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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 second-quarter earnings results on Tuesday before the opening bell. A Zacks Rank #3 (Hold) stock, Wells Fargo surpassed earnings estimates in three of the past four quarters. With investors rotating toward financials as of late, is Wells Fargo a buy prior to next week’s release?
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Analysts anticipate the company to post a profit of $1.74 per share, reflecting a 13% improvement versus the same quarter in the prior year. Estimates for the quarter have increased 1.75% over the past 60 days. Revenues are projected to rise 4.7% to $21.8 billion.
The banking giant has delivered a trailing four-quarter average earnings surprise of 6.4%. Wells Fargo (WFC - Free Report) intends to raise its dividend this year by 11% amid an enviable capital position and strong liquidity. Our proprietary Zacks Earnings ESP indicator conclusively predicts another earnings beat for the upcoming announcement.