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Wells Fargo (WFC) Stock Sinks As Market Gains: What You Should Know
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Wells Fargo (WFC - Free Report) closed the most recent trading day at $41.06, moving -1.42% from the previous trading session. This change lagged the S&P 500's daily gain of 0.37%. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 1.26%.
Prior to today's trading, shares of the biggest U.S. mortgage lender had gained 1.91% over the past month. This has lagged the Finance sector's gain of 3.13% and the S&P 500's gain of 4.31% in that time.
Wells Fargo will be looking to display strength as it nears its next earnings release, which is expected to be July 14, 2023. In that report, analysts expect Wells Fargo to post earnings of $1.23 per share. This would mark year-over-year growth of 66.22%. Meanwhile, our latest consensus estimate is calling for revenue of $20.23 billion, up 18.81% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.73 per share and revenue of $80.39 billion, which would represent changes of +50.64% and +8.96%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Wells Fargo. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.23% lower. Wells Fargo is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Wells Fargo has a Forward P/E ratio of 8.81 right now. This represents a premium compared to its industry's average Forward P/E of 8.03.
Investors should also note that WFC has a PEG ratio of 0.86 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Banks - Major Regional stocks are, on average, holding a PEG ratio of 1.19 based on yesterday's closing prices.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 224, putting it in the bottom 12% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow WFC in the coming trading sessions, be sure to utilize Zacks.com.
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Wells Fargo (WFC) Stock Sinks As Market Gains: What You Should Know
Wells Fargo (WFC - Free Report) closed the most recent trading day at $41.06, moving -1.42% from the previous trading session. This change lagged the S&P 500's daily gain of 0.37%. Meanwhile, the Dow lost 0.01%, and the Nasdaq, a tech-heavy index, lost 1.26%.
Prior to today's trading, shares of the biggest U.S. mortgage lender had gained 1.91% over the past month. This has lagged the Finance sector's gain of 3.13% and the S&P 500's gain of 4.31% in that time.
Wells Fargo will be looking to display strength as it nears its next earnings release, which is expected to be July 14, 2023. In that report, analysts expect Wells Fargo to post earnings of $1.23 per share. This would mark year-over-year growth of 66.22%. Meanwhile, our latest consensus estimate is calling for revenue of $20.23 billion, up 18.81% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $4.73 per share and revenue of $80.39 billion, which would represent changes of +50.64% and +8.96%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Wells Fargo. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.23% lower. Wells Fargo is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Wells Fargo has a Forward P/E ratio of 8.81 right now. This represents a premium compared to its industry's average Forward P/E of 8.03.
Investors should also note that WFC has a PEG ratio of 0.86 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Banks - Major Regional stocks are, on average, holding a PEG ratio of 1.19 based on yesterday's closing prices.
The Banks - Major Regional industry is part of the Finance sector. This group has a Zacks Industry Rank of 224, putting it in the bottom 12% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow WFC in the coming trading sessions, be sure to utilize Zacks.com.