Q2 2022 EPS Estimates for Wells Fargo & Company (NYSE:WFC) Lifted by Analyst

Wells Fargo & Company (NYSE:WFCGet Rating) – Research analysts at Oppenheimer lifted their Q2 2022 earnings estimates for Wells Fargo & Company in a note issued to investors on Monday, April 18th. Oppenheimer analyst C. Kotowski now expects that the financial services provider will post earnings per share of $1.01 for the quarter, up from their previous estimate of $0.93. Oppenheimer also issued estimates for Wells Fargo & Company’s Q3 2022 earnings at $1.11 EPS, Q4 2022 earnings at $1.20 EPS, FY2022 earnings at $4.20 EPS and FY2023 earnings at $4.51 EPS.

Wells Fargo & Company (NYSE:WFCGet Rating) last issued its quarterly earnings results on Thursday, April 14th. The financial services provider reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.80 by $0.08. The firm had revenue of $17.59 billion for the quarter, compared to analysts’ expectations of $17.82 billion. Wells Fargo & Company had a return on equity of 12.20% and a net margin of 25.35%. Wells Fargo & Company’s revenue was down 5.2% on a year-over-year basis. During the same quarter last year, the business posted $1.05 EPS.

A number of other equities research analysts have also commented on the company. Raymond James decreased their price objective on Wells Fargo & Company from $65.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday. Keefe, Bruyette & Woods raised their price objective on Wells Fargo & Company from $57.00 to $67.00 and gave the stock an “outperform” rating in a research report on Monday, January 17th. Atlantic Securities upgraded Wells Fargo & Company from a “neutral” rating to an “overweight” rating and set a $60.00 price objective for the company in a research report on Tuesday, February 1st. Morgan Stanley decreased their price objective on Wells Fargo & Company from $72.00 to $66.00 and set an “overweight” rating for the company in a research report on Monday, March 28th. Finally, StockNews.com initiated coverage on Wells Fargo & Company in a report on Thursday, March 31st. They set a “hold” rating for the company. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $58.78.

Shares of WFC opened at $47.83 on Wednesday. Wells Fargo & Company has a 1-year low of $41.47 and a 1-year high of $60.30. The stock has a market capitalization of $181.83 billion, a P/E ratio of 9.94, a P/E/G ratio of 1.13 and a beta of 1.15. The company has a current ratio of 0.80, a quick ratio of 0.79 and a debt-to-equity ratio of 0.95. The business’s 50-day moving average price is $51.22 and its 200 day moving average price is $51.12.

Several institutional investors and hedge funds have recently added to or reduced their stakes in WFC. Whittier Trust Co. increased its position in shares of Wells Fargo & Company by 2.2% during the third quarter. Whittier Trust Co. now owns 136,249 shares of the financial services provider’s stock valued at $6,322,000 after purchasing an additional 2,926 shares during the period. Nordea Investment Management AB boosted its stake in Wells Fargo & Company by 96.9% in the 3rd quarter. Nordea Investment Management AB now owns 3,624,374 shares of the financial services provider’s stock valued at $169,766,000 after buying an additional 1,784,080 shares in the last quarter. Miracle Mile Advisors LLC boosted its stake in Wells Fargo & Company by 8.1% in the 3rd quarter. Miracle Mile Advisors LLC now owns 8,789 shares of the financial services provider’s stock valued at $408,000 after buying an additional 656 shares in the last quarter. Sage Mountain Advisors LLC boosted its stake in Wells Fargo & Company by 13.8% in the 3rd quarter. Sage Mountain Advisors LLC now owns 8,135 shares of the financial services provider’s stock valued at $378,000 after buying an additional 985 shares in the last quarter. Finally, Independent Advisor Alliance boosted its stake in Wells Fargo & Company by 1.1% in the 3rd quarter. Independent Advisor Alliance now owns 81,428 shares of the financial services provider’s stock valued at $3,779,000 after buying an additional 886 shares in the last quarter. Institutional investors and hedge funds own 69.01% of the company’s stock.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 1st. Shareholders of record on Friday, February 4th were given a $0.25 dividend. This is an increase from Wells Fargo & Company’s previous quarterly dividend of $0.20. This represents a $1.00 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Thursday, February 3rd. Wells Fargo & Company’s payout ratio is currently 20.79%.

Wells Fargo & Company Company Profile (Get Rating)

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

Further Reading

Earnings History and Estimates for Wells Fargo & Company (NYSE:WFC)

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