$20.79 Billion in Sales Expected for Wells Fargo & Co (NYSE:WFC) This Quarter

Wall Street brokerages expect Wells Fargo & Co (NYSE:WFC) to announce sales of $20.79 billion for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Wells Fargo & Co’s earnings. The highest sales estimate is $21.53 billion and the lowest is $20.45 billion. Wells Fargo & Co posted sales of $21.94 billion in the same quarter last year, which suggests a negative year over year growth rate of 5.2%. The business is expected to announce its next quarterly earnings report on Friday, October 11th.

According to Zacks, analysts expect that Wells Fargo & Co will report full year sales of $83.54 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 post sales of $81.30 billion, with estimates ranging from $79.77 billion to $82.56 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Wells Fargo & Co.

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

Several research firms recently commented on WFC. UBS Group cut their target price on Wells Fargo & Co from $53.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Macquarie downgraded Wells Fargo & Co from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $54.00 to $47.00 in a research report on Wednesday, July 17th. Zacks Investment Research downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 target price for the company. in a research report on Thursday, June 27th. Deutsche Bank set a $44.00 target price on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 26th. Finally, Odeon Capital Group upgraded Wells Fargo & Co from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $51.12.

Shares of Wells Fargo & Co stock traded down $1.20 during midday trading on Tuesday, hitting $44.42. 17,855,087 shares of the company were exchanged, compared to its average volume of 20,244,970. 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 firm has a market cap of $201.01 billion, a P/E ratio of 9.43, a PEG ratio of 0.89 and a beta of 1.08. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $59.48. The firm has a 50 day simple moving average of $46.63 and a 200-day simple moving average of $47.48.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Friday, August 9th will be given a $0.51 dividend. This is an increase 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 annualized dividend and a yield of 4.59%. Wells Fargo & Co’s payout ratio is presently 46.58%.

Institutional investors and hedge funds have recently modified their holdings of the business. Brand Asset Management Group Inc. raised its position in Wells Fargo & Co by 96.8% in the 1st quarter. Brand Asset Management Group Inc. now owns 492 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 242 shares during the last quarter. Orrstown Financial Services Inc. increased its stake in shares of Wells Fargo & Co by 125.9% in the 1st quarter. Orrstown Financial Services Inc. now owns 515 shares of the financial services provider’s stock valued at $25,000 after buying an additional 287 shares during the period. Evolution Wealth Advisors LLC acquired a new stake in shares of Wells Fargo & Co in the 2nd quarter valued at $25,000. Horan Capital Advisors LLC. acquired a new stake in shares of Wells Fargo & Co in the 1st quarter valued at $27,000. Finally, Next Capital Management LLC acquired a new stake in shares of Wells Fargo & Co in the 2nd quarter valued at $32,000. Hedge funds and other institutional investors own 76.34% 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. 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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