Seaport Res Ptn Has Bullish Outlook for WFC FY2024 Earnings

Wells Fargo & Company (NYSE:WFC) – Equities research analysts at Seaport Res Ptn raised their FY2024 earnings per share (EPS) estimates for Wells Fargo & Company in a research report issued to clients and investors on Tuesday, January 7th. Seaport Res Ptn analyst J. Mitchell now forecasts that the financial services provider will earn $5.43 per share for the year, up from their prior estimate of $5.40. The consensus estimate for Wells Fargo & Company’s current full-year earnings is $5.43 per share. Seaport Res Ptn also issued estimates for Wells Fargo & Company’s Q3 2025 earnings at $1.50 EPS, Q4 2025 earnings at $1.50 EPS and FY2026 earnings at $6.60 EPS.

Wells Fargo & Company (NYSE:WFC) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.14. The firm had revenue of $20.37 billion for the quarter, compared to analysts’ expectations of $20.40 billion. Wells Fargo & Company had a net margin of 14.43% and a return on equity of 12.25%. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.39 earnings per share.

WFC has been the subject of several other research reports. Morgan Stanley dropped their price objective on Wells Fargo & Company from $68.00 to $67.00 and set an “overweight” rating for the company in a report on Monday, September 30th. Compass Point raised their price target on Wells Fargo & Company from $60.00 to $83.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Barclays boosted their price objective on shares of Wells Fargo & Company from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods raised their target price on shares of Wells Fargo & Company from $61.00 to $79.00 and gave the stock a “market perform” rating in a research report on Tuesday, December 3rd. Finally, Piper Sandler lifted their target price on shares of Wells Fargo & Company from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Twelve investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $69.92.

Wells Fargo & Company Stock Down 2.2 %

NYSE WFC opened at $70.01 on Friday. Wells Fargo & Company has a 1 year low of $46.12 and a 1 year high of $78.13. The stock has a market capitalization of $233.10 billion, a PE ratio of 14.56, a PEG ratio of 1.47 and a beta of 1.18. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.85 and a quick ratio of 0.85. The business’s 50-day moving average is $72.13 and its 200 day moving average is $62.89.

Wells Fargo & Company Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Sunday, December 1st. Stockholders of record on Friday, November 8th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.60 annualized dividend and a dividend yield of 2.29%. Wells Fargo & Company’s dividend payout ratio is presently 33.26%.

Insider Activity

In other Wells Fargo & Company news, EVP Ather Williams III sold 60,000 shares of Wells Fargo & Company stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $63.70, for a total value of $3,822,000.00. Following the completion of the sale, the executive vice president now owns 163,610 shares of the company’s stock, valued at approximately $10,421,957. The trade was a 26.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Beurden Saul Van sold 35,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $61.99, for a total transaction of $2,169,650.00. Following the sale, the executive vice president now owns 126,687 shares of the company’s stock, valued at approximately $7,853,327.13. This represents a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Wells Fargo & Company

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its stake in shares of Wells Fargo & Company by 4.4% in the second quarter. Dimensional Fund Advisors LP now owns 19,848,290 shares of the financial services provider’s stock worth $1,178,591,000 after buying an additional 831,975 shares during the period. National Pension Service increased its holdings in Wells Fargo & Company by 15.2% in the 3rd quarter. National Pension Service now owns 6,789,371 shares of the financial services provider’s stock worth $383,532,000 after acquiring an additional 897,195 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in Wells Fargo & Company by 2.5% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 6,641,581 shares of the financial services provider’s stock worth $375,183,000 after acquiring an additional 162,066 shares during the period. Nordea Investment Management AB lifted its holdings in Wells Fargo & Company by 10.1% during the fourth quarter. Nordea Investment Management AB now owns 6,284,421 shares of the financial services provider’s stock valued at $441,983,000 after purchasing an additional 575,892 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its position in shares of Wells Fargo & Company by 730.4% in the third quarter. Two Sigma Advisers LP now owns 5,954,600 shares of the financial services provider’s stock worth $336,375,000 after purchasing an additional 5,237,500 shares during the period. Hedge funds and other institutional investors own 75.90% of the company’s stock.

About Wells Fargo & Company

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.