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Wells Fargo & Co. (WFC)

- NYSE
  • Tue, Jul. 14, 11:16 AM
    • We don't look for higher rates as a justification for investing in anything, says Wells Fargo (WFC +1%) CEO John Stumpf, speaking on the earnings call. If rates do go up, it will be of benefit to the bank, but management wants to stay away from forecasting, and notes higher rates have been on the agenda for about five years now.
    • Webcast and Q2 supplement
    • A portion of the bank's loan growth in Q2 came from its purchase of GE Capital loans, says CFO John Shrewsberry. The loans, he said, came from 145 different customers and give Wells "a meaningful number of new relationships." As the deal was finalized late in Q2, most of the benefits will be seen in Q3.
    • With an operation just a fraction the size of its peers, Wells doesn't often enter the conversation for investment banking, but the unit was a sore spot in Q2, with earnings lower by 8% Y/Y, notes Peter Rudegeair. Its market share of U.S. investment banking fees of 4.7% slipped 10 basis points from last year.
    • Previously: Wells Fargo slips after top-line miss (July 14)
    • Previously: Wells Fargo EPS in-line, misses on revenue (July 14)
    | Comment!
  • Tue, Jul. 14, 8:18 AM
    • Q2 net income of $5.7B flat from one year ago. EPS of $1.03 up from $1.01.
    • Net interest income of $11.3B up $284M from Q1. Net interest margin of 2.97% up two basis points.
    • Noninterest income of $10B slips $300M from Q1. Mortgage banking noninterest income of $1.7B up $158M. Originations of $62B up $13B, with gain on sale ratio of 1.88% down 18 basis points.
    • Noninterest expense of $12.5B down $38M. Efficiency ratio of 58.5% improves from 58.8%. The bank expects the range to remain at 55-59% for all 2015.
    • Total loans of $888.5B up $27.2B from Q1. Core loans of $832.1B up from $802.7B.
    • Credit losses of $708M in Q2, an improvement of 8%. Net loan charge-offs of $650M or 0.30% of average loans vs. $708M and 0.33% in Q1.
    • CET 1 ratio of 10.5%. 36.3M shares repurchased during quarter.
    • Conference call at 10 ET
    • Previously: Wells Fargo EPS in-line, misses on revenue (July 14)
    • WFC -1.3% premarket
    | 1 Comment
  • Tue, Jul. 14, 8:05 AM
    • Wells Fargo (NYSE:WFC): Q2 EPS of $1.03 in-line.
    • Revenue of $21.3B (+1.1% Y/Y) misses by $390M.
    • Press Release
    | 1 Comment
  • Tue, Jul. 14, 4:49 AM
    • The nation's largest banks report their second-quarter results this week, beginning with JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) today.
    • Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) are due to report later in the week, along with private equity firm Blackstone (NYSE:BX) and asset manager BlackRock (NYSE:BLK).
    • Despite the stable economy in the U.S., analysts are expecting relatively ho-hum results.
    | Comment!
  • Mon, Jul. 13, 5:30 PM
  • Tue, Apr. 14, 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)
    | 2 Comments
  • Tue, Apr. 14, 8:13 AM
    • Q1 net income of $5.8B or $1.04 per share vs. $5.9B and $1.05 one year ago. ROE of 13.17% vs. 14.35%.
    • Net interest income of $10.986B up 3% Y/Y, with net interest margin slipping to 2.95% from 3.20%. Efficiency ratio of 58.8% vs. 57.9%.
    • Community Banking net income of $3.665B vs. $3.844B one year ago. Provisions of $617M vs. $419M. Noninterest expense of $7.064B vs. $6.774B.
    • Wholesale Banking net income of $1.797B vs. $1.742B a year ago on revenue of $5.912B vs. $5.580B.
    • Wealth, Brokerage and Retirement net income of $561M vs. $475M. Retail brokerage client assets of $1.4T up 4% Y/Y. Wealth Management client assets of $226B up 4%. Retirement IRA assets of $365B up 6%.
    • CET 1 ratio of 10.53%. Common share float down 7.4M since Q4.
    • Conference call at 10 ET.
    • WFC -0.7% premarket.
    • Previously: Wells Fargo beats by $0.06, beats on revenue (April 14)
    | Comment!
  • Tue, Apr. 14, 8:02 AM
    • Wells Fargo (NYSE:WFC): Q1 EPS of $1.04 beats by $0.06.
    • Revenue of $21.3B (+3.3% Y/Y) beats by $60M.
