Todd Asset Management Lowers stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Todd Asset Management reduced its stake in Wells Fargo & Co by 7.05% during the most recent quarter end. The investment management company now holds a total of 724,018 shares of Wells Fargo & Co which is valued at $34,441,536 after selling 54,880 shares in Wells Fargo & Co , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Wells Fargo & Co makes up approximately 1.06% of Todd Asset Management’s portfolio.

Other Hedge Funds, Including , California State Teachers Retirement System reduced its stake in WFC by selling 185,727 shares or 1.82% in the most recent quarter. The Hedge Fund company now holds 9,992,233 shares of WFC which is valued at $475,330,524. Wells Fargo & Co makes up approx 0.99% of California State Teachers Retirement System’s portfolio. Premier Fund Managers Ltd sold out all of its stake in WFC during the most recent quarter. The investment firm sold 21,000 shares of WFC which is valued $1,007,370.Pioneer Trust Bank N Aor boosted its stake in WFC in the latest quarter, The investment management firm added 6,110 additional shares and now holds a total of 96,841 shares of Wells Fargo & Co which is valued at $4,675,483. Wells Fargo & Co makes up approx 2.76% of Pioneer Trust Bank N Aor’s portfolio.Franklin Street Advisors Inc Nc boosted its stake in WFC in the latest quarter, The investment management firm added 10,569 additional shares and now holds a total of 134,709 shares of Wells Fargo & Co which is valued at $6,502,403. Wells Fargo & Co makes up approx 1.20% of Franklin Street Advisors Inc Nc’s portfolio.

Wells Fargo & Co opened for trading at $47.6 and hit $48 on the upside on Thursday, eventually ending the session at $47.84, with a gain of 0.57% or 0.27 points. The heightened volatility saw the trading volume jump to 1,46,62,635 shares. Company has a market cap of $242,886 M.

On the company’s financial health, Wells Fargo & Co reported $1.01 EPS for the quarter, based on the information available during the earnings call on Jul 15, 2016. Analyst had a consensus estimate of $1.01. The company had revenue of $22162.00 million for the quarter, compared to analysts expectations of $22091.72 million. The company’s revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.03 EPS.

Many Wall Street Analysts have commented on Wells Fargo & Co. Shares were Reiterated by RBC Capital Mkts on Jul 18, 2016 to “Outperform” and Lowered the Price Target to $ 54 from a previous price target of $57 .Berenberg Initiated Wells Fargo & Co on Jul 13, 2016 to “Hold”, Price Target of the shares are set at $45.Wells Fargo & Co was Downgraded by Raymond James to ” Mkt Perform” on Jul 7, 2016.

Wells Fargo & Company is a financial services and bank holding company. The Company’s segments are Community Banking Wholesale Banking and Wealth and Brokerage and Retirement. The Company’s Community Banking segment offers a range of financial products and services for consumers and small businesses including checking and savings accounts credit and debit cards and auto student and small business lending. The Community Banking segment’s products include investment insurance and trust services and mortgage and home equity loans. The Community Banking segment’s products and business segments include middle market commercial banking government and institutional banking corporate banking and commercial real estate among others. The Company’s Wholesale Banking segment provides a range of financial solutions to businesses across the United States and around the world. The Wealth and Brokerage and Retirement segment provides a range of financial advisory services.

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