Wells Fargo & Company to Post Q1 2023 Earnings of $1.22 Per Share, Seaport Res Ptn Forecasts (NYSE:WFC)

Wells Fargo & Company (NYSE:WFCGet Rating) – Analysts at Seaport Res Ptn lifted their Q1 2023 EPS estimates for shares of Wells Fargo & Company in a report issued on Sunday, January 15th. Seaport Res Ptn analyst J. Mitchell now anticipates that the financial services provider will post earnings of $1.22 per share for the quarter, up from their previous forecast of $1.15. The consensus estimate for Wells Fargo & Company’s current full-year earnings is $4.95 per share. Seaport Res Ptn also issued estimates for Wells Fargo & Company’s Q2 2023 earnings at $1.31 EPS, Q3 2023 earnings at $1.26 EPS and Q4 2023 earnings at $1.31 EPS.

Wells Fargo & Company (NYSE:WFCGet Rating) last posted its quarterly earnings data on Friday, January 13th. The financial services provider reported $0.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.61). The company had revenue of $19.66 billion for the quarter, compared to analyst estimates of $20.04 billion. Wells Fargo & Company had a return on equity of 9.28% and a net margin of 15.91%. The business’s revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.38 earnings per share.

A number of other equities analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Wells Fargo & Company from $60.00 to $50.00 in a research report on Friday, January 6th. Piper Sandler cut shares of Wells Fargo & Company from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $49.00 to $47.00 in a research report on Tuesday. Odeon Capital Group upgraded shares of Wells Fargo & Company from a “hold” rating to a “buy” rating and set a $51.79 price objective for the company in a research report on Tuesday, January 10th. Cfra raised shares of Wells Fargo & Company to a “buy” rating and set a $50.00 target price for the company in a report on Friday, January 13th. Finally, BMO Capital Markets upped their target price on shares of Wells Fargo & Company from $61.00 to $63.00 and gave the stock a “market perform” rating in a report on Monday, October 17th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.62.

Wells Fargo & Company Stock Performance

NYSE:WFC opened at $43.38 on Wednesday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.84 and a current ratio of 0.84. The company has a fifty day moving average of $43.90 and a two-hundred day moving average of $43.55. The stock has a market capitalization of $165.30 billion, a PE ratio of 13.82, a P/E/G ratio of 0.88 and a beta of 1.18. Wells Fargo & Company has a fifty-two week low of $36.54 and a fifty-two week high of $60.30.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Truvestments Capital LLC acquired a new position in Wells Fargo & Company in the second quarter valued at about $26,000. Csenge Advisory Group lifted its position in Wells Fargo & Company by 3.3% in the third quarter. Csenge Advisory Group now owns 21,920 shares of the financial services provider’s stock valued at $882,000 after buying an additional 700 shares during the last quarter. Chiron Capital Management LLC acquired a new position in Wells Fargo & Company in the second quarter valued at about $681,000. Main Street Financial Solutions LLC lifted its position in Wells Fargo & Company by 9.4% in the second quarter. Main Street Financial Solutions LLC now owns 6,020 shares of the financial services provider’s stock valued at $236,000 after buying an additional 516 shares during the last quarter. Finally, Foster Dykema Cabot & Co. Inc. MA acquired a new position in Wells Fargo & Company in the second quarter valued at about $154,000. Institutional investors and hedge funds own 72.24% of the company’s stock.

Wells Fargo & Company Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 1st. Shareholders of record on Friday, November 4th were given a $0.30 dividend. The ex-dividend date of this dividend was Thursday, November 3rd. This represents a $1.20 dividend on an annualized basis and a yield of 2.77%. Wells Fargo & Company’s payout ratio is currently 38.22%.

Wells Fargo & Company Company Profile

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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.

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

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