Wells Fargo & Co (WFC) Expected to Announce Quarterly Sales of $21.67 Billion

Wall Street brokerages expect that Wells Fargo & Co (NYSE:WFC) will report sales of $21.67 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Wells Fargo & Co’s earnings, with the lowest sales estimate coming in at $21.25 billion and the highest estimate coming in at $22.54 billion. Wells Fargo & Co reported sales of $22.00 billion in the same quarter last year, which indicates a negative year over year growth rate of 1.5%. The firm is expected to announce its next quarterly earnings results on Thursday, April 12th.

On average, analysts expect that Wells Fargo & Co will report full year sales of $21.67 billion for the current year, with estimates ranging from $85.86 billion to $90.43 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $91.19 billion per share, with estimates ranging from $87.14 billion to $94.80 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Wells Fargo & Co.

Wells Fargo & Co (NYSE:WFC) last issued its earnings results on Friday, January 12th. The financial services provider reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). The firm had revenue of $22.05 billion during the quarter, compared to the consensus estimate of $22.64 billion. Wells Fargo & Co had a return on equity of 12.24% and a net margin of 22.57%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.96 EPS.

Several research analysts have recently weighed in on WFC shares. Vetr cut shares of Wells Fargo & Co from a “hold” rating to a “sell” rating and set a $52.91 price objective for the company. in a report on Monday, October 23rd. Royal Bank of Canada reissued a “buy” rating and set a $60.00 price objective on shares of Wells Fargo & Co in a report on Wednesday, November 15th. Vertical Group raised shares of Wells Fargo & Co from a “sell” rating to a “buy” rating in a report on Thursday, December 7th. Zacks Investment Research raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a report on Tuesday, December 19th. Finally, Buckingham Research raised shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $57.00 to $75.00 in a report on Thursday, December 21st. They noted that the move was a valuation call. Six research analysts have rated the stock with a sell rating, eleven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $62.90.

In other news, VP Richard Levy sold 97,000 shares of the stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $56.47, for a total value of $5,477,590.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronald Sargent acquired 9,000 shares of Wells Fargo & Co stock in a transaction dated Monday, February 12th. The stock was purchased at an average cost of $55.98 per share, with a total value of $503,820.00. Following the completion of the purchase, the director now owns 81 shares of the company’s stock, valued at $4,534.38. The disclosure for this purchase can be found here. Over the last three months, insiders sold 184,482 shares of company stock valued at $10,471,050. Corporate insiders own 0.22% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Boston Partners boosted its position in shares of Wells Fargo & Co by 140.1% during the second quarter. Boston Partners now owns 19,088,621 shares of the financial services provider’s stock worth $1,057,700,000 after acquiring an additional 11,139,780 shares during the last quarter. Capital World Investors boosted its position in shares of Wells Fargo & Co by 10.8% during the second quarter. Capital World Investors now owns 111,753,448 shares of the financial services provider’s stock worth $6,192,259,000 after acquiring an additional 10,927,679 shares during the last quarter. Capital Research Global Investors boosted its position in shares of Wells Fargo & Co by 19.7% during the second quarter. Capital Research Global Investors now owns 45,327,803 shares of the financial services provider’s stock worth $2,511,614,000 after acquiring an additional 7,445,414 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Wells Fargo & Co by 26.7% during 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 boosted its position in shares of Wells Fargo & Co by 396.3% during 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. 76.00% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Co (NYSE:WFC) traded up $0.24 on Thursday, hitting $59.79. 16,399,658 shares of the stock traded hands, compared to its average volume of 25,295,500. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.90 and a quick ratio of 0.88. Wells Fargo & Co has a 1 year low of $49.27 and a 1 year high of $66.31. The stock has a market capitalization of $294,180.00, a PE ratio of 14.46, a price-to-earnings-growth ratio of 1.52 and a beta of 1.01.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Friday, February 2nd will be paid a $0.39 dividend. The ex-dividend date of this dividend is Thursday, February 1st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.61%. Wells Fargo & Co’s dividend payout ratio (DPR) is presently 37.77%.

Wells Fargo & Co announced that its Board of Directors has initiated a share buyback program on Tuesday, January 23rd that permits the company to repurchase 350,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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About Wells Fargo & Co

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.

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Earnings History and Estimates for Wells Fargo & Co (NYSE:WFC)

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