Wells Fargo & Co (WFC) Expected to Announce Earnings of $1.17 Per Share

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Equities analysts predict that Wells Fargo & Co (NYSE:WFC) will announce earnings per share of $1.17 for the current quarter, according to Zacks. Four analysts have issued estimates for Wells Fargo & Co’s earnings, with the lowest EPS estimate coming in at $1.13 and the highest estimate coming in at $1.20. Wells Fargo & Co reported earnings of $1.04 per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 12.5%. The firm is expected to report its next earnings results before the market opens on Friday, October 12th.

On average, analysts expect that Wells Fargo & Co will report full-year earnings of $4.32 per share for the current fiscal year, with EPS estimates ranging from $4.24 to $4.38. For the next fiscal year, analysts expect that the firm will report earnings of $5.20 per share, with EPS estimates ranging from $4.88 to $5.60. Zacks’ EPS calculations are a mean average based on a survey of research firms that cover Wells Fargo & Co.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings data on Friday, July 13th. The financial services provider reported $1.08 EPS for the quarter, missing the Zacks’ consensus estimate of $1.12 by ($0.04). The company had revenue of $21.55 billion for the quarter, compared to analyst estimates of $21.52 billion. Wells Fargo & Co had a net margin of 22.03% and a return on equity of 12.38%.

A number of analysts have commented on WFC shares. Zacks Investment Research downgraded Wells Fargo & Co from a “buy” rating to a “hold” rating in a research report on Sunday, July 15th. Macquarie reduced their price objective on Wells Fargo & Co from $63.00 to $62.00 and set a “neutral” rating for the company in a research report on Monday. Keefe, Bruyette & Woods upgraded Wells Fargo & Co from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $57.00 to $63.00 in a research report on Sunday, July 15th. They noted that the move was a valuation call. Susquehanna Bancshares set a $63.00 price objective on Wells Fargo & Co and gave the stock a “hold” rating in a research report on Friday, July 13th. Finally, Morgan Stanley upgraded Wells Fargo & Co from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $57.00 to $62.00 in a research report on Monday, July 2nd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $63.28.

Shares of NYSE:WFC opened at $55.55 on Tuesday. Wells Fargo & Co has a twelve month low of $50.26 and a twelve month high of $66.31. The company has a market cap of $269.35 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The company has a quick ratio of 0.86, a current ratio of 0.88 and a debt-to-equity ratio of 1.22.

The business also recently announced a quarterly dividend, which was paid on Saturday, September 1st. Investors of record on Friday, August 10th were given a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Thursday, August 9th. This is an increase from Wells Fargo & Co’s previous quarterly dividend of $0.39. Wells Fargo & Co’s dividend payout ratio (DPR) is 41.85%.

In related news, EVP Hope A. Hardison sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $58.01, for a total transaction of $1,450,250.00. Following the completion of the transaction, the executive vice president now owns 109 shares in the company, valued at approximately $6,323.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Avid Modjtabai sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $58.71, for a total value of $5,871,000.00. The disclosure for this sale can be found here. 0.09% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of the stock. Rothschild Asset Management Inc. increased its holdings in Wells Fargo & Co by 1.0% during the 2nd quarter. Rothschild Asset Management Inc. now owns 589,885 shares of the financial services provider’s stock valued at $32,703,000 after purchasing an additional 5,584 shares in the last quarter. Independent Order of Foresters increased its holdings in Wells Fargo & Co by 20.4% during the 2nd quarter. Independent Order of Foresters now owns 8,330 shares of the financial services provider’s stock valued at $462,000 after purchasing an additional 1,410 shares in the last quarter. Intact Investment Management Inc. increased its holdings in Wells Fargo & Co by 88.1% during the 2nd quarter. Intact Investment Management Inc. now owns 102,900 shares of the financial services provider’s stock valued at $5,708,000 after purchasing an additional 48,200 shares in the last quarter. Toronto Dominion Bank increased its holdings in Wells Fargo & Co by 22.8% during the 2nd quarter. Toronto Dominion Bank now owns 4,164,869 shares of the financial services provider’s stock valued at $230,736,000 after purchasing an additional 772,628 shares in the last quarter. Finally, Bell & Brown Wealth Advisors LLC increased its holdings in Wells Fargo & Co by 76.4% during the 2nd quarter. Bell & Brown Wealth Advisors LLC now owns 47,076 shares of the financial services provider’s stock valued at $2,610,000 after purchasing an additional 20,396 shares in the last quarter. Institutional investors and hedge funds own 77.53% of the company’s stock.

About Wells Fargo & Co

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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