Parnassus Investments Ca buys $598,669,600 stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Parnassus Investments Ca scooped up 10,990,229 additional shares in Wells Fargo & Co during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 9, 2016. The investment management firm now holds a total of 12,240,229 shares of Wells Fargo & Co which is valued at $598,669,600.Wells Fargo & Co makes up approximately 3.51% of Parnassus Investments Ca’s portfolio.

Other Hedge Funds, Including , San Francisco Sentry Investment Group (ca) reduced its stake in WFC by selling 3,829 shares or 6.45% in the most recent quarter. The Hedge Fund company now holds 55,490 shares of WFC which is valued at $2,714,016. Wells Fargo & Co makes up approx 1.60% of San Francisco Sentry Investment Group (ca)’s portfolio.Hyman Charles D reduced its stake in WFC by selling 3,044 shares or 1.41% in the most recent quarter. The Hedge Fund company now holds 212,392 shares of WFC which is valued at $10,339,243. Wells Fargo & Co makes up approx 1.53% of Hyman Charles D’s portfolio.Horrell Capital Management reduced its stake in WFC by selling 319 shares or 47.68% in the most recent quarter. The Hedge Fund company now holds 350 shares of WFC which is valued at $16,800. Wells Fargo & Co makes up approx 0.01% of Horrell Capital Management’s portfolio.Jolley Asset Management boosted its stake in WFC in the latest quarter, The investment management firm added 50 additional shares and now holds a total of 150 shares of Wells Fargo & Co which is valued at $7,248. Wells Fargo & Co makes up approx 0.01% of Jolley Asset Management’s portfolio.

Wells Fargo & Co opened for trading at $48.37 and hit $48.66 on the upside on Wednesday, eventually ending the session at $48.61, with a gain of 0.35% or 0.17 points. The heightened volatility saw the trading volume jump to 1,30,62,907 shares. Company has a market cap of $245,264 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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