Wells Fargo & Co.
 (WFC)

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  • Wed, Feb. 3, 10:25 AM
    • This just in: The financial sector is having a worse go it this year than energy, with the XLF lower by 13.6% YTD vs. the XLE's 9% decline.
    • Leading a big reversal from this morning higher open is the XLF's 2% decline. The S&P 500 is now off 1%, and the XLE "just" 0.85%.
    • Among the issues for the financials are two items: 1) Hopes for a sustained rate hike cycle have been dashed, with the 10-year yield tumbling all the way to 1.82% currently from about 2.30% when the Fed hiked in mid-December. Fed speakers are all-of-a-sudden sounding very dovish (Dudley is the latest), and short-term rate futures are now pricing in just a 50% chance of even one Fed rate increase this year; 2) For lenders specifically, there's worry over their exposure to the crashing energy sector. No doubt better capitalized today than 10 years ago, losses are still losses even if they don't threaten the viability of the bank.
    • JPMorgan (JPM -2.6%), Wells Fargo (WFC -3.6%), Morgan Stanley (MS -3.5%), KeyCorp (KEY -3.1%), PNC Financial (PNC -2%), Comerica (CMA -2.7%), Schwab (SCHW -3.8%), MetLife (MET -2.5%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS, XLFS
    | Wed, Feb. 3, 10:25 AM | 15 Comments
  • Fri, Jan. 15, 8:29 AM
    • Q4 net income of $5.71B or $1.03 per share vs. $5.71B and $1.02 a year ago.
    • ROA of 1.27% down 9 basis points Y/Y; ROE of 12.23% down 61 bps. Efficiency ratio of 57.4% improves from 59%. Net interest margin of 2.92% down four basis points from last quarter, down 12 basis points from a year ago.
    • Net charge-offs as a percent of average loans of 0.36% up from 0.34%. Credit losses in Q4 of $831M up from $703M in Q3 mostly thanks to $90M in higher energy portfolio losses.
    • Conference call at 10 ET
    • Previously: Wells Fargo beats by $0.01, misses on revenue (Jan. 15)
    • WFC -2.25% premarket amid a big slump in equity index futures.
    | Fri, Jan. 15, 8:29 AM | 7 Comments
  • Tue, Jan. 12, 12:16 PM
    • Wells Fargo (WFC +1.4%) is rarely cheap enough to buy, says KBW's Chris Mutascio, but a 6% slide over the past month gives investors just that chance.
    • The bank has a premium valuation, but it's warranted thanks to a projected 2016 ROA of 1.32% vs. peers at just 1%. Only U.S. Bancorp is expected to perform better on this metric, and it trades a premium to even Wells Fargo.
    • Mutascio also takes note of the bank's leverage to rising rates and potential upside to estimates thanks to the pending purchases of GE Capital assets.
    • He upgrades to Outperform with $60 price target.
    | Tue, Jan. 12, 12:16 PM | 16 Comments
  • Oct. 9, 2015, 8:03 AM
    • Tripping along around $58 per share this summer, Wells Fargo (NYSE:WFC) has pulled back to the low $50s range since markets started stumbling in August.
    • Ahead of the bank's Q3 earnings report next week, JPMorgan upgrades to Overweight from Neutral.
    • WFC is higher by 0.9% in premarket action.
    | Oct. 9, 2015, 8:03 AM | 1 Comment
  • Sep. 17, 2015, 2:37 PM
    • It'll be at least a little while longer until banks and insurers get the higher rates they are hoping will boost sluggish profits, as the Fed holds its fire this month.
    • The "dots" however are still projecting at least one rate hike before year-end.
    • The SPDR KBW Regional Banking ETF (KRE -1.4%), and the SPDR KBW Bank ETF (KBE -1.2%).
    • BofA (BAC -1.7%), Wells Fargo (WFC -1.2%), Regions (RF -2%), KeyCorp (KEY -1.8%), BB&T (BBT -1.7%), Fifth Third (FITB -2.4%), MetLife (MET -2.2%), Prudential Financial (PRU -1.9%), Schwab (SCHW -2.2%), Ameritrade (AMTD -2%), E*&Trade (ETFC -1.2%).
