Glg Lowers stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Glg reduced its stake in Wells Fargo & Co by 7.99% during the most recent quarter end. The investment management company now holds a total of 252,677 shares of Wells Fargo & Co which is valued at $13,447,470 after selling 21,945 shares in Wells Fargo & Co , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Wells Fargo & Co makes up approximately 1.17% of Glg’s portfolio.

Other Hedge Funds, Including , Philadelphia Trust Co boosted its stake in WFC in the latest quarter, The investment management firm added 8,526 additional shares and now holds a total of 18,642 shares of Wells Fargo & Co which is valued at $992,127. Wells Fargo & Co makes up approx 0.08% of Philadelphia Trust Co’s portfolio. William Harris Investors Inc added WFC to its portfolio by purchasing 10,240 company shares during the most recent quarter which is valued at $491,418. Wells Fargo & Co makes up approx 0.13% of William Harris Investors Inc’s portfolio.Welch Forbes boosted its stake in WFC in the latest quarter, The investment management firm added 7,018 additional shares and now holds a total of 954,222 shares of Wells Fargo & Co which is valued at $43,169,003. Wells Fargo & Co makes up approx 1.56% of Welch Forbes’s portfolio.Hoertkorn Richard Charles boosted its stake in WFC in the latest quarter, The investment management firm added 232 additional shares and now holds a total of 70,967 shares of Wells Fargo & Co which is valued at $3,265,192. Wells Fargo & Co makes up approx 2.58% of Hoertkorn Richard Charles’s portfolio.Ausdal Financial Partners boosted its stake in WFC in the latest quarter, The investment management firm added 3,962 additional shares and now holds a total of 14,017 shares of Wells Fargo & Co which is valued at $640,857. Wells Fargo & Co makes up approx 0.33% of Ausdal Financial Partners’s portfolio.

Wells Fargo & Co opened for trading at $52.45 and hit $52.98 on the upside on Monday, eventually ending the session at $52.82, with a gain of 0.63% or 0.33 points. The heightened volatility saw the trading volume jump to 2,96,73,414 shares. Company has a market cap of $265,278 M.

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 Guggenheim to ” Sell” on Nov 15, 2016. Shares were Downgraded by FBR & Co. on Oct 19, 2016 to ” Mkt Perform” and Lowered the Price Target to $ 45 from a previous price target of $50 .Wells Fargo & Co was Downgraded by Keefe Bruyette to ” Mkt Perform” on Oct 17, 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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