FY2023 Earnings Estimate for Wells Fargo & Company (NYSE:WFC) Issued By Oppenheimer

Wells Fargo & Company (NYSE:WFC – Get Rating) – Oppenheimer boosted their FY2023 EPS estimates for shares of Wells Fargo & Company in a research note issued to investors on Friday, July 29th. Oppenheimer analyst C. Kotowski now forecasts that the financial services provider will earn $4.92 per share for the year, up from their previous estimate of $4.58. The consensus estimate for Wells Fargo & Company’s current full-year earnings is $4.00 per share.

Wells Fargo & Company (NYSE:WFC – Get Rating) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.14). The company had revenue of $17.03 billion during the quarter, compared to analyst estimates of $17.54 billion. Wells Fargo & Company had a net margin of 22.52% and a return on equity of 10.67%. The firm’s quarterly revenue was down 16.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.38 EPS.

Other analysts also recently issued reports about the stock. Jefferies Financial Group decreased their target price on shares of Wells Fargo & Company from $55.00 to $47.00 in a research report on Monday, July 11th. Royal Bank of Canada decreased their price objective on shares of Wells Fargo & Company from $55.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, July 1st. Raymond James decreased their price objective on shares of Wells Fargo & Company from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, June 24th. Morgan Stanley increased their price target on shares of Wells Fargo & Company from $59.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, July 18th. Finally, Credit Suisse Group reduced their price target on shares of Wells Fargo & Company from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Monday, July 18th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.31.

Wells Fargo & Company Stock Performance

WFC stock opened at $43.54 on Monday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $165.03 billion, a price-to-earnings ratio of 10.44, a P/E/G ratio of 1.08 and a beta of 1.18. Wells Fargo & Company has a 12 month low of $36.54 and a 12 month high of $60.30. The firm has a 50 day moving average of $41.62 and a two-hundred day moving average of $47.19.

Hedge Funds Weigh In On Wells Fargo & Company

A number of institutional investors have recently added to or reduced their stakes in the company. Trustcore Financial Services LLC increased its holdings in Wells Fargo & Company by 4.4% during the fourth quarter. Trustcore Financial Services LLC now owns 4,375 shares of the financial services provider’s stock worth $210,000 after buying an additional 186 shares during the last quarter. Cornerstone Advisory LLC increased its holdings in Wells Fargo & Company by 2.3% during the fourth quarter. Cornerstone Advisory LLC now owns 8,397 shares of the financial services provider’s stock worth $403,000 after buying an additional 187 shares during the last quarter. Biltmore Capital Advisors LLC boosted its position in Wells Fargo & Company by 4.0% during the fourth quarter. Biltmore Capital Advisors LLC now owns 4,921 shares of the financial services provider’s stock worth $236,000 after purchasing an additional 189 shares during the period. Curated Wealth Partners LLC boosted its position in Wells Fargo & Company by 3.7% during the fourth quarter. Curated Wealth Partners LLC now owns 5,640 shares of the financial services provider’s stock worth $272,000 after purchasing an additional 200 shares during the period. Finally, First Financial Bank Trust Division boosted its position in Wells Fargo & Company by 0.8% during the first quarter. First Financial Bank Trust Division now owns 27,740 shares of the financial services provider’s stock worth $1,345,000 after purchasing an additional 212 shares during the period. 74.01% of the stock is currently owned by institutional investors and hedge funds.

Wells Fargo & Company Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Friday, August 5th will be issued a $0.30 dividend. The ex-dividend date is Thursday, August 4th. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.76%. Wells Fargo & Company’s dividend payout ratio (DPR) is 23.98%.

About Wells Fargo & Company

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Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.