Brokers Issue Forecasts for Wells Fargo & Company’s Q2 2024 Earnings (NYSE:WFC)

Wells Fargo & Company (NYSE:WFC) – Analysts at Seaport Res Ptn decreased their Q2 2024 earnings per share estimates for Wells Fargo & Company in a report issued on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now forecasts that the financial services provider will earn $1.32 per share for the quarter, down from their previous forecast of $1.36. The consensus estimate for Wells Fargo & Company’s current full-year earnings is $4.86 per share. Seaport Res Ptn also issued estimates for Wells Fargo & Company’s Q3 2024 earnings at $1.39 EPS and Q4 2025 earnings at $1.58 EPS.

Wells Fargo & Company (NYSE:WFC) last issued its quarterly earnings results on Friday, April 12th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.10. Wells Fargo & Company had a return on equity of 12.30% and a net margin of 15.63%. The business had revenue of $20.86 billion for the quarter, compared to analyst estimates of $20.19 billion. During the same quarter in the prior year, the firm posted $1.23 earnings per share. The firm’s revenue for the quarter was up .6% compared to the same quarter last year.

A number of other equities research analysts also recently commented on the company. Raymond James upped their price objective on Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 16th. Piper Sandler dropped their price objective on Wells Fargo & Company from $51.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, January 16th. Compass Point reiterated a “neutral” rating and issued a $64.00 price objective on shares of Wells Fargo & Company in a report on Tuesday, April 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 price objective (up previously from $56.00) on shares of Wells Fargo & Company in a report on Wednesday, March 27th. Finally, Odeon Capital Group downgraded Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 price objective for the company. in a report on Thursday, January 18th. Thirteen investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.85.

Wells Fargo & Company Trading Up 1.4 %

Shares of WFC opened at $57.18 on Wednesday. The stock’s fifty day simple moving average is $55.42 and its 200-day simple moving average is $48.61. The firm has a market capitalization of $202.44 billion, a PE ratio of 11.94, a price-to-earnings-growth ratio of 1.15 and a beta of 1.19. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 1.14. Wells Fargo & Company has a 12-month low of $36.40 and a 12-month high of $58.44.

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 2nd were given a dividend of $0.35 per share. The ex-dividend date was Thursday, February 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. Wells Fargo & Company’s dividend payout ratio is currently 29.23%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Defender Capital LLC. acquired a new position in Wells Fargo & Company during the first quarter valued at approximately $246,000. Fairfield Bush & CO. acquired a new position in Wells Fargo & Company during the first quarter valued at approximately $124,000. Dakota Wealth Management acquired a new position in Wells Fargo & Company during the first quarter valued at approximately $222,000. Candriam Luxembourg S.C.A. boosted its position in Wells Fargo & Company by 0.3% during the first quarter. Candriam Luxembourg S.C.A. now owns 273,936 shares of the financial services provider’s stock valued at $13,274,000 after purchasing an additional 770 shares during the last quarter. Finally, Zions Bancorporation N.A. boosted its position in Wells Fargo & Company by 24.5% during the first quarter. Zions Bancorporation N.A. now owns 9,630 shares of the financial services provider’s stock valued at $467,000 after purchasing an additional 1,895 shares during the last quarter. 75.90% of the stock is owned by institutional investors and hedge funds.

About Wells Fargo & Company

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