Wells Fargo EPS Forecast for 2022
Investing in a stock is a great way to make money, but ensuring you’re getting the best deal is essential. One stock to consider is Wells Fargo & Company. This multinational financial services company operates in the United States and worldwide. Its main headquarters is in San Francisco, California, but it has branches and executive offices all over the country.
EPS forecast for 2022
A solid WFC EPS forecast for 2022 will enable you to make smarter financial decisions. Whether you’re investing in shares of stock or assets, you need to stay abreast of what’s hot and what’s not. Using a plethora of financial and non-financial data, you’ll be able to manage your portfolio better. For instance, you’ll be able to spot a high-potential stock before it becomes an enigma.
You’ll also be able to distinguish a dud from a winner. In addition to the usual suspects, you’ll be able to spot stocks that are too small to be of much interest and ones that have been over-exposed in the past. A well-rounded portfolio will also include nifty tricks to boost your overall performance.
The best way to do this is to use the data from a reputable provider such as Zacks. Its proprietary database of equities, bonds, and other financial products include detailed information on over 37,000 financial institutions. You can easily cross-check your projections with their forecasts and model-based recommendations. You can even get a free quote by completing a one-minute online form. It’s also possible to use its online tools to identify and track the following stock on your watch list.
Most recent earnings
Earlier this week, the big dogs of the banking world released their quarterly results. Wells Fargo topped analyst estimates with an impressive 3.4% increase in revenue. Its stock is also up over 3%.
Despite the growth, the company decided to put its money where its mouth was by building up a reserve as the economy continued to slow. The result is a higher yield on assets but more funding costs. The bank’s noninterest income also increased modestly to $2.1 billion. Its most notable accomplishment was a record-low number of delinquencies, which it plans to mitigate by increasing the size of its supervised online accounts.
In addition to the usual suspects, Citigroup, JPMorgan Chase, and Morgan Stanley released their quarterly results. While some racked up solid numbers, others were not quite as impressive. But one of the more prominent winners was PNC Financial Services Group. The stock climbed 4.7% before the opening bell and ended up 2.14% for the day.
While the PNC above result is the icing on the cake, the BAC above is the best bank stock to invest in. With its stock-spinning dividends, it is a good idea to consider the company for your next long-term portfolio allocation.
Revenue growth rate forecast for 2023
Several Wall Street strategists have expressed concern about the outlook for the stock market in 2023. However, traders seem to have no desire to believe most of them.
Although stocks have gained recently, they are not at their all-time highs yet. As a result, they remain attractive to investors looking for long-term growth. But many strategists have lowered their earnings estimates for 2023. Some say EPS will drop by 15% to 20% in 2023.
Wells Fargo is an American bank that works with individuals, corporations, and government agencies. Its services include personal wealth management, asset management, and account management. It has 8.6 thousand branches and 40 million retail customers in the U.S. It is a relatively inexpensive stock.
The bank beat analyst estimates on its Q2 earnings. It also made significant strides toward its cost-cutting goals. It decreased noninterest expenses by more than $1.2 billion. As a result, its efficiency ratio improved to 66% from 65.7% in Q1. The bank also reported substantial revenue in Q2.
Despite a weaker economy, the Fed has indicated a possible pause in rate hikes or a “terminal rate.” The Fed has also telegraphed that it could wait for inflation, consumer confidence, and housing to stabilize before adjusting its policy.
Analysts forecast that revenue will grow at a slower rate in 2023. However, they estimate a 1.2% increase in Q2 and 10.5% for CY 2022.