$21.27 Billion in Sales Expected for Wells Fargo & Co (WFC) This Quarter

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Brokerages expect Wells Fargo & Co (NYSE:WFC) to report $21.27 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Wells Fargo & Co’s earnings, with the lowest sales estimate coming in at $21.09 billion and the highest estimate coming in at $21.42 billion. Wells Fargo & Co reported sales of $22.05 billion in the same quarter last year, which indicates a negative year over year growth rate of 3.5%. The business is expected to report its next earnings report on Friday, January 11th.

On average, analysts expect that Wells Fargo & Co will report full-year sales of $86.12 billion for the current year, with estimates ranging from $84.89 billion to $86.85 billion. For the next fiscal year, analysts forecast that the firm will report sales of $85.99 billion, with estimates ranging from $84.61 billion to $86.77 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Wells Fargo & Co.

Wells Fargo & Co (NYSE:WFC) last posted its quarterly earnings data on Friday, October 12th. The financial services provider reported $1.13 EPS for the quarter, missing the consensus estimate of $1.17 by ($0.04). The company had revenue of $21.94 billion during the quarter, compared to the consensus estimate of $21.90 billion. Wells Fargo & Co had a net margin of 23.17% and a return on equity of 12.69%.

Several brokerages have commented on WFC. Citigroup upgraded shares of Wells Fargo & Co from a “neutral” rating to a “buy” rating in a research note on Friday, November 2nd. ValuEngine upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research note on Tuesday, October 16th. BMO Capital Markets boosted their price objective on shares of Wells Fargo & Co to $65.00 and gave the stock a “market perform” rating in a research note on Monday, October 15th. Nomura lowered their price objective on shares of Wells Fargo & Co from $68.00 to $63.00 and set a “buy” rating on the stock in a research note on Monday, October 15th. Finally, Macquarie upgraded shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating in a research note on Monday, October 15th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $63.79.

Shares of NYSE:WFC opened at $52.94 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.26. Wells Fargo & Co has a one year low of $50.02 and a one year high of $66.31. The stock has a market cap of $254.37 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 1.04 and a beta of 1.01.

Wells Fargo & Co declared that its Board of Directors has initiated a share buyback program on Tuesday, October 23rd that allows the company to buyback 350,000,000 outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Friday, November 9th will be given a dividend of $0.43 per share. The ex-dividend date is Thursday, November 8th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.25%. Wells Fargo & Co’s payout ratio is presently 41.85%.

Institutional investors have recently modified their holdings of the company. Sageworth Trust Co lifted its stake in Wells Fargo & Co by 257.9% in the 3rd quarter. Sageworth Trust Co now owns 2,151 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 1,550 shares during the last quarter. Landaas & Co. WI ADV bought a new position in Wells Fargo & Co in the 2nd quarter valued at approximately $117,000. Lee Financial Co lifted its stake in Wells Fargo & Co by 433.4% in the 3rd quarter. Lee Financial Co now owns 2,507 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 2,037 shares during the last quarter. Almanack Investment Partners LLC. bought a new position in Wells Fargo & Co in the 3rd quarter valued at approximately $141,000. Finally, Parkside Investments LLC bought a new position in Wells Fargo & Co in the 3rd quarter valued at approximately $174,000. 77.44% of the stock is owned by institutional investors.

About Wells Fargo & Co

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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