WFC To Announce Earnings Tomorrow As Stock Flirts with 52-week Highs

Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. The Company provides other financial services through subsidiaries engaged in various businesses, principally wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. WFC is currently trading around $50.84 in a 52 week range of $40.30 – 53.80. The company’s stock has been outperforming the market this year with shares increasing 11.88% year to date.

WFC is reporting earnings tomorrow before the be.. The company conference call is scheduled for 10AM EST. Wall Street analysts forecasted that Wells Fargo & Co will be able to deliver $1.02 in earnings per share on $21.2 billion in revenue for the third quarter. The current estimates were higher compared with its $0.99 in earnings per share and $20.7 billion in revenue recorded in the same period last year. Analysts covering the bank’s stock have an average price target of $55 per share. 17 analysts have a Buy rating, 16 have a Hold rating, and 2 have a Sell recommendation for the company shares.

WFC is trading neutral according to the Ichimoku Cloud chart. Shares have been oscillating in a range of about $50-53.80, with the upper end being the stock’s 52 week high. Market makers are implying about a +- 3% move in the stock for the October 17 weekly option chain.