Wells Fargo Q2 EPS, revenue beat estimates on growth across segments
WFC•Quarterly results beat estimates
- Wells Fargo said Q2 revenue rose year over year, beating analyst expectations.
- Q2 EPS also beat analyst expectations.
- The company repurchased $3 billion in common stock during the quarter.
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $22.62 bln | $21.84 bln (16 Analysts) |
| Q2 EPS | Beat | $2 | $1.72 (17 Analysts) |
| Q2 Net Income | $6.41 bln | ||
| Q2 Net Interest Income | Slight Miss* | $12.32 bln | $12.37 bln (10 Analysts) |
| Q2 CET1 Capital Ratio | 10.30% | ||
| Q2 Credit Loss Provision | $914 mln | ||
| Q2 ROE | 15.00% |
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Dividend outlook and analyst view
- Wells Fargo expects to increase Q3 common stock dividend by 11% to $0.50 per share.
- The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell".
- The average consensus recommendation for the banks peer group is "buy".
- Wall Street's median 12-month price target for Wells Fargo & Co is $100.50, about 14.6% above its July 13 closing price of $87.67.
