Analysts Anticipate Wells Fargo & Company (WFC) Will Announce Quarterly Sales of $22.23 Billion
Analysts forecast that Wells Fargo & Company (NYSE:WFC) will post sales of $22.23 billion for the current quarter, according to Zacks. Five analysts have made estimates for Wells Fargo &’s earnings, with the highest sales estimate coming in at $22.62 billion and the lowest estimate coming in at $22.02 billion. Wells Fargo & reported sales of $21.58 billion in the same quarter last year, which would suggest a positive year over year growth rate of 3%. The business is expected to announce its next quarterly earnings report on Friday, January 12th.
On average, analysts expect that Wells Fargo & will report full-year sales of $22.23 billion for the current financial year, with estimates ranging from $87.98 billion to $89.70 billion. For the next financial year, analysts expect that the business will report sales of $90.40 billion per share, with estimates ranging from $89.33 billion to $93.39 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Wells Fargo &.
Wells Fargo & (NYSE:WFC) last announced its quarterly earnings results on Friday, October 13th. The financial services provider reported $0.84 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.20). The firm had revenue of $21.93 billion during the quarter, compared to analyst estimates of $22.30 billion. Wells Fargo & had a net margin of 22.00% and a return on equity of 12.59%. The business’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.03 EPS.
Several analysts have recently issued reports on WFC shares. UBS AG reiterated a “neutral” rating and issued a $56.00 target price (down previously from $59.00) on shares of Wells Fargo & in a research note on Friday, September 15th. Zacks Investment Research upgraded shares of Wells Fargo & from a “sell” rating to a “hold” rating in a research note on Thursday, October 12th. Piper Jaffray Companies reiterated a “neutral” rating and issued a $50.00 target price (down previously from $52.00) on shares of Wells Fargo & in a research note on Wednesday, September 13th. Berenberg Bank lowered shares of Wells Fargo & from a “hold” rating to a “sell” rating and upped their target price for the stock from $35.00 to $45.00 in a research note on Friday, July 21st. Finally, Robert W. Baird reiterated a “buy” rating and issued a $58.00 target price on shares of Wells Fargo & in a research note on Tuesday, September 5th. Seven analysts have rated the stock with a sell rating, fifteen have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $57.14.
TRADEMARK VIOLATION WARNING: This piece of content was first published by American Banking News and is owned by of American Banking News. If you are viewing this piece of content on another site, it was stolen and reposted in violation of US and international copyright law. The original version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/10/24/analysts-anticipate-wells-fargo-company-wfc-will-announce-quarterly-sales-of-22-23-billion.html.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Delphi Private Advisors LLC raised its stake in Wells Fargo & by 262.8% in the second quarter. Delphi Private Advisors LLC now owns 2,017 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 1,461 shares in the last quarter. Alexandria Capital LLC raised its stake in Wells Fargo & by 0.3% in the first quarter. Alexandria Capital LLC now owns 1,826 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 6 shares in the last quarter. Brick & Kyle Associates raised its stake in Wells Fargo & by 9.5% in the first quarter. Brick & Kyle Associates now owns 1,859 shares of the financial services provider’s stock valued at $103,000 after purchasing an additional 162 shares in the last quarter. Stelac Advisory Services LLC purchased a new stake in Wells Fargo & in the second quarter valued at approximately $104,000. Finally, Patriot Financial Group Insurance Agency LLC raised its stake in Wells Fargo & by 0.3% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 1,912 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 6 shares in the last quarter. 75.09% of the stock is currently owned by institutional investors and hedge funds.
Shares of Wells Fargo & (NYSE WFC) opened at 54.91 on Tuesday. The firm has a 50-day moving average of $53.48 and a 200-day moving average of $53.47. Wells Fargo & has a 52 week low of $44.49 and a 52 week high of $59.99. The firm has a market cap of $270.59 billion, a PE ratio of 14.19 and a beta of 0.97.
Wells Fargo & announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $11.50 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Wells Fargo & Company Profile
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.