Wells Fargo & Company (NYSE:WFC) is reporting third quarter financial results on Wednesday 14th October 2020, before market open.
According to analysts surveyed by Thomson Reuters, WFC is expected to report 3Q20 income of $ 0.45 per share from revenue of $ 17968.10 million.
For the full year, analysts anticipate top line of $ 71550.00 million, while looking forward to income of $ 0.12 per share bottom line.
Previous Quarter Performance
Wells Fargo & Company communicated loss for the second quarter of $ 0.66 per share, from the revenue of $ 17,836.00 million. The quarterly revenues decreased 17.36 percent compared with the same quarter last year. Street analysts expected Wells Fargo & Company to report loss of $ 0.20 per share on revenue of $ 18402.80 million for the second quarter. The bottom line results missed street analysts by $ 0.46 or 230 percent, at the same time, top line results fell short of analysts by $ 566.8 million or 3.08 percent.
Stock Performance
Shares of Wells Fargo & Company traded low $ -0.94 or -3.66 percent on Tuesday, reaching $ 24.74 with volume of 29.31 million shares. Wells Fargo & Company has traded high as $ 25.50 and has cracked $ 24.70 on the downward trend
According to the previous trading day, closing price of $ 24.74, representing a 16.73 % increase from the 52 week low of $ 22.00 and a 53.1 % decrease over the 52 week high of $ 54.75.
The company has a market capital of $ 101.93 billion and is part of the Financial Services sector and Banks – Global industry.
Recent Analyst recommendations
- On 14th September 2020, upgraded by Wolfe Research to Outperform from Peer Perform rating.
- On 11th September 2020, maintained by Morgan Stanley at Equal-Weight rating, with $ 23.00 target price.
- On 11th September 2020, upgraded by UBS Group to Neutral from Sell rating, with $ 24.00 target price.
Recent Stock Dividend Announcement
On July 28, 2020, the board of directors authorized quarterly dividend of $ 0.10 per share to holders of record as of the close of business on August 7, 2020, with payment date of September 1, 2020 and ex-dividend date on August 6, 2020.
Conference Call
Wells Fargo & Company will be hosting a conference call at 10:00 AM eastern time on 14th October 2020, to discuss its 3Q20 financial results with the investment community. A live webcast with presentations will be available on the Internet by visiting the Company website www.wellsfargo.com
Wells Fargo & Company, a diversified financial services company, provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. It operates through three segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The company also engages in the wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing, trust, investment advisory, mortgage-backed securities, and venture capital investment services.
