Wells Fargo & Co (WFC) Expected to Post Quarterly Sales of $22.43 Billion

Wall Street analysts expect Wells Fargo & Co (NYSE:WFC) to report $22.43 billion in sales for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Wells Fargo & Co’s earnings. The highest sales estimate is $22.80 billion and the lowest is $22.16 billion. Wells Fargo & Co reported sales of $21.58 billion in the same quarter last year, which suggests a positive year over year growth rate of 3.9%. The firm is scheduled to report its next earnings report before the market opens on Friday, January 12th.

According to Zacks, analysts expect that Wells Fargo & Co will report full-year sales of $22.43 billion for the current fiscal year, with estimates ranging from $88.33 billion to $89.62 billion. For the next financial year, analysts anticipate that the business will report sales of $89.92 billion per share, with estimates ranging from $87.21 billion to $93.02 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Wells Fargo & Co.

Wells Fargo & Co (NYSE:WFC) last announced its earnings results on Friday, October 13th. The financial services provider reported $0.84 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.20). Wells Fargo & Co had a return on equity of 12.59% and a net margin of 22.00%. The firm had revenue of $21.93 billion during the quarter, compared to analyst estimates of $22.30 billion. During the same quarter in the previous year, the business earned $1.03 earnings per share. The business’s quarterly revenue was down 1.8% compared to the same quarter last year.

A number of analysts have recently issued reports on the stock. BMO Capital Markets reissued a “hold” rating and issued a $59.00 price target on shares of Wells Fargo & Co in a research report on Thursday. Sanford C. Bernstein raised shares of Wells Fargo & Co from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $64.00 to $69.00 in a research report on Wednesday. Zacks Investment Research raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Tuesday, December 19th. Barclays increased their price target on shares of Wells Fargo & Co from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Buckingham Research raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating and increased their price target for the stock from $57.00 to $75.00 in a research report on Thursday, December 21st. They noted that the move was a valuation call. Five analysts have rated the stock with a sell rating, fourteen have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $58.87.

Shares of Wells Fargo & Co (NYSE WFC) opened at $62.75 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 1.32. The stock has a market cap of $309,220.00, a P/E ratio of 16.21, a PEG ratio of 1.71 and a beta of 0.96. Wells Fargo & Co has a 52-week low of $49.27 and a 52-week high of $63.05.

In other news, insider Michael J. Loughlin sold 17,482 shares of Wells Fargo & Co stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $57.80, for a total value of $1,010,459.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider John R. Shrewsberry sold 70,000 shares of Wells Fargo & Co stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $56.90, for a total transaction of $3,983,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 184,482 shares of company stock worth $10,471,050. Insiders own 0.22% of the company’s stock.

Several large investors have recently added to or reduced their stakes in WFC. Boston Partners raised its position in shares of Wells Fargo & Co by 140.1% in the second quarter. Boston Partners now owns 19,088,621 shares of the financial services provider’s stock valued at $1,057,700,000 after purchasing an additional 11,139,780 shares during the period. Capital World Investors raised its position in shares of Wells Fargo & Co by 10.8% in the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock valued at $6,192,259,000 after purchasing an additional 10,927,679 shares during the period. Capital Research Global Investors raised its position in shares of Wells Fargo & Co by 19.7% in the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock valued at $2,511,614,000 after purchasing an additional 7,445,414 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Wells Fargo & Co by 26.7% in the second quarter. Dimensional Fund Advisors LP now owns 29,838,289 shares of the financial services provider’s stock worth $1,653,464,000 after acquiring an additional 6,291,906 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Wells Fargo & Co by 396.3% in the second quarter. Janus Henderson Group PLC now owns 5,894,918 shares of the financial services provider’s stock worth $326,655,000 after acquiring an additional 4,707,207 shares during the last quarter. 75.70% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY WARNING: “Wells Fargo & Co (WFC) Expected to Post Quarterly Sales of $22.43 Billion” was originally published by American Banking News and is owned by of American Banking News. If you are accessing this story on another domain, it was stolen and reposted in violation of US and international trademark & copyright laws. The original version of this story can be read at https://www.americanbankingnews.com/2018/01/06/wells-fargo-co-wfc-expected-to-post-quarterly-sales-of-22-43-billion.html.

Wells Fargo & Co 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.

Get a free copy of the Zacks research report on Wells Fargo & Co (WFC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Wells Fargo & Co Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Co and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply