Wells Fargo & Company (NYSE:WFC – Free Report) – Seaport Res Ptn lowered their Q2 2024 earnings estimates for Wells Fargo & Company in a report issued on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now forecasts that the financial services provider will earn $1.32 per share for the quarter, down from their previous estimate of $1.36. The consensus estimate for Wells Fargo & Company’s current full-year earnings is $5.04 per share. Seaport Res Ptn also issued estimates for Wells Fargo & Company’s Q3 2024 earnings at $1.39 EPS and Q4 2025 earnings at $1.58 EPS.
Wells Fargo & Company (NYSE:WFC – Get Free Report) last released its earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.10. Wells Fargo & Company had a net margin of 15.63% and a return on equity of 12.30%. The company had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $1.23 EPS.
Check Out Our Latest Stock Report on Wells Fargo & Company
Wells Fargo & Company Stock Up 2.7 %
Wells Fargo & Company stock opened at $58.74 on Wednesday. The firm has a market capitalization of $207.96 billion, a P/E ratio of 12.26, a P/E/G ratio of 1.10 and a beta of 1.19. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a twelve month low of $36.40 and a twelve month high of $59.13. The stock’s fifty day simple moving average is $55.63 and its 200-day simple moving average is $48.68.
Institutional Investors Weigh In On Wells Fargo & Company
A number of hedge funds have recently added to or reduced their stakes in WFC. Kathmere Capital Management LLC lifted its position in shares of Wells Fargo & Company by 19.5% during the 3rd quarter. Kathmere Capital Management LLC now owns 7,248 shares of the financial services provider’s stock valued at $296,000 after acquiring an additional 1,185 shares during the period. Stoneridge Investment Partners LLC grew its holdings in Wells Fargo & Company by 410.5% in the 3rd quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider’s stock valued at $2,757,000 after buying an additional 54,262 shares during the period. United Services Automobile Association increased its stake in shares of Wells Fargo & Company by 13.7% during the 3rd quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider’s stock valued at $4,000,000 after acquiring an additional 11,825 shares during the last quarter. Synovus Financial Corp increased its holdings in shares of Wells Fargo & Company by 61.7% during the 3rd quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider’s stock worth $4,983,000 after buying an additional 46,525 shares during the last quarter. Finally, Trust Point Inc. purchased a new position in shares of Wells Fargo & Company in the 4th quarter worth $2,499,000. Institutional investors and hedge funds own 75.90% of the company’s stock.
Wells Fargo & Company Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 2nd were given a $0.35 dividend. The ex-dividend date was Thursday, February 1st. This represents a $1.40 dividend on an annualized basis and a yield of 2.38%. Wells Fargo & Company’s dividend payout ratio (DPR) is 29.23%.
About Wells Fargo & Company
Wells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
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