Chesley Taft Associates Lowers stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Chesley Taft Associates reduced its stake in Wells Fargo & Co by 2.01% during the most recent quarter end. The investment management company now holds a total of 282,826 shares of Wells Fargo & Co which is valued at $12,645,150 after selling 5,803 shares in Wells Fargo & Co , the firm said in a disclosure report filed with the SEC on Oct 17, 2016.Wells Fargo & Co makes up approximately 1.30% of Chesley Taft Associates’s portfolio.

Other Hedge Funds, Including , Crestpoint Capital Management reduced its stake in WFC by selling 100 shares or 0.26% in the most recent quarter. The Hedge Fund company now holds 38,100 shares of WFC which is valued at $1,703,451. Wells Fargo & Co makes up approx 0.89% of Crestpoint Capital Management’s portfolio.Smithbridge Asset Management Incde boosted its stake in WFC in the latest quarter, The investment management firm added 1,677 additional shares and now holds a total of 78,401 shares of Wells Fargo & Co which is valued at $3,505,309. Wells Fargo & Co makes up approx 3.18% of Smithbridge Asset Management Incde’s portfolio. Torch Wealth Management sold out all of its stake in WFC during the most recent quarter. The investment firm sold 33,895 shares of WFC which is valued $1,516,801.Patten Patten Inctn reduced its stake in WFC by selling 1,087 shares or 0.5% in the most recent quarter. The Hedge Fund company now holds 216,622 shares of WFC which is valued at $9,845,470. Wells Fargo & Co makes up approx 1.29% of Patten Patten Inctn’s portfolio.Stokes Hubbell Capital Management reduced its stake in WFC by selling 318 shares or 0.64% in the most recent quarter. The Hedge Fund company now holds 49,301 shares of WFC which is valued at $2,234,814. Wells Fargo & Co makes up approx 0.93% of Stokes Hubbell Capital Management’s portfolio.

Wells Fargo & Co closed down -0.04 points or -0.09% at $44.71 with 4,54,18,598 shares getting traded on Friday. Post opening the session at $45.17, the shares hit an intraday low of $44.315 and an intraday high of $45.52 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Wells Fargo & Co reported $1.03 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Oct 14, 2016. Analyst had a consensus of $1.01. The company had revenue of $22328.00 million for the quarter, compared to analysts expectations of $22062.98 million. The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.05 EPS.

Many Wall Street Analysts have commented on Wells Fargo & Co. Wells Fargo & Co was Downgraded by Keefe Bruyette to ” Mkt Perform” on Oct 17, 2016. 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 & 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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