Zacks: Brokerages Expect Wells Fargo & Co (NYSE:WFC) Will Post Earnings of $1.19 Per Share

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Analysts expect Wells Fargo & Co (NYSE:WFC) to announce earnings per share (EPS) of $1.19 for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Wells Fargo & Co’s earnings, with estimates ranging from $1.13 to $1.36. Wells Fargo & Co posted earnings of $1.13 per share in the same quarter last year, which would suggest a positive year over year growth rate of 5.3%. The business is scheduled to issue its next quarterly earnings report on Friday, October 11th.

According to Zacks, analysts expect that Wells Fargo & Co will report full year earnings of $4.80 per share for the current fiscal year, with EPS estimates ranging from $4.70 to $4.97. For the next financial year, analysts forecast that the business will post earnings of $4.59 per share, with EPS estimates ranging from $4.24 to $5.10. Zacks’ EPS averages are a mean average based on a survey of research analysts that cover Wells Fargo & Co.

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

A number of equities research analysts recently commented on the stock. Macquarie cut shares of Wells Fargo & Co from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $54.00 to $47.00 in a report on Wednesday, July 17th. Buckingham Research lowered their price target on shares of Wells Fargo & Co from $53.00 to $47.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Atlantic Securities cut 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. Zacks Investment Research cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $48.00 price target on the stock. in a report on Thursday, June 27th. Finally, 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. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $51.12.

Shares of NYSE:WFC traded down $1.20 during mid-day trading on Friday, reaching $44.42. The company had a trading volume of 17,855,087 shares, compared to its average volume of 20,244,970. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 1.36. The firm has a market cap of $201.01 billion, a price-to-earnings ratio of 9.43, a PEG ratio of 0.89 and a beta of 1.08. The company’s 50-day moving average price is $46.63 and its 200-day moving average price is $47.48. Wells Fargo & Co has a one year low of $43.02 and a one year high of $59.48.

Wells Fargo & Co declared that its board has authorized a share repurchase 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 purchase up to 11.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Friday, August 9th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 4.59%. This is a positive change from Wells Fargo & Co’s previous quarterly dividend of $0.45. The ex-dividend date is Thursday, August 8th. Wells Fargo & Co’s payout ratio is currently 46.58%.

Institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its stake in Wells Fargo & Co by 4.3% in the 4th quarter. Geode Capital Management LLC now owns 51,636,368 shares of the financial services provider’s stock worth $2,375,189,000 after acquiring an additional 2,114,810 shares in the last quarter. Founders Financial Securities LLC increased its stake in shares of Wells Fargo & Co by 8.0% in the 4th quarter. Founders Financial Securities LLC now owns 12,307 shares of the financial services provider’s stock valued at $567,000 after buying an additional 910 shares during the period. M Holdings Securities Inc. increased its stake in shares of Wells Fargo & Co by 11.3% in the 4th quarter. M Holdings Securities Inc. now owns 12,515 shares of the financial services provider’s stock valued at $577,000 after buying an additional 1,272 shares during the period. Wunderlich Capital Managemnt increased its stake in shares of Wells Fargo & Co by 1.1% in the 4th quarter. Wunderlich Capital Managemnt now owns 27,791 shares of the financial services provider’s stock valued at $1,281,000 after buying an additional 296 shares during the period. Finally, Soapstone Management L.P. increased its stake in shares of Wells Fargo & Co by 61.3% in the 4th quarter. Soapstone Management L.P. now owns 625,000 shares of the financial services provider’s stock valued at $28,800,000 after buying an additional 237,500 shares during the period. Institutional investors and hedge funds 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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