Equities research analysts forecast that Wells Fargo & Co (NYSE:WFC) will post sales of $20.88 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Wells Fargo & Co’s earnings. The lowest sales estimate is $20.63 billion and the highest is $21.15 billion. Wells Fargo & Co reported sales of $21.93 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 4.8%. The company is expected to report its next quarterly earnings results on Friday, April 12th.
According to Zacks, analysts expect that Wells Fargo & Co will report full-year sales of $85.09 billion for the current year, with estimates ranging from $83.97 billion to $86.43 billion. For the next fiscal year, analysts forecast that the company will report sales of $86.60 billion, with estimates ranging from $84.97 billion to $88.12 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Wells Fargo & Co.
Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results on Tuesday, January 15th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.04. The business had revenue of $20.98 billion for the quarter, compared to the consensus estimate of $21.80 billion. Wells Fargo & Co had a net margin of 22.95% and a return on equity of 13.34%. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.16 EPS.
Several brokerages have recently weighed in on WFC. Zacks Investment Research cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating in a research note on Saturday, January 12th. Credit Suisse Group reiterated a “hold” rating and set a $60.00 price target on shares of Wells Fargo & Co in a report on Friday, January 11th. ValuEngine downgraded Wells Fargo & Co from a “hold” rating to a “sell” rating in a report on Thursday, January 10th. Wolfe Research downgraded Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 8th. Finally, Robert W. Baird restated a “buy” rating and issued a $59.00 price objective on shares of Wells Fargo & Co in a research note on Wednesday, January 2nd. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Wells Fargo & Co presently has a consensus rating of “Hold” and a consensus price target of $61.93.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital International Investors grew its position in Wells Fargo & Co by 270.1% during the 3rd quarter. Capital International Investors now owns 89,775,252 shares of the financial services provider’s stock worth $4,718,587,000 after purchasing an additional 65,517,025 shares during the period. Primecap Management Co. CA lifted its stake in Wells Fargo & Co by 47.1% in the 3rd quarter. Primecap Management Co. CA now owns 38,512,187 shares of the financial services provider’s stock worth $2,024,201,000 after purchasing an additional 12,337,098 shares in the last quarter. Sanders Capital LLC lifted its stake in Wells Fargo & Co by 1.2% in the 4th quarter. Sanders Capital LLC now owns 15,820,838 shares of the financial services provider’s stock worth $808,166,000 after purchasing an additional 180,608 shares in the last quarter. TIAA CREF Investment Management LLC lifted its stake in Wells Fargo & Co by 5.7% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 15,545,982 shares of the financial services provider’s stock worth $817,097,000 after purchasing an additional 839,794 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Wells Fargo & Co by 1.3% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,628,723 shares of the financial services provider’s stock worth $768,886,000 after purchasing an additional 188,734 shares in the last quarter. 72.89% of the stock is owned by institutional investors and hedge funds.
Shares of WFC traded up $0.04 during mid-day trading on Friday, hitting $49.89. 6,754,132 shares of the company’s stock were exchanged, compared to its average volume of 20,833,440. The stock has a market capitalization of $243.01 billion, a P/E ratio of 11.39, a P/E/G ratio of 0.90 and a beta of 1.10. Wells Fargo & Co has a 52 week low of $43.02 and a 52 week high of $66.10. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.32.
Wells Fargo & Co announced that its board has initiated a share repurchase program on Tuesday, October 23rd that allows the company to buyback 350,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 1st will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.61%. This is a boost from Wells Fargo & Co’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Thursday, January 31st. Wells Fargo & Co’s dividend payout ratio is presently 39.27%.
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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