Wells Fargo & Co (NYSE:WFC) Expected to Announce Quarterly Sales of $20.79 Billion

Equities analysts expect Wells Fargo & Co (NYSE:WFC) to report sales of $20.79 billion for the current quarter, according to Zacks. Four analysts have issued estimates for Wells Fargo & Co’s earnings, with the highest sales estimate coming in at $21.53 billion and the lowest estimate coming in at $20.45 billion. Wells Fargo & Co posted sales of $21.94 billion in the same quarter last year, which indicates a negative year over year growth rate of 5.2%. The company is scheduled to announce its next earnings report on Friday, October 11th.

According to Zacks, analysts expect that Wells Fargo & Co will report full-year sales of $83.55 billion for the current fiscal year, with estimates ranging from $82.53 billion to $84.73 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $81.35 billion, with estimates ranging from $79.77 billion to $82.62 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Wells Fargo & Co.

Wells Fargo & Co (NYSE:WFC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.14. The business had revenue of $21.58 billion during the quarter, compared to analysts’ expectations of $20.95 billion. Wells Fargo & Co had a return on equity of 13.74% and a net margin of 23.26%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the business posted $0.98 EPS.

Several equities analysts have weighed in on the company. Deutsche Bank set a $44.00 price target on Wells Fargo & Co and gave the company a “hold” rating in a report on Friday, July 26th. Buckingham Research cut their price target on Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Barclays cut their price target on Wells Fargo & Co from $64.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, April 15th. Wolfe Research cut Wells Fargo & Co from a “peer perform” rating to an “underperform” rating in a report on Wednesday, July 10th. Finally, Bank of America cut Wells Fargo & Co from a “buy” rating to a “neutral” rating in a report on Monday, April 15th. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $51.12.

In other news, insider Petros G. Pelos sold 28,304 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $46.51, for a total value of $1,316,419.04. Following the completion of the transaction, the insider now owns 3,066 shares in the company, valued at approximately $142,599.66. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.08% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of WFC. Daily Journal Corp lifted its stake in shares of Wells Fargo & Co by 9,900.0% during the 2nd quarter. Daily Journal Corp now owns 159,180,000 shares of the financial services provider’s stock worth $75,324,000 after acquiring an additional 157,588,200 shares during the last quarter. Norges Bank bought a new stake in shares of Wells Fargo & Co during the 4th quarter worth approximately $2,004,580,000. Standard Life Aberdeen plc lifted its stake in shares of Wells Fargo & Co by 75.7% during the 4th quarter. Standard Life Aberdeen plc now owns 6,606,543 shares of the financial services provider’s stock worth $300,795,000 after acquiring an additional 2,847,214 shares during the last quarter. Pzena Investment Management LLC lifted its stake in shares of Wells Fargo & Co by 30.5% during the 2nd quarter. Pzena Investment Management LLC now owns 9,818,873 shares of the financial services provider’s stock worth $464,629,000 after acquiring an additional 2,296,184 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Wells Fargo & Co by 147.9% during the 2nd quarter. First Trust Advisors LP now owns 3,569,267 shares of the financial services provider’s stock worth $168,898,000 after acquiring an additional 2,129,463 shares during the last quarter. 75.37% of the stock is owned by hedge funds and other institutional investors.

NYSE WFC traded up $0.38 during trading on Friday, hitting $47.44. 20,157,522 shares of the stock traded hands, compared to its average volume of 19,834,826. The firm has a market capitalization of $211.50 billion, a P/E ratio of 9.72, a P/E/G ratio of 0.92 and a beta of 1.08. The company has a 50-day moving average of $47.04. The company has a quick ratio of 0.87, a current ratio of 0.89 and a debt-to-equity ratio of 1.36. Wells Fargo & Co has a 12-month low of $43.02 and a 12-month high of $59.53.

The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Friday, August 9th will be issued a $0.51 dividend. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Thursday, August 8th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.30%. Wells Fargo & Co’s payout ratio is 41.10%.

Wells Fargo & Co declared that its Board of Directors has approved a share buyback program on Thursday, June 27th that authorizes the company to repurchase $23.10 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 11.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

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

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