Piper Sandler Analysts Cut Earnings Estimates for Wells Fargo & Company (NYSE:WFC)

Wells Fargo & Company (NYSE:WFC) – Research analysts at Piper Sandler reduced their Q4 2020 earnings estimates for Wells Fargo & Company in a research note issued to investors on Monday, September 14th. Piper Sandler analyst R. Siefers now forecasts that the financial services provider will earn $0.32 per share for the quarter, down from their previous forecast of $0.34. Piper Sandler also issued estimates for Wells Fargo & Company’s Q1 2021 earnings at $0.37 EPS, Q2 2021 earnings at $0.49 EPS, Q3 2021 earnings at $0.60 EPS, Q4 2021 earnings at $0.59 EPS and FY2021 earnings at $2.05 EPS.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported ($0.66) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.50). The firm had revenue of $17.80 billion during the quarter, compared to analysts’ expectations of $18.30 billion. Wells Fargo & Company had a net margin of 6.26% and a return on equity of 4.33%. The business’s quarterly revenue was down 17.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.30 earnings per share.

A number of other equities research analysts have also issued reports on the stock. UBS Group upgraded shares of Wells Fargo & Company from a “sell” rating to a “neutral” rating and upped their target price for the company from $21.00 to $24.00 in a research note on Friday, September 11th. Oppenheimer restated a “hold” rating on shares of Wells Fargo & Company in a research note on Tuesday, July 14th. Wolfe Research upgraded shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and upped their target price for the company from $31.00 to $34.00 in a research note on Monday. Robert W. Baird upgraded shares of Wells Fargo & Company from a “neutral” rating to an “outperform” rating and set a $35.00 target price on the stock in a research note on Friday, July 10th. Finally, Seaport Global Securities began coverage on shares of Wells Fargo & Company in a research note on Wednesday, July 8th. They issued a “neutral” rating on the stock. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have issued a buy rating to the stock. Wells Fargo & Company currently has a consensus rating of “Hold” and an average price target of $33.15.

NYSE:WFC opened at $25.71 on Wednesday. The stock has a market cap of $105.93 billion, a P/E ratio of 29.55, a PEG ratio of 125.04 and a beta of 1.08. The firm has a 50-day moving average of $24.55 and a two-hundred day moving average of $27.31. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.88 and a quick ratio of 0.86. Wells Fargo & Company has a 1-year low of $22.00 and a 1-year high of $54.75.

A number of large investors have recently modified their holdings of the stock. Schonfeld Strategic Advisors LLC boosted its holdings in Wells Fargo & Company by 108.1% during the second quarter. Schonfeld Strategic Advisors LLC now owns 164,955 shares of the financial services provider’s stock worth $4,223,000 after buying an additional 85,677 shares in the last quarter. Hayek Kallen Investment Management boosted its holdings in Wells Fargo & Company by 5.8% during the second quarter. Hayek Kallen Investment Management now owns 13,844 shares of the financial services provider’s stock worth $354,000 after buying an additional 757 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Wells Fargo & Company by 1.4% during the second quarter. Principal Financial Group Inc. now owns 5,982,854 shares of the financial services provider’s stock worth $153,161,000 after buying an additional 83,828 shares in the last quarter. Bridgeway Capital Management Inc. boosted its holdings in Wells Fargo & Company by 9.1% during the second quarter. Bridgeway Capital Management Inc. now owns 1,315,130 shares of the financial services provider’s stock worth $33,667,000 after buying an additional 109,300 shares in the last quarter. Finally, Reliant Investment Management LLC bought a new stake in Wells Fargo & Company during the second quarter worth approximately $2,622,000. Hedge funds and other institutional investors own 67.25% of the company’s stock.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 7th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Thursday, August 6th. Wells Fargo & Company’s dividend payout ratio (DPR) is presently 9.13%.

Wells Fargo & Company Company Profile

Wells Fargo & Company, a diversified financial services company, provides banking, investment, mortgage, and consumer and commercial finance products and services to individuals, businesses, and institutions in the United States and internationally. It operates in three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management.

Recommended Story: What is the strike price in options trading?

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

Receive News & Ratings for Wells Fargo & Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wells Fargo & Company and related companies with MarketBeat.com's FREE daily email newsletter.