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS
    | Sep. 17, 2015, 2:37 PM | 16 Comments
  • Sep. 8, 2015, 7:53 AM
    • Both Evercore ISI and Deutsche buy the dip in Wells Fargo (NYSE:WFC) with upgrades to Buy. Evercore's PT is $57 and Deutsche's is $60. WFC closed at $51.31 on Friday.
    • Also helping is a sizable rally in U.S. stock index futures, with the S&P 500 currently higher by 1.7%.
    • Shares +2.4% to $52.53 premarket.
    • See also: Deutshce find three rough-up financials to Buy (Sept. 8)
    | Sep. 8, 2015, 7:53 AM | 3 Comments
  • Sep. 2, 2015, 9:05 AM
    • Sandler O'Neill buys the dip in Wells Fargo (NYSE:WFC) after a 13% decline over the past few weeks has put the stock modestly in the red for 2015.
    • The price target of $59 is 15% higher than last night's close of $51.03.
    • Shares +2% premarket to $52.05.
    | Sep. 2, 2015, 9:05 AM | 8 Comments
  • Sep. 1, 2015, 2:47 PM
    • The dream of higher interest rates is looking a little fuzzier at the moment, as China leads markets lower again, and the Fed's Eric Rosengren suggests the conditions for a rate hike have still yet to be met. If Friday's payroll number disappoints - and there's at least some reason to expect that - a Sept. move looks off the table.
    • The Financial SPDR (NYSEARCA:XLE) is down 3% vs. the S&P 500's 2.3%.
    • Life insurers: MetLife (MET -3.7%), Prudential (PRU -3.9%), Lincoln National (LNC -4.2%)
    • Money-center banks: Citigroup (C -4.4%), JPMorgan (JPM -3.6%), Wells Fargo (WFC -3.8%)
    • Regional banks: U.S. Bancorp (USB -4.3%), Regions Financial (RF -4.1%), KeyCorp (KEY -4.3%), SunTrust (STI -4.2%), M&T Bank (MTB -4.2%)
    • Online brokerage: E*Trade (ETFC -4.8%), Schwab (SCHW -3.8%), Ameritrade (AMTD -3.4%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KBWR, KRU, RWW, RYF, FINZ, KRS
    | Sep. 1, 2015, 2:47 PM | 14 Comments
  • Jun. 9, 2015, 2:45 PM
    • Yield-starved financial sector names were mercilessly punished to start 2015 as sharply falling interest rates in January again disappointed investors waiting for the return of some spread income.
    • The rout in bond prices since, alongside what now seems the near-certainty of the beginning of Fed rate hikes in as soon as three months has helped turn things around, and the sector - as measured by the Financial Select SPDR (NYSEARCA:XLF) - is now in the green for the year, and trails the S&P 500 by just about 150 basis points.
    • Among the notable movers today as the 10-year yield rises to another 2015 high: Bank of America (BAC +1.4%), Wells Fargo (WFC +1.2%), U.S. Bancorp (USB +1.4%), Regions Financial (RF +1.3%), Huntington Bancshares (HBAN +1.6%), KeyCorp (KEY +1.6%), PNC Financial (PNC +1.3%), M&T (MTB +1.1%), Bank of Hawaii (BOH +1.6%), First Horizon (FHN +1.2%), Lincoln National (LNC +1.1%), E*Trade (ETFC +0.9%)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, BTO, IAT, SEF, IYG, FXO, FNCL, KBWB, FINU, QABA, KRU, KBWR, RWW, RYF, PSCF, FINZ, KRS
    | Jun. 9, 2015, 2:45 PM | 16 Comments
  • Jun. 5, 2015, 10:27 AM
    | Jun. 5, 2015, 10:27 AM | 34 Comments
  • Apr. 14, 2015, 10:51 AM
    • It starts with the customer, says Wells Fargo (WFC -1.7%) management on the earnings call, and customers tell us they want branches. Responding to a question about whether investments in technology are going to be a negative if they're not offset with branch closings, management says all channels are important, and both branches and mobile help link them. "We're as much an information provider as we are financial services."
