Banque Pictet & Cie SA Has $89.37 Million Position in Wells Fargo & Company (NYSE:WFC)

Banque Pictet & Cie SA lowered its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 14.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,244,932 shares of the financial services provider's stock after selling 208,064 shares during the quarter. Wells Fargo & Company comprises approximately 0.7% of Banque Pictet & Cie SA's portfolio, making the stock its 20th largest holding. Banque Pictet & Cie SA's holdings in Wells Fargo & Company were worth $89,374,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in WFC. RKL Wealth Management LLC raised its stake in Wells Fargo & Company by 166.4% in the first quarter. RKL Wealth Management LLC now owns 8,185 shares of the financial services provider's stock worth $588,000 after buying an additional 5,113 shares in the last quarter. Cornerstone Advisors LLC boosted its holdings in Wells Fargo & Company by 2.1% in the fourth quarter. Cornerstone Advisors LLC now owns 204,200 shares of the financial services provider's stock worth $14,343,000 after purchasing an additional 4,200 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Wells Fargo & Company by 12.1% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 651,808 shares of the financial services provider's stock worth $45,783,000 after purchasing an additional 70,104 shares during the last quarter. Silver Oak Securities Incorporated purchased a new position in shares of Wells Fargo & Company during the 1st quarter worth $215,000. Finally, Catalyst Funds Management Pty Ltd boosted its stake in shares of Wells Fargo & Company by 102.2% during the 4th quarter. Catalyst Funds Management Pty Ltd now owns 83,100 shares of the financial services provider's stock worth $5,837,000 after acquiring an additional 42,000 shares during the last quarter. Institutional investors own 75.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Citigroup restated a "neutral" rating on shares of Wells Fargo & Company in a report on Tuesday. Barclays reduced their price target on shares of Wells Fargo & Company from $92.00 to $87.00 and set an "overweight" rating for the company in a report on Monday, April 14th. TD Cowen began coverage on shares of Wells Fargo & Company in a report on Thursday, May 15th. They issued a "hold" rating and a $83.00 price objective on the stock. Bank of America lifted their price objective on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 4th. Finally, Evercore ISI reissued an "outperform" rating on shares of Wells Fargo & Company in a research note on Tuesday. Seven analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of "Moderate Buy" and an average target price of $80.13.

Wells Fargo & Company Stock Up 0.2%

WFC traded up $0.19 during trading hours on Friday, reaching $82.55. 12,577,498 shares of the stock traded hands, compared to its average volume of 17,411,040. Wells Fargo & Company has a fifty-two week low of $50.15 and a fifty-two week high of $83.95. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market cap of $268.63 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 1.39 and a beta of 1.16. The firm's fifty day simple moving average is $76.41 and its two-hundred day simple moving average is $73.85.

Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.16. Wells Fargo & Company had a net margin of 16.19% and a return on equity of 12.15%. The firm had revenue of $20.15 billion for the quarter, compared to the consensus estimate of $20.82 billion. During the same period in the prior year, the firm posted $1.20 EPS. The firm's revenue was down 3.4% compared to the same quarter last year. As a group, analysts forecast that Wells Fargo & Company will post 5.89 earnings per share for the current fiscal year.

Wells Fargo & Company declared that its Board of Directors has approved a stock repurchase program on Tuesday, April 29th that permits the company to repurchase $40.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 17.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Wells Fargo & Company Announces Dividend

The firm 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. The ex-dividend date of this dividend was Friday, May 9th. This represents a $1.60 annualized dividend and a dividend yield of 1.94%. Wells Fargo & Company's dividend payout ratio is currently 28.73%.

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.