Wells Fargo & Co. (NYSE: WFC) Stock’s Potential for Success in the Coming Months

In the last trading session, 14.06 million Wells Fargo & Co. (NYSE:WFC) shares changed hands as the company’s beta touched 1.17. With the company’s per share price at $48.92 changed hands at $0.86 or 1.79% during last session, the market valuation stood at $177.66B. WFC’s last price was a discount, traded about -5.15% off its 52-week high of $51.44. The share price had its 52-week low at $35.25, which suggests the last value was 27.94% up since then. When we look at Wells Fargo & Co.’s average trading volume, we note the 10-day average is 16.75 million shares, with the 3-month average coming to 0.79.

Wells Fargo & Co. (NYSE:WFC) trade information

Instantly WFC was in green as seen at the end of in last trading. With action 0.45%, the performance over the past five days has been green. The jump to weekly highs of 49.29 added 1.79% to the stock’s daily price. The company’s shares are showing year-to-date downside of -0.61%, with the 5-day performance at 0.45% in the green. However, in the 30-day time frame, Wells Fargo & Co. (NYSE:WFC) is -0.24% down. Looking at the short shares, we see there were 30.68 million shares sold at short interest cover period of 1.66 days.

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Wells Fargo & Co. (WFC) estimates and forecasts

Data shows that the Wells Fargo & Co. share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 11.87% over the past 6 months, a -13.08% in annual growth rate that is considerably lower than the industry average of -6.10%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Wells Fargo & Co. will fall -10.60%, while the growth in revenue is estimated to hit -5.60% for the next quarter. Year-over-year growth is forecast to reach -2.70% down from the last financial year.

Consensus estimates given by 18 financial analysts project the company’s revenue in the current quarter to hit an average of $20.16 billion. 18 analysts are of the opinion that Wells Fargo & Co.’s revenue for the quarter ending Jun 2024 will be $19.96 billion. The company’s revenue for the corresponding quarters a year ago was $20.73 billion and $20.53 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -2.80%. The estimates for the next quarter sales put growth at -2.80%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 2.47%. The 2024 estimates are for Wells Fargo & Co. earnings to decrease by -0.57%, but the outlook for the next 5-year period is at 6.67% per year.

WFC Dividends

Wells Fargo & Co. is expected to release its next quarterly earnings report on April 12. The 2.76% annual yield figure for the share gives it an annual dividend of 1.35. It is important to note, however, that the 2.76% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

Wells Fargo & Co. (NYSE:WFC)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.06% of Wells Fargo & Co. shares while 75.23% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 75.28%. There are 75.23% institutions holding the Wells Fargo & Co. stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 18.13% of the shares, roughly 330.55 million WFC shares worth $14.11 billion.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 14.75% or 268.9 million shares worth $11.48 billion as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. With 117.01 million shares estimated at $4.99 billion under it, the former controlled 6.42% of total outstanding shares. On the other hand, Vanguard 500 Index Fund held about 4.90% of the shares, roughly 89.34 million shares worth around $3.81 billion.

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