Beacon Financial Group buys $10,192,934 stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Beacon Financial Group scooped up 3,572 additional shares in Wells Fargo & Co during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 3, 2016. The investment management firm now holds a total of 226,560 shares of Wells Fargo & Co which is valued at $10,192,934.Wells Fargo & Co makes up approximately 2.15% of Beacon Financial Group’s portfolio.

Other Hedge Funds, Including , Harbour Capital Advisors reduced its stake in WFC by selling 8,261 shares or 25.96% in the most recent quarter. The Hedge Fund company now holds 23,567 shares of WFC which is valued at $1,060,279. Wells Fargo & Co makes up approx 0.57% of Harbour Capital Advisors’s portfolio.

Wells Fargo & Co closed down -0.08 points or -0.18% at $43.75 with 4,40,08,293 shares getting traded on Tuesday. Post opening the session at $43.62, the shares hit an intraday low of $43.55 and an intraday high of $44.09 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

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. Wells Fargo & Co was Downgraded by Raymond James to ” Underperform” on Oct 4, 2016. Shares were Reiterated by FBR & Co. on Sep 27, 2016 to “Outperform” and Lowered the Price Target to $ 50 from a previous price target of $63 .Wells Fargo & Co was Downgraded by JP Morgan to ” Neutral” on Sep 21, 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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