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Wells Fargo (WFC) Beats Q3 Earnings on Higher Revenues
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Have you been eager to see how Wells Fargo & Company (WFC - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this San Francisco-based money center bank’s earnings release this morning:
An Earnings Beat
Wells Fargo came out with earnings per share of $1.03, beating the Zacks Consensus Estimate of $1.02. Higher revenues were primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Wells Fargo depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last 7 days.
However, Wells Fargo has a decent earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in three of the prior four quarters.
Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.50% in the trailing four quarters.
Revenue Came In Higher Than Expected
Wells Fargo posted revenues of $22.3 billion, higher than the Zacks Consensus Estimate of $22 billion. Moreover, it compared favorably with the year-ago number of $21.9 billion.
ROE (net income applicable to common stock to shareholders’ equity): 11.60%
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Wells Fargo. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Wells Fargo earnings report later!
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Wells Fargo (WFC) Beats Q3 Earnings on Higher Revenues
Have you been eager to see how Wells Fargo & Company (WFC - Free Report) performed in Q3 in comparison with the market expectations? Let’s quickly scan through the key facts from this San Francisco-based money center bank’s earnings release this morning:
An Earnings Beat
Wells Fargo came out with earnings per share of $1.03, beating the Zacks Consensus Estimate of $1.02. Higher revenues were primarily responsible for this earnings beat.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Wells Fargo depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last 7 days.
However, Wells Fargo has a decent earnings surprise history. Before posting earnings beat in Q3, the company delivered positive surprises in three of the prior four quarters.
WELLS FARGO-NEW Price and EPS Surprise
WELLS FARGO-NEW Price and EPS Surprise | WELLS FARGO-NEW Quote
Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.50% in the trailing four quarters.
Revenue Came In Higher Than Expected
Wells Fargo posted revenues of $22.3 billion, higher than the Zacks Consensus Estimate of $22 billion. Moreover, it compared favorably with the year-ago number of $21.9 billion.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for Wells Fargo. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.)
Check back later for our full write up on this Wells Fargo earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>