    • Press Release
    | Comment!
  • Mon, Apr. 13, 5:30 PM
  • Wed, Jan. 14, 10:38 AM
    • "Virtually all of [the bank's 70M customers] know how to fill a gas tank," says Wells Fargo (WFC -1.1%) CEO John Stumpf on the bank's earnings call, and he thus believes the dive in prices is a great opportunity for the economy and the bank. The WSJ's Emily Glazer notes Stumpf avoids the question on how the stumble in energy might impact the Wells' investment banking operation.
    • Webcast and Q4 supplement
    • Like Jamie Dimon earlier, Wells Fargo management reminds nervous investors that prices fluctuate. Going back just six years, they note, we've had oil at $30, oil at $140, and oil now at $45. Natural gas has both soared and crashed during that time frame as well. The bank abides.
    • Previously: Wells Fargo slips after Q4 earnings meet estimates (Jan. 14)
    • Previously: Wells Fargo EPS in-line, beats on revenue (Jan. 14)
    | 2 Comments
  • Wed, Jan. 14, 8:17 AM
    • Q4 net income of $5.7B or $1.02 per share vs. $5.6B and $1.00 one year ago.
    • Net interest income of $11.2B up $239M from Q3, with net interest margin of 3.04% down two basis points as deposits continue to roll in.
    • Community Banking net income of $3.435B vs. $3.222B one year ago on revenue of $12.835B vs. $12.254B. Mortgage originations of $44B vs. $48B in Q3. 14.1M active mobile customers up 19% Y/Y.
    • Wholesale Banking net income of $1.97B vs. $2.111B a year ago on revenue of $6.054B vs. $5.972B.
    • Wealth, Brokerage and Retirement net income of $514M vs. $491M a year ago on revenue of $3.647B vs. $3.438B. Retail brokerage client assets of $1.4T up 4% Y/Y. Wealth management client assets of $225B up 5%.
    • Conference call at 10 ET
    • Previously: Wells Fargo EPS in-line, beats on revenue (Jan. 14)
    • WFC -1.1% premarket
    | 1 Comment
  • Wed, Jan. 14, 8:08 AM
    • Wells Fargo (NYSE:WFC): Q4 EPS of $1.02 in-line.
    • Revenue of $21.44B (+3.8% Y/Y) beats by $210M.
    • Shares -0.7% PM.
    • Press Release
    | 1 Comment
  • Tue, Jan. 13, 5:30 PM
  • Oct. 14, 2014, 10:36 AM
    • Credit quality is the best he's seen in his more than 32 years at the bank, says Wells Fargo (WFC -1.7%) chief John Stumpf, leading off the earnings call.
    • Webcast and presentation slides
    • The housing market, he says, has not fully recovered as tight inventory, slower household formation, high student loan debt, and tough lending standards hold things back.
    • Taking over the call, CFO John Shrewsberry says 48.7M shares were repurchased during the Q (net share reduction during quarter of 34.9M), and the bank entered into a $1B forward repurchase deal expected to settle in Q4 that should retire another 19.8M shares. Between the dividend and buybacks, $3.6B was returned to owners during Q3.
    • As for reserve releases, which fell to $300M during Q3 from $500M a quarter ago, Shrewsberry expects them to keep slipping as there's little room left for credit improvement.
    • Previously: Wells Fargo slips after inline results
    | 1 Comment
  • Oct. 14, 2014, 8:30 AM
    • Q3 net income of $5.7B or $1.02 per share up 3% from a year ago.
    • Net interest income of $10.9B up $150M from Q2, as strong asset growth was offset by a nine basis point drop in net interest margin to 3.06% - consumer deposits are rushing in, but bank is having trouble finding someplace to invest the cash.
    • Noninterest income of $10.3B is flat from Q2, with mortgage banking income of $1.6B off $90M. Residential mortgage originations of $48B were $1B higher on the quarter.
    • Noninterest expense of $12.2B increased $54M from Q2. The efficiency ratio improves to 57.7% from 57.9%.
    • Total loans of $838.9B up $9.9B from Q2.
    • Conference call at 10 ET
    • WFC -0.9% premarket
    • Previously: Wells Fargo EPS in-line, beats on revenue
    | 5 Comments
  • Oct. 14, 2014, 8:04 AM
    • Wells Fargo (NYSE:WFC): Q3 EPS of $1.02 in-line.
    • Revenue of $21.2B (+3.5% Y/Y) beats by $100M.
    • Press Release
    | 1 Comment
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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