Wall Street analysts predict that Wells Fargo & Co (NYSE:WFC) will announce sales of $21.52 billion for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Wells Fargo & Co’s earnings, with the lowest sales estimate coming in at $21.15 billion and the highest estimate coming in at $21.68 billion. Wells Fargo & Co posted sales of $21.93 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 1.9%. The firm is scheduled to report its next earnings results on Friday, October 12th.
On average, analysts expect that Wells Fargo & Co will report full year sales of $86.25 billion for the current fiscal year, with estimates ranging from $85.40 billion to $86.84 billion. For the next financial year, analysts expect that the firm will report sales of $87.49 billion per share, with estimates ranging from $86.10 billion to $89.19 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Wells Fargo & Co.
Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings results on Friday, July 13th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.04). The business had revenue of $21.55 billion during the quarter, compared to the consensus estimate of $21.52 billion. Wells Fargo & Co had a return on equity of 12.38% and a net margin of 22.03%.
WFC has been the subject of several recent analyst reports. Zacks Investment Research raised shares of Wells Fargo & Co from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research note on Saturday, July 7th. Morgan Stanley lowered their price objective on shares of Wells Fargo & Co from $62.00 to $61.00 and set an “equal weight” rating for the company in a research note on Monday, July 16th. Susquehanna Bancshares set a $63.00 price objective on shares of Wells Fargo & Co and gave the company a “hold” rating in a research note on Friday, July 13th. Finally, Keefe, Bruyette & Woods raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $57.00 to $63.00 in a research note on Sunday, July 15th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $63.34.
Shares of NYSE:WFC traded down $0.78 during midday trading on Monday, hitting $58.17. 1,694,213 shares of the stock traded hands, compared to its average volume of 15,726,664. The company has a market cap of $285.25 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 1.58 and a beta of 1.12. The company has a current ratio of 0.88, a quick ratio of 0.86 and a debt-to-equity ratio of 1.22. Wells Fargo & Co has a one year low of $49.27 and a one year high of $66.31.
The business also recently declared a quarterly dividend, which was paid on Saturday, September 1st. Investors of record on Friday, August 10th were given a dividend of $0.43 per share. The ex-dividend date was Thursday, August 9th. This represents a $1.72 annualized dividend and a dividend yield of 2.96%. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.39. Wells Fargo & Co’s payout ratio is currently 41.85%.
In related news, EVP Hope A. Hardison sold 25,000 shares of the business’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the transaction, the executive vice president now owns 109 shares in the company, valued at $6,323.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Avid Modjtabai sold 100,000 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $58.71, for a total transaction of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in WFC. Sanders Capital LLC purchased a new position in shares of Wells Fargo & Co during the second quarter valued at about $952,809,000. Magellan Asset Management Ltd grew its holdings in Wells Fargo & Co by 24.1% in the first quarter. Magellan Asset Management Ltd now owns 31,024,898 shares of the financial services provider’s stock worth $1,626,015,000 after purchasing an additional 6,017,222 shares during the period. Charles Schwab Investment Advisory Inc. purchased a new stake in Wells Fargo & Co in the second quarter worth about $321,220,000. Viking Global Investors LP grew its holdings in Wells Fargo & Co by 181.3% in the fourth quarter. Viking Global Investors LP now owns 5,338,016 shares of the financial services provider’s stock worth $323,857,000 after purchasing an additional 3,440,121 shares during the period. Finally, Rockefeller Capital Management L.P. purchased a new stake in Wells Fargo & Co in the first quarter worth about $154,981,000. Institutional investors own 75.77% of the company’s stock.
Wells Fargo & Co 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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