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Wells Fargo (WFC) Stock Declines While Market Improves: Some Information for Investors
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Wells Fargo (WFC - Free Report) closed the latest trading day at $57.93, indicating a -0.74% change from the previous session's end. This change lagged the S&P 500's 0.26% gain on the day. Elsewhere, the Dow gained 0.18%, while the tech-heavy Nasdaq added 0.35%.
Coming into today, shares of the biggest U.S. mortgage lender had lost 5.7% in the past month. In that same time, the Finance sector gained 0.75%, while the S&P 500 gained 3.25%.
The investment community will be paying close attention to the earnings performance of Wells Fargo in its upcoming release. The company is slated to reveal its earnings on July 12, 2024. The company is expected to report EPS of $1.25, unchanged from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $20.23 billion, indicating a 1.49% decrease compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $5.01 per share and revenue of $81.65 billion, indicating changes of -7.73% and -1.15%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Wells Fargo. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Wells Fargo possesses a Zacks Rank of #2 (Buy).
Looking at valuation, Wells Fargo is presently trading at a Forward P/E ratio of 11.65. This indicates a premium in contrast to its industry's Forward P/E of 11.05.
We can additionally observe that WFC currently boasts a PEG ratio of 1.56. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Banks - Major Regional industry stood at 1.75 at the close of the market yesterday.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 52, which puts it in the top 21% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Wells Fargo (WFC) Stock Declines While Market Improves: Some Information for Investors
Wells Fargo (WFC - Free Report) closed the latest trading day at $57.93, indicating a -0.74% change from the previous session's end. This change lagged the S&P 500's 0.26% gain on the day. Elsewhere, the Dow gained 0.18%, while the tech-heavy Nasdaq added 0.35%.
Coming into today, shares of the biggest U.S. mortgage lender had lost 5.7% in the past month. In that same time, the Finance sector gained 0.75%, while the S&P 500 gained 3.25%.
The investment community will be paying close attention to the earnings performance of Wells Fargo in its upcoming release. The company is slated to reveal its earnings on July 12, 2024. The company is expected to report EPS of $1.25, unchanged from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $20.23 billion, indicating a 1.49% decrease compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $5.01 per share and revenue of $81.65 billion, indicating changes of -7.73% and -1.15%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Wells Fargo. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Wells Fargo possesses a Zacks Rank of #2 (Buy).
Looking at valuation, Wells Fargo is presently trading at a Forward P/E ratio of 11.65. This indicates a premium in contrast to its industry's Forward P/E of 11.05.
We can additionally observe that WFC currently boasts a PEG ratio of 1.56. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Banks - Major Regional industry stood at 1.75 at the close of the market yesterday.
The Banks - Major Regional industry is part of the Finance sector. This industry currently has a Zacks Industry Rank of 52, which puts it in the top 21% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.