Wells Fargo & Company (NYSE:WFC) Shares Purchased by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG boosted its holdings in Wells Fargo & Company (NYSE:WFC) by 25.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 917,734 shares of the financial services provider’s stock after buying an additional 187,420 shares during the quarter. Wells Fargo & Company accounts for about 1.3% of Bank Pictet & Cie Europe AG’s investment portfolio, making the stock its 24th largest position. Bank Pictet & Cie Europe AG’s holdings in Wells Fargo & Company were worth $54,504,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Core Wealth Advisors Inc. acquired a new position in Wells Fargo & Company in the fourth quarter worth approximately $25,000. Tennessee Valley Asset Management Partners purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $29,000. Transcendent Capital Group LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $32,000. Bfsg LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $34,000. Finally, Atlantic Edge Private Wealth Management LLC purchased a new position in Wells Fargo & Company during the 4th quarter worth approximately $34,000. Institutional investors and hedge funds own 75.90% of the company’s stock.

Wells Fargo & Company Stock Up 1.3 %

NYSE:WFC traded up $0.74 during trading hours on Friday, reaching $56.70. The company’s stock had a trading volume of 17,074,409 shares, compared to its average volume of 18,010,037. The company has a market cap of $197.67 billion, a price-to-earnings ratio of 11.64, a price-to-earnings-growth ratio of 1.40 and a beta of 1.17. Wells Fargo & Company has a one year low of $38.38 and a one year high of $62.55. The business’s 50-day moving average is $57.55 and its 200-day moving average is $57.41. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.86 and a quick ratio of 0.85.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings data on Friday, July 12th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.29 by $0.04. The firm had revenue of $20.69 billion during the quarter, compared to analysts’ expectations of $20.29 billion. Wells Fargo & Company had a net margin of 15.17% and a return on equity of 12.30%. Wells Fargo & Company’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 earnings per share. Equities research analysts predict that Wells Fargo & Company will post 5.14 EPS for the current year.

Wells Fargo & Company Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.82%. This is a boost from Wells Fargo & Company’s previous quarterly dividend of $0.35. The ex-dividend date is Friday, August 9th. Wells Fargo & Company’s dividend payout ratio is 32.85%.

Wall Street Analyst Weigh In

Several research firms have weighed in on WFC. Morgan Stanley lifted their price objective on shares of Wells Fargo & Company from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. lifted their price objective on shares of Wells Fargo & Company from $59.00 to $61.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Jefferies Financial Group cut shares of Wells Fargo & Company to a “hold” rating and lowered their price objective for the stock from $62.00 to $59.00 in a research report on Friday, August 16th. Keefe, Bruyette & Woods lowered their price objective on shares of Wells Fargo & Company from $62.00 to $61.00 and set a “market perform” rating on the stock in a research report on Monday, July 15th. Finally, Evercore ISI reissued an “outperform” rating and set a $67.00 target price (down previously from $70.00) on shares of Wells Fargo & Company in a research note on Monday, July 15th. Thirteen investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $59.63.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.