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's (WFC) Q2 Earnings Miss on Lower Revenues
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 adjusted earnings per share of $1.08, missing the Zacks Consensus Estimate of $1.12. Lower revenues and higher expenses were primarily responsible for the miss. Results were in line with the prior-year quarter earnings.
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 unchanged over the last seven days.
Wells Fargo has a decent earnings surprise history. Before posting earnings miss in Q2, the company delivered positive surprises in two of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.71% in the trailing four quarters.
Wells Fargo posted revenues of $21.6 billion, outpacing the Zacks Consensus Estimate of $21.5 billion. Yet, revenues decreased from $22.2 billion in the year-ago quarter.
ROE (net income applicable to common stock to shareholders’ equity): 10.60%
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 unfavorable, it all depends on what sense the just-released report makes to the analysts.
Following the earnings release, Wells Fargo shares were down more than 2% in the pre-trading session. This is in line with 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!
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Image: Bigstock
Wells Fargo's (WFC) Q2 Earnings Miss on Lower Revenues
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 adjusted earnings per share of $1.08, missing the Zacks Consensus Estimate of $1.12. Lower revenues and higher expenses were primarily responsible for the miss. Results were in line with the prior-year quarter earnings.
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 unchanged over the last seven days.
Wells Fargo has a decent earnings surprise history. Before posting earnings miss in Q2, the company delivered positive surprises in two of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 0.71% in the trailing four quarters.
Wells Fargo & Company Price and EPS Surprise
Wells Fargo & Company Price and EPS Surprise | Wells Fargo & Company Quote
Revenue Came In Higher Than Expected
Wells Fargo posted revenues of $21.6 billion, outpacing the Zacks Consensus Estimate of $21.5 billion. Yet, revenues decreased from $22.2 billion in the year-ago quarter.
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 unfavorable, 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.)
How the Market Reacted So Far
Following the earnings release, Wells Fargo shares were down more than 2% in the pre-trading session. This is in line with 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!
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>