Sippican Capital Advisors Lowers stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Sippican Capital Advisors reduced its stake in Wells Fargo & Co by 3.44% during the most recent quarter end. The investment management company now holds a total of 50,633 shares of Wells Fargo & Co which is valued at $2,430,384 after selling 1,804 shares in Wells Fargo & Co , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.Wells Fargo & Co makes up approximately 2.77% of Sippican Capital Advisors’s portfolio.

Other Hedge Funds, Including , Smith Asset Management Group Lp reduced its stake in WFC by selling 670 shares or 28.66% in the most recent quarter. The Hedge Fund company now holds 1,668 shares of WFC which is valued at $80,064.Mechanics Bank Trust Department boosted its stake in WFC in the latest quarter, The investment management firm added 6,122 additional shares and now holds a total of 60,091 shares of Wells Fargo & Co which is valued at $2,921,024. Wells Fargo & Co makes up approx 1.05% of Mechanics Bank Trust Department’s portfolio.Cribstone Capital Management boosted its stake in WFC in the latest quarter, The investment management firm added 926 additional shares and now holds a total of 7,603 shares of Wells Fargo & Co which is valued at $369,582. Wells Fargo & Co makes up approx 0.23% of Cribstone Capital Management’s portfolio.Arcadia Investment Management Corpmi boosted its stake in WFC in the latest quarter, The investment management firm added 267 additional shares and now holds a total of 8,039 shares of Wells Fargo & Co which is valued at $388,123. Wells Fargo & Co makes up approx 0.12% of Arcadia Investment Management Corpmi’s portfolio.

Wells Fargo & Co closed down -0.16 points or -0.33% at $47.97 with 1,31,11,673 shares getting traded on Friday. Post opening the session at $47.95, the shares hit an intraday low of $47.95 and an intraday high of $48.17 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 $1.01 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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