Equities analysts expect Wells Fargo (NYSE:WFC) to announce $1.13 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Wells Fargo’s earnings, with the lowest EPS estimate coming in at $1.05 and the highest estimate coming in at $1.20. Wells Fargo posted earnings per share of $1.07 in the same quarter last year, which would suggest a positive year over year growth rate of 5.6%. The business is scheduled to announce its next earnings results on Friday, July 13th.
On average, analysts expect that Wells Fargo will report full-year earnings of $4.57 per share for the current financial year, with EPS estimates ranging from $4.40 to $4.70. For the next year, analysts anticipate that the company will report earnings of $5.08 per share, with EPS estimates ranging from $4.66 to $5.25. Zacks’ EPS calculations are a mean average based on a survey of research analysts that that provide coverage for Wells Fargo.
Wells Fargo (NYSE:WFC) last released its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $0.05. The business had revenue of $21.93 billion during the quarter, compared to analyst estimates of $21.74 billion. Wells Fargo had a return on equity of 12.44% and a net margin of 22.80%. Wells Fargo’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.00 EPS.
WFC has been the subject of a number of recent analyst reports. Buckingham Research raised Wells Fargo from a “neutral” rating to a “buy” rating and upped their price target for the company from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Nomura reduced their target price on Wells Fargo from $79.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, February 5th. Sandler O’Neill upgraded Wells Fargo from a “hold” rating to a “buy” rating and upped their target price for the stock from $62.04 to $73.00 in a report on Tuesday, January 9th. Keefe, Bruyette & Woods reiterated a “buy” rating on shares of Wells Fargo in a report on Tuesday, January 16th. Finally, Vining Sparks reiterated a “buy” rating and set a $75.00 target price on shares of Wells Fargo in a report on Monday, January 8th. Six analysts have rated the stock with a sell rating, nine have issued a hold rating and fifteen have given a buy rating to the company’s stock. Wells Fargo currently has a consensus rating of “Hold” and an average target price of $61.31.
WFC traded up $1.15 during midday trading on Friday, reaching $51.54. 23,666,615 shares of the company’s stock traded hands, compared to its average volume of 22,685,576. The firm has a market capitalization of $245,790.02, a price-to-earnings ratio of 12.54, a PEG ratio of 1.36 and a beta of 1.13. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.88 and a quick ratio of 0.86. Wells Fargo has a 52 week low of $49.27 and a 52 week high of $66.31.
Wells Fargo declared that its Board of Directors has approved a share buyback program on Tuesday, January 23rd that authorizes the company to repurchase 350,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
In related news, Director Ronald Sargent bought 9,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average cost of $55.98 per share, with a total value of $503,820.00. Following the acquisition, the director now owns 81 shares in the company, valued at $4,534.38. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.09% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of WFC. Beach Investment Management LLC. purchased a new position in Wells Fargo in the second quarter worth about $1,010,000. Nations Financial Group Inc. IA ADV lifted its stake in Wells Fargo by 21.4% in the second quarter. Nations Financial Group Inc. IA ADV now owns 5,483 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 968 shares during the last quarter. Regal Investment Advisors LLC lifted its stake in Wells Fargo by 567.0% in the second quarter. Regal Investment Advisors LLC now owns 44,181 shares of the financial services provider’s stock worth $2,448,000 after purchasing an additional 37,557 shares during the last quarter. Holowesko Partners Ltd. lifted its stake in Wells Fargo by 0.6% in the second quarter. Holowesko Partners Ltd. now owns 2,052,981 shares of the financial services provider’s stock worth $113,756,000 after purchasing an additional 13,000 shares during the last quarter. Finally, Dai Ichi Life Insurance Company Ltd lifted its stake in Wells Fargo by 9.6% in the second quarter. Dai Ichi Life Insurance Company Ltd now owns 477,780 shares of the financial services provider’s stock worth $26,474,000 after purchasing an additional 42,037 shares during the last quarter. Institutional investors and hedge funds own 77.29% of the company’s stock.
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About Wells Fargo
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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