We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Wells Fargo (WFC) Miss Q2 Earnings on High Expenses
Read MoreHide Full Article
Have you been eager to see how Wells Fargo & Company (WFC - Free Report) performed in Q2 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 Miss
Wells Fargo came out with earnings per share of $1.01, missing the Zacks Consensus Estimate of $1.02. Higher expenses were primarily responsible for this earnings miss.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Wells Fargo depicted 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 miss in Q2, 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.
Wells Fargo posted revenues of $22.2 billion, in line with the Zacks Consensus Estimate. However, it compared favorably with the year-ago number of $21.3 billion.
ROE (net income applicable to common stock to shareholders’ equity): 11.70%
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) 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 unfavorable, it all depends on what sense the just-released report makes to the analysts.
How the Market Reacted So Far
Following the earnings release, Wells Fargo shares were down around 1% in the pre-trading session. This is in contrary to what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have not considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this Wells Fargo earnings report later!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Wells Fargo (WFC) Miss Q2 Earnings on High Expenses
Have you been eager to see how Wells Fargo & Company (WFC - Free Report) performed in Q2 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 Miss
Wells Fargo came out with earnings per share of $1.01, missing the Zacks Consensus Estimate of $1.02. Higher expenses were primarily responsible for this earnings miss.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Wells Fargo depicted 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 miss in Q2, 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.
WELLS FARGO-NEW Price and EPS Surprise
WELLS FARGO-NEW Price and EPS Surprise | WELLS FARGO-NEW Quote
Revenue Came In As Expected
Wells Fargo posted revenues of $22.2 billion, in line with the Zacks Consensus Estimate. However, it compared favorably with the year-ago number of $21.3 billion.
Key Stats to Note:
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) 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 unfavorable, it all depends on what sense the just-released report makes to the analysts.
How the Market Reacted So Far
Following the earnings release, Wells Fargo shares were down around 1% in the pre-trading session. This is in contrary to what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have not considered the results in their favor. However, the full-session’s price movement may indicate a different picture.
Check back later for our full write up on this Wells Fargo earnings report later!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>