Bank Pictet & Cie Europe AG Boosts Stock Holdings in Wells Fargo & Company (NYSE:WFC)

Bank Pictet & Cie Europe AG lifted its stake in Wells Fargo & Company (NYSE:WFC) by 2.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 943,615 shares of the financial services provider’s stock after purchasing an additional 25,881 shares during the period. Wells Fargo & Company comprises about 1.3% of Bank Pictet & Cie Europe AG’s holdings, making the stock its 24th largest holding. Bank Pictet & Cie Europe AG’s holdings in Wells Fargo & Company were worth $53,305,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of WFC. Community Trust & Investment Co. boosted its stake in shares of Wells Fargo & Company by 35.3% in the 3rd quarter. Community Trust & Investment Co. now owns 6,248 shares of the financial services provider’s stock valued at $353,000 after buying an additional 1,629 shares during the period. Eastern Bank acquired a new stake in Wells Fargo & Company in the third quarter valued at approximately $790,000. Argus Investors Counsel Inc. lifted its stake in Wells Fargo & Company by 34.6% in the third quarter. Argus Investors Counsel Inc. now owns 31,514 shares of the financial services provider’s stock worth $1,780,000 after acquiring an additional 8,107 shares during the last quarter. Sweeney & Michel LLC grew its holdings in Wells Fargo & Company by 8.8% during the 3rd quarter. Sweeney & Michel LLC now owns 24,173 shares of the financial services provider’s stock worth $1,366,000 after acquiring an additional 1,956 shares in the last quarter. Finally, Oakworth Capital Inc. increased its position in shares of Wells Fargo & Company by 16.8% in the 3rd quarter. Oakworth Capital Inc. now owns 6,228 shares of the financial services provider’s stock valued at $352,000 after purchasing an additional 896 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

Wells Fargo & Company Stock Up 1.2 %

Wells Fargo & Company stock opened at $64.81 on Wednesday. The stock has a 50 day moving average of $56.98 and a two-hundred day moving average of $58.11. Wells Fargo & Company has a twelve month low of $38.58 and a twelve month high of $65.21. The stock has a market capitalization of $225.95 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 1.46 and a beta of 1.16. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.11.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.14. The firm had revenue of $20.37 billion during the quarter, compared to the consensus estimate of $20.40 billion. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.17%. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. During the same period last year, the company earned $1.39 earnings per share. As a group, research analysts expect that Wells Fargo & Company will post 5.12 earnings per share for the current year.

Wells Fargo & Company Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Stockholders of record on Friday, November 8th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.47%. Wells Fargo & Company’s dividend payout ratio (DPR) is 32.85%.

Wall Street Analysts Forecast Growth

WFC has been the subject of a number of analyst reports. BMO Capital Markets boosted their target price on shares of Wells Fargo & Company from $55.00 to $57.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Evercore ISI upped their price objective on Wells Fargo & Company from $68.00 to $71.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Royal Bank of Canada reissued a “sector perform” rating and set a $61.00 target price on shares of Wells Fargo & Company in a research report on Monday, October 14th. Phillip Securities raised Wells Fargo & Company from a “neutral” rating to an “accumulate” rating and upped their price target for the company from $60.83 to $65.00 in a report on Tuesday, October 15th. Finally, Compass Point raised their price objective on shares of Wells Fargo & Company from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Thirteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $61.82.

Insider Buying and Selling

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total value of $3,822,000.00. Following the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Ather Williams III sold 60,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $63.70, for a total transaction of $3,822,000.00. Following the completion of the transaction, the executive vice president now directly owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of Wells Fargo & Company stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $61.99, for a total value of $2,169,650.00. Following the completion of the sale, the executive vice president now owns 126,687 shares in the company, valued at approximately $7,853,327.13. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.08% of the stock is currently owned by corporate insiders.

Wells Fargo & 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.