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

Pictet Asset Management Holding SA reduced its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 4.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (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 filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of WFC. Norges Bank purchased a new position in shares of Wells Fargo & Company in the fourth quarter worth approximately $3,365,658,000. Two Sigma Advisers LP raised its position in Wells Fargo & Company by 730.4% in the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider's stock worth $336,375,000 after acquiring an additional 5,237,500 shares during the period. Artisan Partners Limited Partnership purchased a new position in shares of Wells Fargo & Company during the 4th quarter worth $117,026,000. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Wells Fargo & Company by 158.1% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,709,659 shares of the financial services provider's stock valued at $153,069,000 after acquiring an additional 1,659,716 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Wells Fargo & Company in the 4th quarter worth $85,031,000. Institutional investors own 75.90% of the company's stock.

Wells Fargo & Company Price Performance

Wells Fargo & Company stock traded up $1.07 during midday trading on Monday, reaching $71.76. 5,637,720 shares of the stock traded hands, compared to its average volume of 15,890,208. The stock has a market cap of $234.31 billion, a P/E ratio of 13.34, a PEG ratio of 1.18 and a beta of 1.16. The stock's fifty day moving average is $75.84 and its 200-day moving average is $70.14. 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 has a 12 month low of $50.15 and a 12 month high of $81.50.

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Wells Fargo & Company (NYSE:WFC - Get Free Report) last posted its earnings results on Wednesday, January 15th. The financial services provider reported $1.43 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.09. Wells Fargo & Company had a return on equity of 12.38% and a net margin of 15.73%. The firm had revenue of $20.38 billion during the quarter, compared to the consensus estimate of $20.58 billion. During the same period in the prior year, the company earned $0.86 EPS. The company's quarterly revenue was down .5% compared to the same quarter last year. As a group, equities research analysts anticipate that Wells Fargo & Company will post 5.89 EPS for the current year.

Wells Fargo & Company Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, March 1st. Shareholders of record on Tuesday, January 7th were given a dividend of $0.40 per share. The ex-dividend date was Friday, February 7th. This represents a $1.60 annualized dividend and a yield of 2.23%. Wells Fargo & Company's dividend payout ratio (DPR) is currently 29.74%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Citigroup lowered their target price on Wells Fargo & Company from $82.00 to $78.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. The Goldman Sachs Group boosted their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Royal Bank of Canada upgraded shares of Wells Fargo & Company from a "sector perform" rating to an "outperform" rating and set a $80.00 target price on the stock in a research note on Thursday, March 13th. Compass Point lifted their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Finally, UBS Group increased 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. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $74.97.

Wells Fargo & Company Company Profile

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.