Banque Pictet & Cie SA Sells 51,448 Shares of Wells Fargo & Company $WFC

Banque Pictet & Cie SA trimmed its holdings in Wells Fargo & Company (NYSE:WFC) by 4.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 0.7% of Banque Pictet & Cie SA’s investment portfolio, making the stock its 18th biggest holding. Banque Pictet & Cie SA’s holdings in Wells Fargo & Company were worth $95,622,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of WFC. Brighton Jones LLC boosted its position in shares of Wells Fargo & Company by 62.3% during the 4th quarter. Brighton Jones LLC now owns 66,233 shares of the financial services provider’s stock valued at $4,652,000 after acquiring an additional 25,436 shares during the last quarter. 111 Capital purchased a new stake in shares of Wells Fargo & Company in the 4th quarter valued at $776,000. Waller Financial Planning Group Inc. bought a new position in Wells Fargo & Company during the 1st quarter worth approximately $226,000. Versant Capital Management Inc increased its stake in shares of Wells Fargo & Company by 84.2% in the first quarter. Versant Capital Management Inc now owns 9,189 shares of the financial services provider’s stock worth $660,000 after buying an additional 4,200 shares during the period. Finally, Quent Capital LLC increased its holdings in Wells Fargo & Company by 3.4% during the 1st quarter. Quent Capital LLC now owns 13,040 shares of the financial services provider’s stock valued at $936,000 after purchasing an additional 429 shares during the period. 75.90% of the stock is currently owned by institutional investors.

Wells Fargo & Company Stock Up 0.2%

NYSE WFC opened at $84.31 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.06. The stock’s 50 day moving average is $80.76 and its 200 day moving average is $75.74. Wells Fargo & Company has a 12 month low of $53.31 and a 12 month high of $86.65. The stock has a market cap of $270.08 billion, a PE ratio of 14.44, a P/E/G ratio of 1.30 and a beta of 1.25.

Wells Fargo & Company (NYSE:WFC) last announced its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.54 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.13. Wells Fargo & Company had a return on equity of 12.29% and a net margin of 16.82%.The company had revenue of $20.82 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the prior year, the company earned $1.33 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. Research analysts predict that Wells Fargo & Company will post 5.89 EPS for the current fiscal year.

Wells Fargo & Company Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 8th were paid a $0.45 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, August 8th. Wells Fargo & Company’s payout ratio is currently 30.82%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Bank of America increased their price target on shares of Wells Fargo & Company from $83.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, June 4th. The Goldman Sachs Group reduced their price objective on shares of Wells Fargo & Company from $92.00 to $91.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Phillip Securities cut Wells Fargo & Company from a “strong-buy” rating to a “moderate buy” rating in a research note on Thursday, July 17th. Morgan Stanley increased their price objective on shares of Wells Fargo & Company from $77.00 to $87.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Finally, Evercore ISI reissued an “outperform” rating on shares of Wells Fargo & Company in a report on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $82.97.

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.