from its origins in express delivery and pioneer-era banking into one of the largest full-service banks in the United States. The company provides a broad range of financial products and services to individual, small business, commercial, and institutional clients. Charles W. Scharf serves as chief executive officer.

Wells Fargo operates across several core business segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.