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

Pictet Asset Management Holding SA lowered its stake in shares of Wells Fargo & Company (NYSE:WFC) by 4.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,463,842 shares of the financial services provider’s stock after selling 75,714 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Wells Fargo & Company were worth $102,820,000 at the end of the most recent quarter.

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

Wells Fargo & Company Trading Down 2.2 %

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

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

Wells Fargo & Company Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Saturday, March 1st. Stockholders of record on Tuesday, January 7th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date was Friday, February 7th. Wells Fargo & Company’s payout ratio is 29.74%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on WFC shares. The Goldman Sachs Group boosted their price objective on Wells Fargo & Company from $72.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Compass Point increased their price target on shares of Wells Fargo & Company from $60.00 to $83.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Citigroup lowered their price objective on shares of 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. Piper Sandler increased their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Truist Financial lifted their price target on shares of Wells Fargo & Company from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.97.

Wells Fargo & 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.