Pictet Asset Management Holding SA Sells 75,714 Shares of Wells Fargo & Company (NYSE:WFC)

Pictet Asset Management Holding SA decreased its position in Wells Fargo & Company (NYSE:WFC) by 4.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,463,842 shares of the financial services provider’s stock after selling 75,714 shares during the period. Pictet Asset Management Holding SA’s holdings in Wells Fargo & Company were worth $102,820,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. grew its holdings in Wells Fargo & Company by 12.2% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,507,766 shares of the financial services provider’s stock worth $105,905,000 after acquiring an additional 164,308 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Wells Fargo & Company during the fourth quarter worth about $4,629,000. Norges Bank bought a new stake in shares of Wells Fargo & Company in the fourth quarter worth about $3,365,658,000. Loomis Sayles & Co. L P increased its holdings in Wells Fargo & Company by 16.5% during the 4th quarter. Loomis Sayles & Co. L P now owns 1,384 shares of the financial services provider’s stock valued at $97,000 after purchasing an additional 196 shares during the period. Finally, AssuredPartners Investment Advisors LLC bought a new stake in shares of Wells Fargo & Company during the 4th quarter valued at about $352,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

WFC has been the subject of a number of research reports. Piper Sandler increased their price target on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Compass Point raised their target price on Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. UBS Group upped their price target on Wells Fargo & Company from $69.00 to $85.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. The Goldman Sachs Group raised their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Barclays upped their target price on shares of Wells Fargo & Company from $90.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.97.

Wells Fargo & Company Stock Performance

Shares of NYSE WFC opened at $70.71 on Friday. The firm’s 50-day moving average price is $75.84 and its 200-day moving average price is $69.92. Wells Fargo & Company has a 52-week low of $50.15 and a 52-week high of $81.50. The company has a market cap of $230.87 billion, a PE ratio of 13.14, a PEG ratio of 1.18 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 1.07.

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

Wells Fargo & Company Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Investors of record on Tuesday, January 7th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Friday, February 7th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 29.74%.

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.