Banque Pictet & Cie SA Has $95.62 Million Stake in Wells Fargo & Company $WFC

Key Points

• Banque Pictet & Cie SA reduced its stake in Wells Fargo & Company by 4.1% in Q2, now holding approximately 1.19 million shares worth $95.62 million.
• Wells Fargo recently declared a quarterly dividend increase from $0.40 to $0.45 per share, reflecting a 2.1% dividend yield.
• The company's stock has shown significant volatility, with a 52-week range of $53.31 to $86.65, and it reported Q2 earnings of $1.54 per share, exceeding estimates.

Banque Pictet & Cie SA lessened its position in shares of Wells Fargo & Company (NYSE:WFC) by 4.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,193,484 shares of the financial services provider's stock after selling 51,448 shares during the period. Wells Fargo & Company makes up about 0.7% of Banque Pictet & Cie SA's portfolio, making the stock its 18th largest holding. Banque Pictet & Cie SA's holdings in Wells Fargo & Company were worth $95,622,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. CBIZ Investment Advisory Services LLC lifted its position in shares of Wells Fargo & Company by 585.5% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 377 shares of the financial services provider's stock worth $27,000 after buying an additional 322 shares during the last quarter. Motco boosted its stake in shares of Wells Fargo & Company by 397.6% in the 1st quarter. Motco now owns 408 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 326 shares in the last quarter. Accent Capital Management LLC acquired a new position in Wells Fargo & Company during the 1st quarter worth approximately $29,000. 1248 Management LLC bought a new position in Wells Fargo & Company in the 1st quarter valued at approximately $31,000. Finally, Stone House Investment Management LLC bought a new stake in shares of Wells Fargo & Company during the first quarter worth $34,000. 75.90% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Performance

Shares of WFC opened at $84.31 on Friday. The stock has a 50 day moving average price of $80.76 and a two-hundred day moving average price of $75.74. Wells Fargo & Company has a 52 week low of $53.31 and a 52 week high of $86.65. The firm has a market capitalization of $270.08 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.30 and a beta of 1.25. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.83 and a current ratio of 0.84.

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

Wells Fargo & Company Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 1st. Investors of record on Friday, August 8th were given a dividend of $0.45 per share. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from Wells Fargo & Company's previous quarterly dividend of $0.40. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.1%. Wells Fargo & Company's dividend payout ratio (DPR) is 30.82%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WFC. Piper Sandler restated an "overweight" rating on shares of Wells Fargo & Company in a research report on Tuesday, July 8th. Raymond James Financial lowered shares of Wells Fargo & Company from a "strong-buy" rating to a "market perform" rating in a report on Monday, July 7th. Dbs Bank upgraded shares of Wells Fargo & Company from a "hold" rating to a "moderate buy" rating in a research report on Thursday, July 17th. The Goldman Sachs Group decreased their price target on shares of Wells Fargo & Company from $92.00 to $91.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Morgan Stanley raised their price target on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an "overweight" rating in a research note on Wednesday, June 4th. Ten analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and a consensus target price of $82.97.

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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