Wells Fargo & Co (WFC) Expected to Announce Quarterly Sales of $20.89 Billion

Equities research analysts expect Wells Fargo & Co (NYSE:WFC) to announce $20.89 billion in sales for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Wells Fargo & Co’s earnings, with estimates ranging from $20.57 billion to $21.30 billion. Wells Fargo & Co reported sales of $21.93 billion in the same quarter last year, which would suggest a negative year over year growth rate of 4.7%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Friday, April 12th.

According to Zacks, analysts expect that Wells Fargo & Co will report full-year sales of $84.86 billion for the current financial year, with estimates ranging from $83.57 billion to $85.74 billion. For the next fiscal year, analysts forecast that the business will post sales of $85.91 billion, with estimates ranging from $84.53 billion to $87.50 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Wells Fargo & Co.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Tuesday, January 15th. The financial services provider reported $1.21 EPS for the quarter, beating the Zacks’ consensus estimate of $1.17 by $0.04. Wells Fargo & Co had a net margin of 22.95% and a return on equity of 13.34%. The firm had revenue of $20.98 billion for the quarter, compared to the consensus estimate of $21.80 billion. During the same period in the prior year, the firm posted $1.16 EPS. The firm’s revenue was down 4.9% compared to the same quarter last year.

WFC has been the topic of several recent research reports. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, March 19th. Raymond James upgraded shares of Wells Fargo & Co from an “underperform” rating to a “market perform” rating and set a $50.08 price objective on the stock in a research report on Friday, March 29th. Deutsche Bank downgraded shares of Wells Fargo & Co from a “buy” rating to a “hold” rating and cut their price objective for the company from $56.00 to $54.00 in a research report on Friday, March 29th. Keefe, Bruyette & Woods downgraded shares of Wells Fargo & Co from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $58.00 to $50.00 in a research report on Sunday, March 31st. Finally, Zacks Investment Research upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Sunday, January 6th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $59.98.

Several institutional investors and hedge funds have recently made changes to their positions in WFC. Capital International Investors boosted its holdings in shares of Wells Fargo & Co by 270.1% in the third quarter. Capital International Investors now owns 89,775,252 shares of the financial services provider’s stock worth $4,718,587,000 after buying an additional 65,517,025 shares during the period. Norges Bank acquired a new position in shares of Wells Fargo & Co in the fourth quarter worth about $2,004,580,000. Oregon Public Employees Retirement Fund boosted its holdings in shares of Wells Fargo & Co by 4,415.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,790,126 shares of the financial services provider’s stock worth $473,000 after buying an additional 21,307,608 shares during the period. OppenheimerFunds Inc. boosted its holdings in shares of Wells Fargo & Co by 1,283.4% in the third quarter. OppenheimerFunds Inc. now owns 3,087,235 shares of the financial services provider’s stock worth $162,264,000 after buying an additional 2,864,065 shares during the period. Finally, Standard Life Aberdeen plc boosted its holdings in shares of Wells Fargo & Co by 75.7% in the fourth quarter. Standard Life Aberdeen plc now owns 6,606,543 shares of the financial services provider’s stock worth $300,795,000 after buying an additional 2,847,214 shares during the period. 72.22% of the stock is currently owned by institutional investors.

Shares of Wells Fargo & Co stock traded down $1.25 during trading hours on Friday, reaching $46.49. The company’s stock had a trading volume of 67,381,890 shares, compared to its average volume of 26,345,126. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.87 and a current ratio of 0.88. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.53. The company has a market cap of $233.11 billion, a P/E ratio of 10.61, a PEG ratio of 0.87 and a beta of 1.11.

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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Earnings History and Estimates for Wells Fargo & Co (NYSE:WFC)

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