Wells Fargo (WFC) Expected to Post Quarterly Sales of $21.92 Billion

Wall Street brokerages forecast that Wells Fargo (NYSE:WFC) will post $21.92 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Wells Fargo’s earnings, with estimates ranging from $21.54 billion to $22.27 billion. Wells Fargo reported sales of $22.17 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 1.1%. The company is expected to issue its next earnings report on Friday, April 13th.

On average, analysts expect that Wells Fargo will report full-year sales of $88.44 billion for the current financial year, with estimates ranging from $86.15 billion to $89.62 billion. For the next year, analysts expect that the firm will report sales of $90.90 billion per share, with estimates ranging from $87.60 billion to $94.15 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Wells Fargo.

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Wells Fargo (NYSE:WFC) last posted its quarterly earnings results on Friday, April 13th. The financial services provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.07 by $0.05. Wells Fargo had a net margin of 22.80% and a return on equity of 12.44%. The business had revenue of $21.93 billion for the quarter, compared to analysts’ expectations of $21.74 billion. During the same period in the previous year, the company posted $1.00 EPS. Wells Fargo’s revenue was down 1.4% on a year-over-year basis.

Several equities analysts have recently commented on WFC shares. UBS upgraded shares of Wells Fargo from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Thursday, April 5th. Vetr cut shares of Wells Fargo from a “strong-buy” rating to a “sell” rating and set a $55.47 price target on the stock. in a report on Monday, January 8th. Sanford C. Bernstein upgraded shares of Wells Fargo from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $64.00 to $69.00 in a report on Wednesday, January 3rd. Keefe, Bruyette & Woods restated a “buy” rating on shares of Wells Fargo in a report on Tuesday, January 16th. Finally, Atlantic Securities raised shares of Wells Fargo from an “underweight” rating to a “neutral” rating and set a $64.00 price objective for the company in a research note on Wednesday, January 10th. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and fifteen have issued a buy rating to the stock. Wells Fargo presently has an average rating of “Hold” and a consensus price target of $61.31.

Wells Fargo stock opened at $50.80 on Tuesday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.86 and a current ratio of 0.88. Wells Fargo has a 12 month low of $49.27 and a 12 month high of $66.31. The firm has a market cap of $248,228.89, a PE ratio of 12.36, a P/E/G ratio of 1.34 and a beta of 1.13.

Wells Fargo declared that its board has authorized a share buyback program on Tuesday, January 23rd that permits the company to buyback 350,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

In other news, Director Ronald Sargent bought 9,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was purchased at an average price of $55.98 per share, with a total value of $503,820.00. Following the transaction, the director now directly owns 81 shares in the company, valued at $4,534.38. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.09% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Chemical Bank acquired a new position in shares of Wells Fargo during the fourth quarter valued at about $265,000. Ackerman Capital Advisors LLC acquired a new position in shares of Wells Fargo during the fourth quarter valued at about $202,000. Fairfield Bush & CO. raised its position in shares of Wells Fargo by 6.8% during the fourth quarter. Fairfield Bush & CO. now owns 139,366 shares of the financial services provider’s stock valued at $8,455,000 after buying an additional 8,838 shares during the last quarter. Wagner Wealth Management LLC acquired a new position in shares of Wells Fargo during the fourth quarter valued at about $328,000. Finally, D.B. Root & Company LLC acquired a new position in shares of Wells Fargo during the fourth quarter valued at about $838,000. 77.29% of the stock is owned by hedge funds and other institutional investors.

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About Wells Fargo

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. The company's Community Banking segment offers checking and savings accounts; credit and debit cards; and automobile, student, mortgage, home equity, and small business loans.

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