Pecaut Lowers stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Pecaut reduced its stake in Wells Fargo & Co by 6.18% during the most recent quarter end. The investment management company now holds a total of 103,295 shares of Wells Fargo & Co which is valued at $4,986,050 after selling 6,800 shares in Wells Fargo & Co , the firm said in a disclosure report filed with the SEC on Jul 13, 2016.Wells Fargo & Co makes up approximately 5.04% of Pecaut’s portfolio.

Other Hedge Funds, Including , Murphy Pohlad Asset Management boosted its stake in WFC in the latest quarter, The investment management firm added 5,600 additional shares and now holds a total of 38,060 shares of Wells Fargo & Co which is valued at $1,837,156. Wells Fargo & Co makes up approx 1.33% of Murphy Pohlad Asset Management’s portfolio.Chicago Trust Co Na reduced its stake in WFC by selling 1,841 shares or 2.69% in the most recent quarter. The Hedge Fund company now holds 66,586 shares of WFC which is valued at $3,182,145. Wells Fargo & Co makes up approx 1.35% of Chicago Trust Co Na’s portfolio.American National Bank boosted its stake in WFC in the latest quarter, The investment management firm added 3,790 additional shares and now holds a total of 28,269 shares of Wells Fargo & Co which is valued at $1,350,976. Wells Fargo & Co makes up approx 0.50% of American National Bank’s portfolio.First National Bank Trust Co Of Newtown reduced its stake in WFC by selling 383 shares or 2.56% in the most recent quarter. The Hedge Fund company now holds 14,587 shares of WFC which is valued at $697,113. Wells Fargo & Co makes up approx 0.21% of First National Bank Trust Co Of Newtown’s portfolio.

Wells Fargo & Co opened for trading at $47.81 and hit $48.33 on the upside on Monday, eventually ending the session at $48.28, with a gain of 1.19% or 0.57 points. The heightened volatility saw the trading volume jump to 2,41,39,225 shares. Company has a market cap of $245,120 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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