DA Davidson Brokers Lower Earnings Estimates for Wells Fargo & Company (NYSE:WFC)

Wells Fargo & Company (NYSE:WFC) – Equities research analysts at DA Davidson lowered their FY2021 earnings per share (EPS) estimates for shares of Wells Fargo & Company in a research note issued to investors on Thursday, September 17th. DA Davidson analyst D. Konrad now expects that the financial services provider will earn $0.65 per share for the year, down from their previous forecast of $1.20. DA Davidson currently has a “Neutral” rating and a $27.00 target price on the stock.

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

A number of other research firms have also recently issued reports on WFC. JPMorgan Chase & Co. cut shares of Wells Fargo & Company to a “sell” rating in a research note on Wednesday, July 15th. Evercore ISI raised shares of Wells Fargo & Company from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $26.00 to $27.00 in a report on Wednesday, July 15th. Barclays lowered their price target on shares of Wells Fargo & Company from $40.00 to $33.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 15th. ValuEngine raised shares of Wells Fargo & Company from a “hold” rating to a “buy” rating in a report on Wednesday, September 2nd. Finally, Wolfe Research raised shares of Wells Fargo & Company from a “peer perform” rating to an “outperform” rating and increased their price target for the stock from $31.00 to $34.00 in a report on Monday, September 14th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $33.15.

NYSE WFC opened at $24.04 on Monday. The firm has a 50-day moving average of $24.58 and a 200-day moving average of $26.90. The company has a debt-to-equity ratio of 1.45, a quick ratio of 0.86 and a current ratio of 0.88. The stock has a market cap of $99.05 billion, a PE ratio of 27.63, a P/E/G ratio of 125.04 and a beta of 1.08. Wells Fargo & Company has a 52-week low of $22.00 and a 52-week high of $54.75.

Several institutional investors have recently modified their holdings of the company. Capital Asset Advisory Services LLC raised its holdings in shares of Wells Fargo & Company by 25.0% during the first quarter. Capital Asset Advisory Services LLC now owns 16,233 shares of the financial services provider’s stock valued at $374,000 after buying an additional 3,245 shares during the last quarter. Colony Group LLC lifted its holdings in shares of Wells Fargo & Company 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 purchasing an additional 5,825 shares during the last quarter. Asahi Life Asset Management CO. LTD. lifted its holdings in shares of Wells Fargo & Company 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 purchasing an additional 13,950 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in shares of Wells Fargo & Company in the 1st quarter valued at about $77,000. Finally, Orion Portfolio Solutions LLC lifted its holdings in shares of Wells Fargo & Company by 4.2% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 51,802 shares of the financial services provider’s stock valued at $1,326,000 after purchasing an additional 2,108 shares during the last quarter. Hedge funds and other institutional investors own 67.25% of the company’s stock.

The company also recently announced 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 1.66%. The ex-dividend date of this dividend was Thursday, August 6th. Wells Fargo & Company’s dividend payout ratio is 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.

See Also: Cost of Equity

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

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