Wells Fargo & Co. (NYSE: WFC): Stock Forecast For 2024 Still Looks Weak With A -16.26% Decline

In today’s recent session, 2.29 million shares of the Wells Fargo & Co. (NYSE:WFC) have been traded, and its beta is 1.20. Most recently the company’s share price was $57.63, and it changed around -$0.33 or -0.56% from the last close, which brings the market valuation of the company to $206.19B. WFC at last check was trading at a discount to its 52-week high of $58.44, offering almost -1.41% off that amount. The share price’s 52-week low was $36.27, which indicates that the recent value has risen by an impressive 37.06% since then. We note from Wells Fargo & Co.’s average daily trading volume that its 10-day average is 18.12 million shares, with the 3-month average coming to 19.03 million.

Wells Fargo & Co. stock received a consensus recommendation rating of Hold, based on a mean score of 2.13. If we narrow it down even further, the data shows that 0 out of 28 analysts rate the stock as a Sell; another 5 rate it as Overweight. Among the rest, 12 recommended WFC as a Hold, whereas 11 deemed it a Buy, and 0 rated it as Underweight. Wells Fargo & Co. is expected to report earnings per share of $1.09 for the current quarter.

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

Instantly WFC has been showing red trend so far today with a performance of -0.56% on intraday trading today. The performance over the last five days has remained in the green territory. The company’s shares are currently up 17.10% year-to-date, but still up 0.88% over the last five days. On the other hand, Wells Fargo & Co. (NYSE:WFC) is 3.68% up in the 30-day period. We can see from the shorts that 45.59 million shares have been sold at a short interest cover period of 1.99 day(s).

The consensus price target as assigned by Wall Street analysts is $56.13, which translates to bulls needing to decrease their stock price by -2.67% from its current value. Analyst projections state that WFC is forecast to be at a low of $47 and a high of $67.

Wells Fargo & Co. (WFC) estimates and forecasts

Wells Fargo & Co. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 40.88 percent over the past six months and at a -13.08% annual growth rate that is well below the industry average of -7.10%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -11.40% in revenue this quarter, and will report a decrease of -4.80% in the next quarter. The year-over-year growth rate is expected to be -2.60%, down from the previous year.

Consensus estimates provided by 18 financial analysts predict the company will bring in an average of $20.18 billion in revenue for the current quarter. 18 analysts expect Wells Fargo & Co. to make $19.96 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $20.73 billion and $20.53 billion respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -2.70%. Forecasts for the next quarter put sales growth at -2.80%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 2.48%. Wells Fargo & Co. earnings are expected to increase by -0.91% in 2024, but the outlook is positive 6.67% per year for the next five years.

WFC Dividends

Wells Fargo & Co.’s next quarterly earnings report is expected to be released on April 12. The annual dividend yield of the stock is 2.34 percent and its annual dividend per share was 1.35. It is important to note, however, that the 2.34% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

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

Upon looking at major shareholders, it appears that insiders hold 0.08% of Wells Fargo & Co. shares, and 77.91% of them are in the hands of institutional investors. The stock currently has a share float of 77.97%. Wells Fargo & Co. stock is held by 2,649 institutions, with Vanguard Group Inc being the largest institutional investor. By Dec 30, 2023, it held 9.09% of the shares, which is about 321.73 million shares worth $18.57 billion.

Blackrock Inc., with 7.38% or 261.3 million shares worth $15.09 billion as of Dec 30, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund were the top two Mutual Funds as of Dec 30, 2023. The former held 113.95 million shares worth $6.58 billion, making up 3.22% of all outstanding shares. On the other hand, Vanguard 500 Index Fund held roughly 88.72 million shares worth around $5.12 billion, which represents about 2.51% of the total shares outstanding.