Rafferty Asset Management buys $29.7 Million stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Rafferty Asset Management scooped up 199,414 additional shares in Wells Fargo & Co during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 614,805 shares of Wells Fargo & Co which is valued at $29.7 Million.Wells Fargo & Co makes up approximately 1.55% of Rafferty Asset Management’s portfolio.

Other Hedge Funds, Including , Board Of Trustees Of The Leland Stanford Junior University sold out all of its stake in WFC during the most recent quarter. The investment firm sold 5,099 shares of WFC which is valued $245,976.Alpha Cubed Investments boosted its stake in WFC in the latest quarter, The investment management firm added 5,928 additional shares and now holds a total of 73,051 shares of Wells Fargo & Co which is valued at $3.5 Million. Wells Fargo & Co makes up approx 1.11% of Alpha Cubed Investments’s portfolio.Davy Asset Management Ltd reduced its stake in WFC by selling 19,232 shares or 18.57% in the most recent quarter. The Hedge Fund company now holds 84,306 shares of WFC which is valued at $4.1 Million. Wells Fargo & Co makes up approx 0.80% of Davy Asset Management Ltd’s portfolio.Karp Capital Management Corp reduced its stake in WFC by selling 11,040 shares or 22.59% in the most recent quarter. The Hedge Fund company now holds 37,842 shares of WFC which is valued at $1.9 Million. Wells Fargo & Co makes up approx 1.31% of Karp Capital Management Corp’s portfolio.

Wells Fargo & Co opened for trading at $48.62 and hit $49.21 on the upside on Friday, eventually ending the session at $48.75, with a gain of 0.76% or 0.37 points. The heightened volatility saw the trading volume jump to 1,32,22,812 shares. Company has a market cap of $247,506 M.

On the company’s financial health, Wells Fargo & Co reported $0.99 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Apr 14, 2016. Analyst had a consensus of $0.98. The company had revenue of $22195.00 million for the quarter, compared to analysts expectations of $21524.59 million. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 EPS.

Many Wall Street Analysts have commented on Wells Fargo & Co. Wells Fargo & Co was Downgraded by Piper Jaffray to ” Underweight” on Apr 15, 2016. 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.

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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