Banque Pictet & Cie SA Buys 113,439 Shares of Wells Fargo & Company (NYSE:WFC)

Banque Pictet & Cie SA grew its position in Wells Fargo & Company (NYSE:WFC - Free Report) by 8.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,452,996 shares of the financial services provider's stock after acquiring an additional 113,439 shares during the period. Wells Fargo & Company accounts for 0.7% of Banque Pictet & Cie SA's portfolio, making the stock its 22nd largest holding. Banque Pictet & Cie SA's holdings in Wells Fargo & Company were worth $102,058,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of WFC. National Pension Service raised its position in Wells Fargo & Company by 15.2% in the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider's stock valued at $383,532,000 after purchasing an additional 897,195 shares during the last quarter. Diamond Hill Capital Management Inc. raised its holdings in shares of Wells Fargo & Company by 2.5% in the third quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider's stock valued at $375,183,000 after buying an additional 162,066 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Wells Fargo & Company by 10.1% in the fourth quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider's stock valued at $441,983,000 after buying an additional 575,892 shares during the last quarter. Two Sigma Advisers LP lifted its position in Wells Fargo & Company by 730.4% during the 3rd quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider's stock worth $336,375,000 after buying an additional 5,237,500 shares in the last quarter. Finally, Canoe Financial LP bought a new stake in Wells Fargo & Company during the 3rd quarter worth about $160,529,000. 75.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on WFC shares. Piper Sandler boosted their target price 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. Morgan Stanley boosted their price objective on shares of Wells Fargo & Company from $84.00 to $88.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. The Goldman Sachs Group upped their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Truist Financial lifted their target price on Wells Fargo & Company from $82.00 to $85.00 and gave the company a "buy" rating in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods upped their price target on Wells Fargo & Company from $81.00 to $86.00 and gave the company a "market perform" rating in a research note on Thursday, January 16th. Eleven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, Wells Fargo & Company currently has a consensus rating of "Hold" and a consensus price target of $73.39.

Wells Fargo & Company Stock Up 0.9 %

Shares of NYSE WFC traded up $0.73 during mid-day trading on Tuesday, reaching $80.71. 15,316,468 shares of the company's stock were exchanged, compared to its average volume of 15,227,039. Wells Fargo & Company has a twelve month low of $50.15 and a twelve month high of $81.50. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $268.72 billion, a price-to-earnings ratio of 15.00, a PEG ratio of 1.22 and a beta of 1.18. The business has a fifty day simple moving average of $74.55 and a 200 day simple moving average of $66.35.

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

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, January 7th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Friday, February 7th. Wells Fargo & Company's payout ratio is presently 29.74%.

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.