Renaissance Investment Group Lowers stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Renaissance Investment Group reduced its stake in Wells Fargo & Co by 0.49% during the most recent quarter end. The investment management company now holds a total of 11,074 shares of Wells Fargo & Co which is valued at $536,535 after selling 55 shares in Wells Fargo & Co according to a report filed by the company on Apr 1, 2016 with the SEC.Wells Fargo & Co makes up approximately 0.27% of Renaissance Investment Group’s portfolio.

Other Hedge Funds, Including , Beacon Financial Group boosted its stake in WFC in the latest quarter, The investment management firm added 95,481 additional shares and now holds a total of 222,548 shares of Wells Fargo & Co which is valued at $10.8 Million. Wells Fargo & Co makes up approx 2.33% of Beacon Financial Group’s portfolio.

On the company’s financial health, Wells Fargo & Co reported $1.03 EPS for the quarter, based on the information available during the earnings call on Jan 15, 2016. Analyst had a consensus estimate of $1.03. The company had revenue of $21586.00 million for the quarter, compared to analysts expectations of $21753.75 million. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.02 EPS.

Many Wall Street Analysts have commented on Wells Fargo & Co. Wells Fargo & Co was Downgraded by Sandler O’Neill to ” Hold” on Apr 11, 2016. Wells Fargo & Co was Downgraded by Guggenheim to ” Neutral” on Apr 6, 2016. UBS Initiated Wells Fargo & Co on Mar 24, 2016 to “Sell”, Price Target of the shares are set at $45.

Wells Fargo & Co closed down -0.04 points or -0.08% at $47.03 with 1,51,13,542 shares getting traded on Monday. Post opening the session at $47.11, the shares hit an intraday low of $47 and an intraday high of $47.71 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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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