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Is Wells Fargo (WFC) a 'Buy' Ahead of Its Upcoming Earnings Announcement?
Wells Fargo, the 15th largest global bank by total assets, is expected to report fourth-quarter earnings results on Wednesday before the opening bell. A Zacks Rank #3 (Hold) stock, Wells Fargo surpassed earnings estimates in each of the past four quarters. But with financials off to a rocky start this earnings season following mixed results out of JPMorgan Chase, is Wells Fargo a buy prior to tomorrow’s release?
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Analysts anticipate the company to post a profit of $1.66 per share, reflecting a 16.9% improvement versus the same quarter in the prior year. Estimates for the quarter have remained steady over the past 60 days. Revenues are projected to rise 6.01% to $21.6 billion.
The banking giant has delivered a trailing four-quarter average earnings surprise of 7.5%. Wells Fargo (WFC - Free Report) raised its dividend last year amid an enviable capital position and strong liquidity.
Our proprietary Zacks Earnings ESP indicator does not conclusively predict another earnings beat. Investors would be wise to exercise caution ahead of the upcoming announcement.