Wells Fargo & Co Forecasted to Earn Q2 2020 Earnings of ($0.28) Per Share (NYSE:WFC)

Wells Fargo & Co (NYSE:WFC) – Stock analysts at Seaport Global Securities issued their Q2 2020 EPS estimates for Wells Fargo & Co in a report released on Wednesday, July 8th. Seaport Global Securities analyst J. Mitchell expects that the financial services provider will post earnings per share of ($0.28) for the quarter. Seaport Global Securities currently has a “Neutral” rating on the stock. Seaport Global Securities also issued estimates for Wells Fargo & Co’s Q3 2020 earnings at $0.48 EPS, Q4 2020 earnings at $0.43 EPS, FY2020 earnings at $0.65 EPS, Q1 2021 earnings at $0.29 EPS, Q2 2021 earnings at $0.42 EPS, Q3 2021 earnings at $0.57 EPS, Q4 2021 earnings at $0.73 EPS and FY2021 earnings at $2.00 EPS.

Wells Fargo & Co (NYSE:WFC) last issued its quarterly earnings results 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 company had revenue of $17.80 billion during the quarter, compared to analyst estimates of $18.30 billion. Wells Fargo & Co had a net margin of 14.52% and a return on equity of 9.28%. The business’s revenue for the quarter was down 17.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.30 EPS.

A number of other analysts have also weighed in on the stock. Berenberg Bank raised shares of Wells Fargo & Co from a “sell” rating to a “hold” rating and set a $26.00 price target for the company in a report on Thursday, March 26th. UBS Group lowered shares of Wells Fargo & Co from a “neutral” rating to a “sell” rating and set a $19.00 target price for the company. in a report on Monday, May 4th. DA Davidson initiated coverage on shares of Wells Fargo & Co in a report on Thursday, May 28th. They set a “neutral” rating and a $27.00 target price for the company. Credit Suisse Group lowered their target price on shares of Wells Fargo & Co from $45.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, April 21st. Finally, Bank of America lowered their target price on shares of Wells Fargo & Co from $32.00 to $29.00 and set a “neutral” rating for the company in a report on Friday, July 10th. Five equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $35.52.

Shares of Wells Fargo & Co stock opened at $24.25 on Monday. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.87 and a quick ratio of 0.85. The firm has a market cap of $104.43 billion, a P/E ratio of 8.57, a P/E/G ratio of 4.52 and a beta of 1.15. The firm has a 50 day simple moving average of $27.13 and a 200 day simple moving average of $35.22. Wells Fargo & Co has a fifty-two week low of $22.00 and a fifty-two week high of $54.75.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Asset Advisory Services LLC lifted its position in Wells Fargo & Co by 25.0% in the 1st quarter. Capital Asset Advisory Services LLC now owns 16,233 shares of the financial services provider’s stock valued at $374,000 after acquiring an additional 3,245 shares in the last quarter. Colony Group LLC lifted its position in Wells Fargo & Co by 3.0% in the 1st quarter. Colony Group LLC now owns 200,691 shares of the financial services provider’s stock valued at $5,760,000 after acquiring an additional 5,825 shares in the last quarter. Asahi Life Asset Management CO. LTD. lifted its position in Wells Fargo & Co by 143.5% in the 1st quarter. Asahi Life Asset Management CO. LTD. now owns 23,670 shares of the financial services provider’s stock valued at $679,000 after acquiring an additional 13,950 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in Wells Fargo & Co in the 1st quarter valued at $77,000. Finally, Amundi Pioneer Asset Management Inc. lifted its position in Wells Fargo & Co by 264.5% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 10,660,597 shares of the financial services provider’s stock valued at $573,541,000 after acquiring an additional 7,736,141 shares in the last quarter. 72.93% of the stock is currently owned by institutional investors and hedge funds.

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 and Estimates for Wells Fargo & Co (NYSE:WFC)

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