Wells Fargo & Company
) achieved a new 52-week high, touching $38.67 on May 8. The
closing price of this well-known asset manager reflects a solid
year-to-date return of 11.4%. The trading volume for the session
was 18.6 million shares.
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Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left, given its strong estimate revisions
over the last 30 days and the expected year-over-year earnings
growth of 8.3% for 2013.
Impressive first-quarter 2013 results - including an earnings
surprise of 5.8%, credit quality improvement, and solid capital
position - as well as strong capital deployment activities with a
20% increase in quarterly dividend in Apr 2013 have been the
primary growth drivers for Wells Fargo.
On Apr 12 Wells Fargo's first-quarter 2013 earnings came in at 92
cents per share, marking the 13th consecutive quarter of earnings
growth for the company. Results improved from 91 cents earned in
the prior quarter and 75 cents in the year-ago quarter. Moreover,
reported earnings beat the Zacks Consensus Estimate by a nickel.
Amid a challenging economy, results at Wells Fargo reflected
growth in total loans and deposits, as well as prudent expense
Additionally, Wells Fargo has delivered positive earnings
surprises for 4 straight quarters with an average beat of 2.9%.
Estimate Revisions Show Potency
For Wells Fargo, over the last 30 days, 12 of the 25 estimates
for 2013 have been revised upward, lifting the Zacks Consensus
Estimate by 1.1% to $3.65 per share. For 2014, 9 of the 22
estimates moved upwards.
Some banks that are performing better than Wells Fargo include
). All these stocks carry a Zacks Rank #1 (Strong Buy).