    • Webcast and earnings supplement
    • Credit cards are one of the bank's biggest opportunities, says CEO John Stumpf, noting 729K new accounts in Q1, 19% more than a year ago. Outstanding balances are up 15%, in part thanks to the Dillard's purchase.
    • The country's largest auto lender, Wells backed away a bit in Q1, making $7.1B in auto loans in Q1, down 10% Y/Y. The loan-loss rate slipped to 0.73% from 0.81% a year ago.
    • Live blog on WSJ
    • Previously: Wells Fargo beats by $0.06, beats on revenue (April 14)
    • Previously: Wells Fargo slips early despite topping views (April 14)
    | Apr. 14, 2015, 10:51 AM | 2 Comments
  • Apr. 10, 2015, 6:46 AM
    • GE decides the time is right to get out the banking business and plans to sell nearly all GE Capital assets over the next 24 months, excepting the financing verticals relating to the company's industrial businesses - GE Capital Aviation Services, Energy Financial Services, and Healthcare Equipment Finance.
    • As part of the plan and as leaked yesterday, GE agrees to the sale of nearly all of the assets of GE Capital Real Estate to Blackstone (NYSE:BX) and Wells Fargo (NYSE:WFC). GE also has LOIs from other buyers for another $4B in property. The total amount of the sales comes to about $26.5B.
    • Under the restructuring, GE expects more than 90% of its earnings will be generated by industrial businesses by 2018 - that's up from 58% last year.
    • For 2015, the company's industrial businesses remain on track to generate operating EPS of $1.10-$1.20.
    • GE has identified the potential to return $90B to shareholders in dividends, buybacks, and the Synchrony Financial (NYSE:SYF) separation through 2018, and has authorized a new buyback program of up to $50B. The company expects to reduce share count to 8B-8.5B by 2018 (it's currently 10B).
    • Shares +1.8% premarket.
    | Apr. 10, 2015, 6:46 AM | 70 Comments
  • Feb. 18, 2015, 2:49 PM
    • The financial sector had begun to turn around a dismal start to the year as February brought forth a string of hawkish Fed heads suggesting a June rate hike, but the XLF is lower by 0.8% after just-released FOMC minutes suggest markets and the hawks are getting ahead of themselves. KBE -1.7%, KRE -2%
    • The TBTFs: BofA (BAC -2.2%), JPMorgan (JPM -1.4%), Wells Fargo (WFC -1.6%), Ciitgroup (C -0.8%)
    • The regionals: Regions Financial (RF -1.6%), KeyCorp (KEY -1.6%), PNC Financial (PNC -1.3%), BB&T (BBT -1.5%), Fifth Third (FITB -1.6%), SunTrust (STI -1.7%), First Niagara (FNFG -2.1%), M&T (MTB -1.9%), U.S. Bancorp (USB -1.3%), First Horizon (FHN -2.7%).
    • Online brokerage: Schwab (SCHW -2.3%), E*Trade (ETFC -1.7%), Ameritrade (AMTD -1.1%), Interactive Brokers (IBKR -0.9%).
    • Previously: FOMC minutes: June rate hike not a slam dunk yet (Feb. 18)
    • ETFs: XLF, FAS, FAZ, UYG, KRE, VFH, KBE, IYF, IAT, IAI, SEF, IYG, FXO, FNCL, KBWB, QABA, FINU, KCE, KRU, RWW, KBWR, RYF, KBWC, FINZ, KRS
    | Feb. 18, 2015, 2:49 PM | 41 Comments
  • Jan. 5, 2015, 9:59 AM
    • Robert W. Baird has had an Outperform rating on Wells Fargo (WFC -2%) for well over a year, but today downgrades the bank to Market Perform with the price target of $55 unchanged.
    | Jan. 5, 2015, 9:59 AM | 1 Comment
  • Dec. 9, 2014, 8:52 AM
    | Dec. 9, 2014, 8:52 AM | 2 Comments
  • Dec. 5, 2014, 10:06 AM
    | Dec. 5, 2014, 10:06 AM | 12 Comments
Company Description
Wells Fargo & Co is a diversified financial services company. It provides retail, corporate and commercial banking services through banking stores and offices, the internet and other distribution channels to individuals, businesses and institutions.
Sector: Financial
Country: United States