Equities analysts expect Wells Fargo & Co (NYSE:WFC) to post $20.73 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Wells Fargo & Co’s earnings, with the lowest sales estimate coming in at $20.40 billion and the highest estimate coming in at $21.53 billion. Wells Fargo & Co reported sales of $21.94 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 5.5%. The business is scheduled to announce its next quarterly earnings report on Friday, October 11th.
On average, analysts expect that Wells Fargo & Co will report full year sales of $83.39 billion for the current financial year, with estimates ranging from $82.05 billion to $84.73 billion. For the next fiscal year, analysts anticipate that the company will report sales of $80.92 billion, with estimates ranging from $79.77 billion to $81.40 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Wells Fargo & Co.
Wells Fargo & Co (NYSE:WFC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.14. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The firm had revenue of $21.58 billion for the quarter, compared to the consensus estimate of $20.95 billion. During the same period in the prior year, the firm earned $0.98 EPS. The firm’s revenue was up .1% on a year-over-year basis.
Several equities research analysts have commented on WFC shares. Atlantic Securities lowered shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $42.00 price target on the stock. in a report on Tuesday, June 11th. Deutsche Bank set a $44.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. JPMorgan Chase & Co. lowered their price target on shares of Wells Fargo & Co from $48.50 to $47.50 and set an “underweight” rating on the stock in a report on Tuesday, July 9th. Piper Jaffray Companies set a $46.00 price target on shares of Wells Fargo & Co and gave the company a “hold” rating in a report on Monday, September 9th. Finally, Citigroup lowered shares of Wells Fargo & Co from a “buy” rating to a “neutral” rating and lowered their price target for the company from $56.00 to $51.00 in a report on Friday, July 12th. Five analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $50.74.
NYSE:WFC traded down $0.19 during mid-day trading on Wednesday, hitting $48.73. The company’s stock had a trading volume of 216,216 shares, compared to its average volume of 17,296,038. Wells Fargo & Co has a 1 year low of $43.02 and a 1 year high of $55.81. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.89 and a quick ratio of 0.87. The stock has a market cap of $214.36 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 0.95 and a beta of 1.09. The business’s fifty day moving average is $46.52 and its two-hundred day moving average is $47.26.
Wells Fargo & Co announced that its board has initiated a stock repurchase program on Thursday, June 27th that permits the company to buyback $23.10 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Sunday, September 1st. Stockholders of record on Friday, August 9th were paid a dividend of $0.51 per share. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. This represents a $2.04 annualized dividend and a dividend yield of 4.19%. The ex-dividend date was Thursday, August 8th. Wells Fargo & Co’s dividend payout ratio is presently 46.58%.
Several hedge funds have recently bought and sold shares of the company. Daily Journal Corp lifted its stake in Wells Fargo & Co by 9,900.0% in the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock valued at $75,324,000 after buying an additional 157,588,200 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in Wells Fargo & Co by 10,041.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 20,960,596 shares of the financial services provider’s stock valued at $991,856,000 after buying an additional 20,753,922 shares in the last quarter. AQR Capital Management LLC lifted its stake in Wells Fargo & Co by 216.1% in the 2nd quarter. AQR Capital Management LLC now owns 7,564,725 shares of the financial services provider’s stock valued at $357,963,000 after buying an additional 5,171,498 shares in the last quarter. Longview Partners Guernsey LTD lifted its stake in Wells Fargo & Co by 24.2% in the 2nd quarter. Longview Partners Guernsey LTD now owns 26,122,688 shares of the financial services provider’s stock valued at $1,236,126,000 after buying an additional 5,090,670 shares in the last quarter. Finally, Primecap Management Co. CA lifted its stake in Wells Fargo & Co by 10.0% in the 2nd quarter. Primecap Management Co. CA now owns 50,564,911 shares of the financial services provider’s stock valued at $2,392,732,000 after buying an additional 4,600,225 shares in the last quarter. 75.29% of the stock is currently owned by institutional investors and hedge funds.
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. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
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