Wells Fargo & Company (NYSE:WFC) Expected to Earn Q2 2024 Earnings of $1.32 Per Share

Wells Fargo & Company (NYSE:WFC - Free Report) - Research analysts at Seaport Res Ptn cut their Q2 2024 earnings estimates for shares of Wells Fargo & Company in a note issued to investors on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now expects that the financial services provider will earn $1.32 per share for the quarter, down from their prior estimate 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.

A number of other research analysts also recently weighed in on the stock. Robert W. Baird reissued a "neutral" rating and set a $55.00 target price on shares of Wells Fargo & Company in a research report on Monday, January 8th. Compass Point reissued a "neutral" rating and set a $64.00 target price on shares of Wells Fargo & Company in a research report on Tuesday, April 9th. Barclays upped their price target on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the company an "overweight" rating in a research note on Tuesday, January 2nd. Keefe, Bruyette & Woods restated a "market perform" rating and set a $62.00 price target (up from $56.00) on shares of Wells Fargo & Company in a research note on Wednesday, March 27th. Finally, Argus upped their price target on shares of Wells Fargo & Company from $57.00 to $66.00 and gave the company a "buy" rating in a research note on Monday. Thirteen investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $58.85.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock traded up $0.77 on Wednesday, reaching $57.18. 18,817,367 shares of the company traded hands, compared to its average volume of 18,696,400. Wells Fargo & Company has a 52 week low of $36.40 and a 52 week high of $58.44. The company has a 50 day moving average of $55.42 and a 200 day moving average of $48.61. The firm has a market capitalization of $202.44 billion, a PE ratio of 11.94, a PEG ratio of 1.15 and a beta of 1.19. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86.

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

Wells Fargo & Company Dividend Announcement

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Kathmere Capital Management LLC raised its holdings in Wells Fargo & Company by 19.5% in the third quarter. Kathmere Capital Management LLC now owns 7,248 shares of the financial services provider's stock worth $296,000 after buying an additional 1,185 shares during the last quarter. Stoneridge Investment Partners LLC raised its holdings in Wells Fargo & Company by 410.5% in the third quarter. Stoneridge Investment Partners LLC now owns 67,480 shares of the financial services provider's stock worth $2,757,000 after buying an additional 54,262 shares during the last quarter. United Services Automobile Association raised its holdings in Wells Fargo & Company by 13.7% in the third quarter. United Services Automobile Association now owns 97,906 shares of the financial services provider's stock worth $4,000,000 after buying an additional 11,825 shares during the last quarter. Synovus Financial Corp raised its holdings in Wells Fargo & Company by 61.7% in the third quarter. Synovus Financial Corp now owns 121,937 shares of the financial services provider's stock worth $4,983,000 after buying an additional 46,525 shares during the last quarter. Finally, Trust Point Inc. purchased a new position in Wells Fargo & Company in the fourth quarter worth about $2,499,000. 75.90% of the stock is owned by hedge funds and other institutional investors.

Wells Fargo & Company Company Profile

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.