Q2 2024 EPS Estimates for Wells Fargo & Company (NYSE:WFC) Cut by Seaport Res Ptn

Wells Fargo & Company (NYSE:WFC) – Stock analysts at Seaport Res Ptn cut their Q2 2024 earnings estimates for shares of Wells Fargo & Company in a research note issued to investors on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now anticipates that the financial services provider will post earnings of $1.32 per share for the quarter, down from their previous 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.

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

Other equities analysts have also issued research reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Wells Fargo & Company from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Oppenheimer reissued a “market perform” rating on shares of Wells Fargo & Company in a research note on Monday. StockNews.com raised shares of Wells Fargo & Company from a “sell” rating to a “hold” rating in a research note on Monday. Barclays upped their price target on shares of Wells Fargo & Company from $54.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Argus increased their target price 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, Wells Fargo & Company has a consensus rating of “Hold” and an average target price of $58.85.

Wells Fargo & Company Trading Up 1.4 %

Shares of WFC traded up $0.77 during mid-day trading on Wednesday, reaching $57.18. The company had a trading volume of 18,817,369 shares, compared to its average volume of 18,695,764. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 1.14. The stock has a market cap of $202.44 billion, a price-to-earnings ratio of 11.78, a price-to-earnings-growth ratio of 1.15 and a beta of 1.19. The firm has a fifty day simple moving average of $55.25 and a 200-day simple moving average of $48.55. Wells Fargo & Company has a fifty-two week low of $36.40 and a fifty-two week high of $58.44.

Wells Fargo & Company Announces Dividend

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

Institutional Trading of Wells Fargo & Company

Hedge funds and other institutional investors have recently bought and sold shares of the company. Lazari Capital Management Inc. grew its position in Wells Fargo & Company by 0.9% in the fourth quarter. Lazari Capital Management Inc. now owns 22,804 shares of the financial services provider’s stock worth $1,122,000 after buying an additional 202 shares during the last quarter. Webster Bank N. A. boosted its stake in shares of Wells Fargo & Company by 2.0% during the 1st quarter. Webster Bank N. A. now owns 10,153 shares of the financial services provider’s stock valued at $588,000 after buying an additional 202 shares during the period. First Financial Corp IN boosted its stake in shares of Wells Fargo & Company by 4.9% during the 4th quarter. First Financial Corp IN now owns 4,595 shares of the financial services provider’s stock valued at $226,000 after buying an additional 214 shares during the period. CX Institutional lifted its stake in shares of Wells Fargo & Company by 1.1% in the 4th quarter. CX Institutional now owns 20,280 shares of the financial services provider’s stock valued at $998,000 after purchasing an additional 217 shares during the last quarter. Finally, Cape Investment Advisory Inc. lifted its stake in shares of Wells Fargo & Company by 3.4% in the 4th quarter. Cape Investment Advisory Inc. now owns 6,746 shares of the financial services provider’s stock valued at $332,000 after purchasing an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 75.90% of the company’s stock.

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.