WELLS FARGO & CO. - Wells Fargo price review before earnings - 04/08/2024 (GMT)

Wells Fargo & Company (symbol ‘WFC’) share price rose by around 16% in the first quarter of the year. The company is expected to report its earnings for the fiscal quarter ending March 2024 on Friday 12th of April before the market opens. The consensus EPS for the quarter is $1.09 compared to the result for the same quarter last year of $1.23. 
 
The bank had an impressive year in terms of net income with the latest data as of 31/12/2023 showing a 9.84% increase year over year. On the other hand, the current ratio of the company stands at just shy of 90% indicating that there is no ability of short-term liabilities repayment with the current assets at hand. On a positive note the dividend yield is at 2.33% which is within the range of average yields of major banks in the USA. 

  From the technical analysis perspective, the price lost some steam in recent sessions and entered a trading range between $56 -$58 area which is still valid to the day of this report being written. The Bollinger bands have contracted validating the lower volatility in the market while the Stochastic oscillator is not recording any overbought or oversold levels hinting that the price can move in either direction in the near short term. The faster moving averages are trading above the slower 100-day moving average further validating the overall bullish momentum.