Equities analysts expect Wells Fargo (NYSE:WFC) to announce $21.55 billion in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Wells Fargo’s earnings, with the lowest sales estimate coming in at $21.33 billion and the highest estimate coming in at $21.91 billion. Wells Fargo posted sales of $22.17 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 2.8%. The business is expected to issue its next earnings report on Friday, July 13th.
On average, analysts expect that Wells Fargo will report full year sales of $87.03 billion for the current financial year, with estimates ranging from $86.13 billion to $88.39 billion. For the next fiscal year, analysts forecast that the company will post sales of $89.07 billion per share, with estimates ranging from $87.50 billion to $92.95 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Wells Fargo.
Wells Fargo (NYSE:WFC) last posted its quarterly earnings data on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. Wells Fargo had a net margin of 22.80% and a return on equity of 12.44%. The company had revenue of $21.93 billion during the quarter, compared to analyst estimates of $21.74 billion. During the same period in the prior year, the firm earned $1.00 earnings per share. The business’s quarterly revenue was down 1.4% on a year-over-year basis.
A number of brokerages have recently weighed in on WFC. Vetr upgraded Wells Fargo from a “sell” rating to a “hold” rating and set a $54.78 target price on the stock in a report on Monday, February 12th. UBS set a $63.00 target price on Wells Fargo and gave the company a “hold” rating in a report on Monday, February 5th. Buckingham Research dropped their target price on Wells Fargo from $75.00 to $70.00 and set a “buy” rating on the stock in a report on Monday. Keefe, Bruyette & Woods downgraded Wells Fargo from an “outperform” rating to a “market perform” rating and set a $63.00 target price on the stock. in a report on Sunday, February 4th. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $60.00 target price on shares of Wells Fargo in a report on Monday, February 5th. Six analysts have rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $61.31.
WFC stock traded up $1.15 during mid-day trading on Tuesday, reaching $51.54. 23,666,615 shares of the stock traded hands, compared to its average volume of 22,685,576. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. Wells Fargo has a 52-week low of $49.27 and a 52-week high of $66.31. The firm has a market capitalization of $245,790.02, a PE ratio of 12.54, a P/E/G ratio of 1.36 and a beta of 1.13.
Wells Fargo announced that its board has authorized a stock repurchase plan on Tuesday, January 23rd that allows the company to repurchase 350,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In other Wells Fargo news, Director Ronald Sargent acquired 9,000 shares of Wells Fargo stock in a transaction dated Monday, February 12th. The stock was bought at an average cost of $55.98 per share, with a total value of $503,820.00. Following the completion of the transaction, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.09% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of WFC. Summit Financial Strategies Inc. bought a new position in Wells Fargo in the fourth quarter worth $209,000. Carret Asset Management LLC lifted its position in Wells Fargo by 2.8% in the third quarter. Carret Asset Management LLC now owns 53,814 shares of the financial services provider’s stock worth $2,968,000 after purchasing an additional 1,446 shares during the period. Heritage Way Advisors LLC lifted its position in Wells Fargo by 69.2% in the fourth quarter. Heritage Way Advisors LLC now owns 62,100 shares of the financial services provider’s stock worth $3,768,000 after purchasing an additional 25,407 shares during the period. Western Standard LLC lifted its position in Wells Fargo by 96.8% in the third quarter. Western Standard LLC now owns 62,315 shares of the financial services provider’s stock worth $3,437,000 after purchasing an additional 30,653 shares during the period. Finally, Personal Capital Advisors Corp lifted its position in Wells Fargo by 5.0% in the third quarter. Personal Capital Advisors Corp now owns 554,429 shares of the financial services provider’s stock worth $30,577,000 after purchasing an additional 26,614 shares during the period. 77.29% of the stock is owned by institutional investors.
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Wells Fargo Company Profile
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.
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