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Wells Fargo & Co. (WFC)

- NYSE
  • 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
  • Oct. 13, 2014, 5:30 PM
  • Jul. 11, 2014, 8:20 AM
    • Net income of $5.7B up 4% Y/Y. EPS of $1.01 up 3%.
    • ROA of 1.47% slips from 1.57% in Q1, 1.55% a year ago.
    • ROE of 13.4% slips from 14.35% in Q1, 14.02% a year ago.
    • Net interest income of $10.8B gains $176M from Q1, with NIM of 3.15% down five basis points thanks to strong deposit growth, but not enough to do with the money.
    • Noninterest income of $10.3B up $300M from Q1, with mortgage banking income halting its steep decline - it rose to $1.7B, up $213M from Q1. One would expect a gain thanks to seasonality though - on a Y/Y basis, mortgage banking income fell 39%. Overall noninterest income fell 3% Y/Y.
    • Noninterest expense of $12.2B up $246M from Q1 and essentially flat from a year ago.
    • Common Equity Tier 1 ratio of 11.31% vs. 11.36% in Q1, 10.71% a year ago. 39.4M shares were repurchased during Q2, plus an estimated 19.4M shares through a forward repurchase deal expected to settle in Q3.
    • Credit losses of $717M in Q2 vs. $1.2B a year ago. Bank releases $500M for its credit loss allowance (vs. total income of $5.7B), but expects lower level of releases going forward.
    • Conference call begins at 10 ET.
    • Previously: Wells Fargo EPS in-line, beats on revenue
    • WFC -0.3% premarket
    | 14 Comments
  • Jul. 11, 2014, 8:07 AM
    • Wells Fargo (WFC): Q2 EPS of $1.01 in-line.
    • Revenue of $21.06B (-1.5% Y/Y) beats by $240M.
    • Press Release
    | 4 Comments
  • Jul. 10, 2014, 5:30 PM
  • Apr. 11, 2014, 10:52 AM
    • Overall traffic to branches was strong in Q1 despite the brutal winter weather (JPM's CFO notably blamed the weather for having a role in its weak Q), says Wells Fargo (WFC +2%) CFO Tim Sloan on the earnings call (his last as CFO). The refinance boom now a bust, Sloan expects a strong purchase market to drive originations growth in Q2. Also commenting on housing/mortgages, CEO John Stumpf notes the number of those buying homes for cash is up.
    • As for acquisitions, management says Wells is in a position to do a big one, but is going to be picky.
    • Wells sits alone among the TBTF banks in the green in morning action. XLF -0.5%, KBE -0.35%
    • Earnings call presentation
    • Previous earnings coverage
    | 2 Comments
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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