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

Wells Fargo & Co (WFC) : Carnegie Capital Asset Management reduced its stake in Wells Fargo & Co by 0.54% during the most recent quarter end. The investment management company now holds a total of 79,423 shares of Wells Fargo & Co which is valued at $3,778,152 after selling 429 shares in Wells Fargo & Co , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Wells Fargo & Co makes up approximately 0.53% of Carnegie Capital Asset Management’s portfolio.

Other Hedge Funds, Including , Schaper Benz Wise Investment Counsel Incwi boosted its stake in WFC in the latest quarter, The investment management firm added 6,280 additional shares and now holds a total of 232,785 shares of Wells Fargo & Co which is valued at $11,073,582. Wells Fargo & Co makes up approx 1.95% of Schaper Benz Wise Investment Counsel Incwi’s portfolio.Whittier Trust Co Of Nevada Inc reduced its stake in WFC by selling 182 shares or 0.06% in the most recent quarter. The Hedge Fund company now holds 295,407 shares of WFC which is valued at $14,170,674. Wells Fargo & Co makes up approx 1.57% of Whittier Trust Co Of Nevada Inc’s portfolio.Yhb Investment Advisors boosted its stake in WFC in the latest quarter, The investment management firm added 4,823 additional shares and now holds a total of 43,404 shares of Wells Fargo & Co which is valued at $2,097,281. Wells Fargo & Co makes up approx 0.45% of Yhb Investment Advisors’s portfolio. Quantres Asset Management Ltd sold out all of its stake in WFC during the most recent quarter. The investment firm sold 23,400 shares of WFC which is valued $1,130,688.Alliance Trust Plc reduced its stake in WFC by selling 56,100 shares or 3.47% in the most recent quarter. The Hedge Fund company now holds 1,560,159 shares of WFC which is valued at $75,386,883. Wells Fargo & Co makes up approx 3.40% of Alliance Trust Plc’s portfolio.

Wells Fargo & Co opened for trading at $48.78 and hit $49.05 on the upside on Monday, eventually ending the session at $48.91, with a gain of 0.47% or 0.23 points. The heightened volatility saw the trading volume jump to 1,48,71,601 shares. Company has a market cap of $246,778 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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