Wells Fargo & Co (NYSE:WFC) Announces Quarterly Earnings Results, Misses Expectations By $0.50 EPS

Wells Fargo & Co (NYSE:WFC) released its quarterly earnings data on Tuesday. The financial services provider reported ($0.66) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.50), MarketWatch Earnings reports. Wells Fargo & Co had a return on equity of 9.28% and a net margin of 14.52%. The firm had revenue of $17.80 billion for the quarter, compared to analyst estimates of $18.30 billion. During the same quarter in the previous year, the business posted $1.30 earnings per share. Wells Fargo & Co’s revenue for the quarter was down 17.5% on a year-over-year basis.

Shares of NYSE:WFC opened at $25.40 on Wednesday. The company has a market capitalization of $104.43 billion, a PE ratio of 8.57, a P/E/G ratio of 4.52 and a beta of 1.15. The company has a current ratio of 0.87, a quick ratio of 0.85 and a debt-to-equity ratio of 1.47. Wells Fargo & Co has a twelve month low of $22.00 and a twelve month high of $54.75. The firm has a 50 day simple moving average of $27.13 and a 200-day simple moving average of $35.22.

A number of brokerages have weighed in on WFC. Odeon Capital Group upgraded shares of Wells Fargo & Co from a “sell” rating to a “hold” rating in a research report on Thursday, March 26th. Nomura Securities reiterated a “buy” rating and set a $31.00 price target on shares of Wells Fargo & Co in a research report on Thursday, April 16th. Atlantic Securities cut shares of Wells Fargo & Co from a “neutral” rating to an “underweight” rating and set a $25.00 price target for the company. in a research report on Tuesday, May 5th. JPMorgan Chase & Co. dropped their price target on shares of Wells Fargo & Co from $32.00 to $29.50 and set an “underweight” rating for the company in a research report on Wednesday, July 8th. Finally, Robert W. Baird upgraded shares of Wells Fargo & Co from a “neutral” rating to an “outperform” rating and set a $35.00 price target for the company in a research report on Friday, July 10th. Five analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $33.98.

About Wells Fargo & Co

Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.

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Earnings History for Wells Fargo & Co (NYSE:WFC)

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