Banque Pictet & Cie SA Sells 30,597 Shares of Wells Fargo & Co (WFC)

Banque Pictet & Cie SA trimmed its position in Wells Fargo & Co (NYSE:WFC) by 2.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,009,711 shares of the financial services provider’s stock after selling 30,597 shares during the quarter. Wells Fargo & Co accounts for 1.1% of Banque Pictet & Cie SA’s portfolio, making the stock its 23rd largest position. Banque Pictet & Cie SA’s holdings in Wells Fargo & Co were worth $55,978,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Carillon Tower Advisers Inc. grew its position in Wells Fargo & Co by 16.3% in the second quarter. Carillon Tower Advisers Inc. now owns 332,055 shares of the financial services provider’s stock valued at $18,409,000 after acquiring an additional 46,495 shares during the period. All Terrain Financial Advisors LLC grew its position in Wells Fargo & Co by 23.4% in the second quarter. All Terrain Financial Advisors LLC now owns 7,936 shares of the financial services provider’s stock valued at $440,000 after acquiring an additional 1,504 shares during the period. Mutual of America Capital Management LLC grew its position in Wells Fargo & Co by 0.8% in the second quarter. Mutual of America Capital Management LLC now owns 565,039 shares of the financial services provider’s stock valued at $31,326,000 after acquiring an additional 4,353 shares during the period. Oxbow Advisors LLC grew its position in Wells Fargo & Co by 3.6% in the second quarter. Oxbow Advisors LLC now owns 46,244 shares of the financial services provider’s stock valued at $2,564,000 after acquiring an additional 1,620 shares during the period. Finally, Greenwood Gearhart Inc. grew its position in Wells Fargo & Co by 5.3% in the second quarter. Greenwood Gearhart Inc. now owns 121,909 shares of the financial services provider’s stock valued at $6,759,000 after acquiring an additional 6,122 shares during the period. Institutional investors and hedge funds own 75.76% of the company’s stock.

A number of analysts have weighed in on WFC shares. Morgan Stanley upgraded Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $57.00 to $62.00 in a research report on Monday, July 2nd. Zacks Investment Research upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research report on Saturday, July 7th. Susquehanna Bancshares set a $63.00 price target on Wells Fargo & Co and gave the company a “hold” rating in a research report on Friday, July 13th. Keefe, Bruyette & Woods upgraded Wells Fargo & Co from a “market perform” rating to an “outperform” rating and upped their price target for the company from $57.00 to $63.00 in a research report on Sunday, July 15th. They noted that the move was a valuation call. Finally, Macquarie cut Wells Fargo & Co from an “outperform” rating to a “neutral” rating in a research report on Friday, September 7th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $63.34.

In related news, EVP Avid Modjtabai sold 100,000 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $58.71, for a total value of $5,871,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Hope A. Hardison sold 25,000 shares of the firm’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total value of $1,450,250.00. Following the completion of the transaction, the executive vice president now owns 109 shares in the company, valued at approximately $6,323.09. The disclosure for this sale can be found here. 0.09% of the stock is currently owned by corporate insiders.

Shares of WFC stock opened at $54.73 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.22. The firm has a market cap of $272.86 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 1.51 and a beta of 1.12. Wells Fargo & Co has a 52 week low of $50.26 and a 52 week high of $66.31.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, July 13th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.04). The business had revenue of $21.55 billion for the quarter, compared to the consensus estimate of $21.52 billion. Wells Fargo & Co had a return on equity of 12.38% and a net margin of 22.03%. equities analysts predict that Wells Fargo & Co will post 4.56 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Stockholders of record on Friday, August 10th were issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Thursday, August 9th. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.39. Wells Fargo & Co’s dividend payout ratio is presently 41.85%.

Wells Fargo & Co Profile

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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Institutional Ownership by Quarter for Wells Fargo & Co (NYSE:WFC)

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