Financial services giant Wells Fargo (NYSE:WFC) will be reporting earnings this Tuesday before market open. Here’s what you need to know.
Wells Fargo beat analysts’ revenue expectations last quarter, reporting revenues of $22.7 billion, up 8.6% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS and tangible book value per share estimates.
Is Wells Fargo a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Wells Fargo’s revenue to grow 3.8% year on year, slowing from the 5.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Wells Fargo has missed Wall Street’s revenue estimates multiple times over the last two years.
With Wells Fargo being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unfold for banks stocks. However, the whole sector has faced a sell-off over the last month with stocks in Wells Fargo’s peer group down 7.4% on average. Wells Fargo is down 5.7% during the same time .
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