Bank Pictet & Cie Europe AG Has $63.33 Million Stake in Wells Fargo & Company (NYSE:WFC)

Bank Pictet & Cie Europe AG decreased its position in shares of Wells Fargo & Company (NYSE:WFC) by 2.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 882,164 shares of the financial services provider's stock after selling 22,752 shares during the period. Wells Fargo & Company accounts for 1.5% of Bank Pictet & Cie Europe AG's investment portfolio, making the stock its 18th biggest holding. Bank Pictet & Cie Europe AG's holdings in Wells Fargo & Company were worth $63,331,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Rialto Wealth Management LLC acquired a new stake in Wells Fargo & Company in the 4th quarter worth $26,000. Investment Counsel Co. of Nevada acquired a new stake in Wells Fargo & Company in the 4th quarter worth $28,000. BNP Paribas acquired a new stake in Wells Fargo & Company in the 4th quarter worth $28,000. Rakuten Securities Inc. grew its position in Wells Fargo & Company by 126.7% in the 4th quarter. Rakuten Securities Inc. now owns 424 shares of the financial services provider's stock worth $30,000 after purchasing an additional 237 shares during the last quarter. Finally, Parvin Asset Management LLC acquired a new stake in Wells Fargo & Company in the 4th quarter worth $32,000. Institutional investors and hedge funds own 75.90% of the company's stock.

Wells Fargo & Company Trading Down 2.3%

Shares of WFC stock opened at $72.31 on Monday. Wells Fargo & Company has a 12-month low of $50.15 and a 12-month high of $81.50. The company has a market capitalization of $235.31 billion, a P/E ratio of 13.44, a P/E/G ratio of 1.18 and a beta of 1.16. The firm has a 50-day moving average price of $71.42 and a 200 day moving average price of $72.87. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The financial services provider reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.16. The firm had revenue of $20.15 billion during the quarter, compared to the consensus estimate of $20.82 billion. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm's quarterly revenue was down 3.4% on a year-over-year basis. During the same period last year, the firm posted $1.20 EPS. Research analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Sunday, June 1st. Shareholders of record on Friday, May 9th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, May 9th. Wells Fargo & Company's payout ratio is presently 28.73%.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on WFC shares. TD Cowen started coverage on shares of Wells Fargo & Company in a research report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on shares of Wells Fargo & Company from $82.00 to $73.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. The Goldman Sachs Group raised their price objective on shares of Wells Fargo & Company from $76.00 to $86.00 and gave the stock a "buy" rating in a report on Tuesday, June 10th. Royal Bank of Canada raised shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 price objective for the company in a report on Thursday, March 13th. Finally, Phillip Securities raised shares of Wells Fargo & Company from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, April 14th. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Wells Fargo & Company has an average rating of "Moderate Buy" and a consensus target price of $77.68.

Wells Fargo & Company Company Profile

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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