PICTET BANK & TRUST Ltd Raises Stock Holdings in Wells Fargo & Company (NYSE:WFC)

PICTET BANK & TRUST Ltd raised its stake in Wells Fargo & Company (NYSE:WFC) by 4.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,025 shares of the financial services provider’s stock after purchasing an additional 1,525 shares during the period. Wells Fargo & Company accounts for approximately 2.7% of PICTET BANK & TRUST Ltd’s investment portfolio, making the stock its 15th largest holding. PICTET BANK & TRUST Ltd’s holdings in Wells Fargo & Company were worth $2,671,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Two Sigma Advisers LP grew its position in shares of Wells Fargo & Company by 730.4% in the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after buying an additional 5,237,500 shares during the last quarter. Canoe Financial LP purchased a new position in Wells Fargo & Company in the third quarter worth $160,529,000. Caisse DE Depot ET Placement DU Quebec grew its holdings in Wells Fargo & Company by 158.1% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider’s stock worth $153,069,000 after purchasing an additional 1,659,716 shares during the last quarter. Artemis Investment Management LLP lifted its holdings in shares of Wells Fargo & Company by 410.8% during the 4th quarter. Artemis Investment Management LLP now owns 1,374,812 shares of the financial services provider’s stock valued at $96,567,000 after purchasing an additional 1,105,679 shares during the last quarter. Finally, National Pension Service boosted its position in shares of Wells Fargo & Company by 15.2% in the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after purchasing an additional 897,195 shares in the last quarter. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 1.1 %

Shares of WFC stock opened at $79.68 on Friday. Wells Fargo & Company has a twelve month low of $48.62 and a twelve month high of $81.50. The stock has a market cap of $265.29 billion, a P/E ratio of 14.81, a P/E/G ratio of 1.22 and a beta of 1.18. The stock has a 50 day moving average of $74.30 and a 200 day moving average of $65.96. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Wells Fargo & Company (NYSE:WFC) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.09. Wells Fargo & Company had a net margin of 15.73% and a return on equity of 12.38%. The firm had revenue of $20.38 billion during the quarter, compared to analyst estimates of $20.58 billion. During the same period in the previous year, the firm earned $0.86 EPS. The business’s quarterly revenue was down .5% on a year-over-year basis. As a group, sell-side analysts expect that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.01%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company’s payout ratio is currently 29.74%.

Analysts Set New Price Targets

WFC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods upped their target price on Wells Fargo & Company from $81.00 to $86.00 and gave the company a “market perform” rating in a research report on Thursday, January 16th. Piper Sandler upped their price objective on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Morgan Stanley lifted their target price on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Evercore ISI upped their price target on shares of Wells Fargo & Company from $71.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, UBS Group lifted their price objective on shares of Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Eleven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Wells Fargo & Company presently has an average rating of “Hold” and a consensus target price of $73.39.

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.