Pennsylvania Trust Co Lowers stake in Wells Fargo & Co (WFC)

Wells Fargo & Co (WFC) : Pennsylvania Trust Co reduced its stake in Wells Fargo & Co by 47.28% during the most recent quarter end. The investment management company now holds a total of 177,877 shares of Wells Fargo & Co which is valued at $7,952,881 after selling 159,550 shares in Wells Fargo & Co , the firm said in a disclosure report filed with the SEC on Oct 14, 2016.Wells Fargo & Co makes up approximately 0.65% of Pennsylvania Trust Co’s portfolio.

Other Hedge Funds, Including , Creative Planning boosted its stake in WFC in the latest quarter, The investment management firm added 105,855 additional shares and now holds a total of 505,273 shares of Wells Fargo & Co which is valued at $22,964,658. Wells Fargo & Co makes up approx 0.15% of Creative Planning’s portfolio.Summit Financial Wealth Advisors boosted its stake in WFC in the latest quarter, The investment management firm added 14,601 additional shares and now holds a total of 38,408 shares of Wells Fargo & Co which is valued at $1,727,976. Wells Fargo & Co makes up approx 0.76% of Summit Financial Wealth Advisors’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 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 & Co was Downgraded by JP Morgan to ” Neutral” on Sep 21, 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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