Q1 2024 EPS Estimates for Wells Fargo & Company Reduced by Analyst (NYSE:WFC)

Wells Fargo & Company (NYSE:WFC) – Equities research analysts at Seaport Res Ptn cut their Q1 2024 earnings per share estimates for shares of Wells Fargo & Company in a report released on Thursday, April 4th. Seaport Res Ptn analyst J. Mitchell now anticipates that the financial services provider will earn $1.06 per share for the quarter, down from their prior estimate of $1.16. The consensus estimate for Wells Fargo & Company’s current full-year earnings is $4.73 per share. Seaport Res Ptn also issued estimates for Wells Fargo & Company’s FY2024 earnings at $5.30 EPS, Q1 2025 earnings at $1.25 EPS, Q2 2025 earnings at $1.43 EPS, Q3 2025 earnings at $1.52 EPS and Q4 2025 earnings at $1.56 EPS.

Other analysts also recently issued reports about the company. StockNews.com downgraded Wells Fargo & Company from a “hold” rating to a “sell” rating in a research note on Thursday. Odeon Capital Group downgraded Wells Fargo & Company from a “buy” rating to a “hold” rating and set a $48.80 price target for the company. in a research report on Thursday, January 18th. Barclays increased their price target on Wells Fargo & Company from $54.00 to $66.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Raymond James increased their price target on Wells Fargo & Company from $55.00 to $58.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 16th. Finally, Morgan Stanley increased their price objective on Wells Fargo & Company from $54.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday, January 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $56.68.

Wells Fargo & Company Stock Performance

Shares of Wells Fargo & Company stock opened at $57.40 on Friday. The company has a market cap of $203.22 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 1.18 and a beta of 1.19. Wells Fargo & Company has a 52 week low of $36.40 and a 52 week high of $58.44. The business has a 50 day moving average price of $54.20 and a 200-day moving average price of $47.73. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.24.

Wells Fargo & Company (NYSE:WFC) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.30). Wells Fargo & Company had a return on equity of 12.40% and a net margin of 16.60%. The firm had revenue of $20.48 billion for the quarter, compared to analyst estimates of $20.30 billion. During the same period last year, the company posted $0.67 earnings per share. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year.

Wells Fargo & Company Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 2nd were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Thursday, February 1st. Wells Fargo & Company’s payout ratio is currently 29.05%.

Hedge Funds Weigh In On Wells Fargo & Company

A number of large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Wells Fargo & Company in the fourth quarter worth $2,623,044,000. Moneta Group Investment Advisors LLC raised its position in Wells Fargo & Company by 129,312.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,287,479 shares of the financial services provider’s stock valued at $1,085,410,000 after purchasing an additional 26,267,166 shares in the last quarter. Renaissance Technologies LLC raised its position in Wells Fargo & Company by 1,478.6% during the first quarter. Renaissance Technologies LLC now owns 8,390,611 shares of the financial services provider’s stock valued at $406,609,000 after purchasing an additional 7,859,100 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in Wells Fargo & Company during the first quarter valued at about $345,861,000. Finally, Legal & General Group Plc raised its position in Wells Fargo & Company by 31.3% during the fourth quarter. Legal & General Group Plc now owns 25,640,835 shares of the financial services provider’s stock valued at $1,262,043,000 after purchasing an additional 6,118,817 shares in the last quarter. 75.90% of the stock is owned by institutional investors.

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.