Stock Update: Wells Fargo & Co (NYSE:WFC) – Wells Fargo’s Construction Industry Optimism Quotient Hits Record High

Wells Fargo & Co (NYSE:WFC) [Business Wire] – Construction contractors and equipment distributors are optimistic that local non-residential construction activity will improve in 2014, according to a recent survey by Wells Fargo Equipment Finance, a subsidiary of Wells Fargo & Company .
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Wells Fargo & Company (WFC), valued at $242.23B, started trading this morning at $46.20.
 
Looking at today’s trading action, the company’s one day range from $46.01 to $46.26 and has traded between $34.52 and $46.84 over the past year.
 
WFC shares are currently priced at 11.32x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 14.30x forward p/e ratio.
 
And for dividend hunters, the company pays shareholders $1.20 per share annually in dividends, yielding 2.60%.
 
In a review of the consensus earnings estimate this quarter, 31 sell-side analysts are looking at $0.96 per share, which would be $0.04 better than the year-ago quarter and a $0.02 sequential increase. The full-year EPS estimate is $4.03 which would be a $0.14 improvement than last year’s full-year earnings.
 
The quarterly earnings estimate is predicated on a consensus revenue forecast of $20.66 Billion. If reported, that would be a 2.82% decrease over the year-ago quarter.
 
Recently, Stifel Nicolaus upgraded WFC from Hold to Buy (Feb 11, 2013). Previously, Oppenheimer downgraded WFC from Outperform to Perform.
 
Investors should keep in mind is that the average price target is $49.20, which is 6.49% above where the stock opened this morning.
 
Wells Fargo & Co (NYSE:WFC), provides retail, commercial and corporate banking services. The company’s Community Banking segment offers deposits, such as checking accounts, savings deposits, market rate accounts, individual retirement accounts, time deposits and debit cards.
 
Tag Helper ~ Stock Code: WFC | Common Company name: Wells Fargo | Full Company name: Wells Fargo & Co (NYSE:WFC) .

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