Wells Fargo Company (NYSE:WFC) Earnings Friday Before The Open

Posted by: : Paul EbelingPosted on: July 10, 2014 Wells Fargo Company (NYSE:WFC) Earnings Friday Before The Open

Wells Fargo Company (NYSE:WFC) Earnings Friday Before The Open

Warren Buffett’s favorite bank, Wells Fargo & Co. (NYSE: WFC) officially kick off earnings season for the financial stocks Friday morning before the opening bell with the  report its FQ-2 earnings.

Thomson Reuters has the consensus estimates at 1.01 in EPS, up from 0.98 a year ago, that on a 2.6% decline in revenue to $20.82-B.

Wells Fargo and other banks almost never give guidance, but for Y 2014 the estimates are 4.11 EPS Vs 3.89 in Y 2013 and revenue is expected to be flat at $83.82-B.

That decline is expected to be tied to a slower mortgage market. But, a strong underwriting climate from investment banking fees should be a booster for the bank.

Wells Fargo’s stock is up almost 17% YTD, and is up 25%% a year ago.

The current 52.25/shr price compares to a 52-wk and all-time high of 53.08, as well as to a consensus analyst price target from Thomson Reuters of about 53.25.  WFC looks fully valued, and trading at 12.7X expected earnings, not cheap for a bank.

Wells Fargo is the richest valued bank in book value, compared to peers, trading at 1.74X stated book value.

Looking at the Wells Fargo charts, the action is signaling resistance at the 52.36 handle for a while now.

 

HeffX-LTN Analysis for WFC:  Overall Short Intermediate Long
Bullish (0.46) Neutral (0.20) Bullish (0.44) Very Bullish (0.75)

Untitled wfc 7 2014

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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