Wells Fargo & Company to Post Q2 2024 Earnings of $1.32 Per Share, Seaport Res Ptn Forecasts (NYSE:WFC)

Wells Fargo & Company (NYSE:WFC) – Stock analysts at Seaport Res Ptn reduced their Q2 2024 earnings per share (EPS) estimates for shares of Wells Fargo & Company in a report issued on Sunday, April 14th. Seaport Res Ptn analyst J. Mitchell now forecasts that the financial services provider will post earnings per share of $1.32 for the quarter, down from their prior forecast of $1.36. The consensus estimate for Wells Fargo & Company’s current full-year earnings is $5.04 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.

A number of other equities research analysts have also recently commented on the stock. HSBC increased their price target on shares of Wells Fargo & Company from $55.00 to $60.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Jefferies Financial Group boosted their price objective on shares of Wells Fargo & Company from $52.00 to $60.00 and gave the company a “hold” rating in a report on Monday, April 8th. Odeon Capital Group cut shares of Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 target price on the stock. in a report on Thursday, January 18th. Robert W. Baird reiterated a “neutral” rating and set a $55.00 target price on shares of Wells Fargo & Company in a research note on Monday, January 8th. Finally, Citigroup reissued a “neutral” rating and set a $63.00 price target (up from $57.00) on shares of Wells Fargo & Company in a report on Wednesday, March 20th. Thirteen analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $58.85.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $58.74 on Wednesday. Wells Fargo & Company has a 1 year low of $36.40 and a 1 year high of $59.13. The firm’s 50-day moving average is $55.63 and its 200 day moving average is $48.68. The stock has a market cap of $207.96 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.10 and a beta of 1.19. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.87 and a quick ratio of 0.86.

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

Wells Fargo & Company Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 2nd were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, February 1st. This represents a $1.40 annualized dividend and a dividend yield of 2.38%. Wells Fargo & Company’s payout ratio is 29.23%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Wells Fargo & Company in the fourth quarter worth about $2,623,044,000. Moneta Group Investment Advisors LLC boosted its stake in Wells Fargo & Company by 129,312.1% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock worth $1,085,410,000 after purchasing an additional 26,267,166 shares during the period. Renaissance Technologies LLC grew its holdings in Wells Fargo & Company by 1,478.6% during the 1st quarter. Renaissance Technologies LLC now owns 8,390,611 shares of the financial services provider’s stock valued at $406,609,000 after buying an additional 7,859,100 shares in the last quarter. Ontario Teachers Pension Plan Board bought a new stake in shares of Wells Fargo & Company during the first quarter valued at approximately $345,861,000. Finally, Legal & General Group Plc lifted its holdings in shares of Wells Fargo & Company by 31.3% in the fourth quarter. Legal & General Group Plc now owns 25,640,835 shares of the financial services provider’s stock worth $1,262,043,000 after buying an additional 6,118,817 shares in the last quarter. Institutional investors own 75.90% of the company’s stock.

Wells Fargo & Company Company Profile

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.