Wells Fargo Posts Stronger-Than-Expected Earnings

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The fund owned 2,725 shares of the financial services provider's stock after selling 97 shares during the period. Sterneck Capital Management Llc sold 11,296 shares as Wells Fargo & Co New (WFC)'s stock declined 8.66%. Alerus Financial NA's holdings in Wells Fargo & Co were worth $9,200,000 at the end of the most recent quarter. It also upped Walgreens Boots Alliance Inc stake by 8,800 shares and now owns 38,100 shares.

Cambridge Trust Company decreased Wells Fargo & Company (WFC) stake by 21.1% reported in 2016Q4 SEC filing. The Sterneck Capital Management Llc holds 39,358 shares with $2.17 million value, down from 50,654 last quarter. Wallace Management Inc stated it has 0.08% in Wells Fargo & Co (NYSE:WFC).

Heading into Friday's trading session, the financial sector exchange-traded fund, Financial Select Sector SPDR Fund (NYSE: XLF) was sitting just 1.1 percent below its record highs seen in March, Matt Maley of Miller Tabak explained during a recent CNBC "Trading Nation" segment. Dearborn Prns Ltd Co has invested 0.53% in Wells Fargo & Co (NYSE:WFC). Finally, Frontier Wealth Management LLC increased its position in shares of Wells Fargo & Co by 33.5% in the fourth quarter. Harris Associates L P now owns 23,796,125 shares of the financial services provider's stock worth $1,324,492,000 after buying an additional 286,710 shares during the period.

Wells Fargo & Company (NYSE:WFC)'s stock on Thursday traded at beginning with a price of $55.26 and when day-trade ended the stock finally popped up 0.78% to reach at $55.60. Wells Fargo & Co has a one year low of $43.55 and a one year high of $59.99. The firm has a market capitalization of $275.05 billion, a P/E ratio of 13.76 and a beta of 0.95. The stock has a 50 day moving average price of $53.07 and a 200-day moving average price of $55.18.

Access Financial Services Inc. decreased its position in Wells Fargo & Company (NYSE:WFC) by 2.3% during the first quarter, Holdings Channel reports.

Earnings per share was $1.28, topping analysts' average estimate of $1.21, according to Thomson Reuters I/B/E/S. The business had revenue of $22 billion during the quarter, compared to the consensus estimate of $22.25 billion.

More news: Senate Republicans Unveil Latest Health Care Plan Amid Deep Divisions

Wells Fargo's net interest income, a measure that reflects earnings relative to funding costs, rose 6.4 percent to $12.48 billion. They expect $1.07 earnings per share, up 9.18% or $0.09 from last year's $0.98 per share. Next quarter's EPS is forecasted to be $1.06 with next year's EPS anticipated to be $4.52.

WARNING: This story was originally published by Chaffey Breeze and is owned by of Chaffey Breeze. If you are reading this piece on another website, it was illegally stolen and republished in violation of U.S. & worldwide copyright & trademark laws. Moreover, Wealth Architects Limited Liability has 0.31% invested in Wells Fargo & Co (NYSE:WFC). We recently advanced a number of important customer-focused initiatives, such as the launch of the ZelleSM person-to-person payment platform to our 28 million digital customers. The rating was upgraded by Deutsche Bank to "Buy" on Tuesday, September 8. Associated Banc holds 1.32% in Wells Fargo & Co (NYSE:WFC) or 382,746 shares. Vetr upgraded shares of Wells Fargo & Co from a hold rating to a buy rating and set a $58.06 target price on the stock in a research note on Monday, March 27th.

Among 30 analysts covering Wells Fargo & Company (NYSE:WFC), 13 have Buy rating, 5 Sell and 12 Hold. Also, Director Ronald Sargent acquired 9,050 shares of the stock in a transaction that occurred on Friday, May 5th.

Total average loans were $956.9 billion in the second quarter, down $6.8 billion (1%) from the first quarter.

Vaughan Nelson Investment Management Lp decreased its stake in Renaissancere Holdings Ltd (RNR) by 15.63% based on its latest 2016Q4 regulatory filing with the SEC. The shares were sold at an average price of $52.58, for a total transaction of $2,049,989.04. The disclosure for this sale can be found here. $383.92 million worth of Wells Fargo & Co (NYSE:WFC) was sold by BERKSHIRE HATHAWAY INC. The Company is a diversified financial services company.

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