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Wells Fargo & Co. (WFC)

- NYSE
  • 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
  • Apr. 11, 2014, 8:19 AM
    • Revenue of $20.6B fell from $21.3B a year ago. Net interest income of $10.6B fell $188M from Q4, with net interest margin of 3.2% off 7 bps. Noninterest income of $10B up $100M from Q4. Noninterest expense of $11.9B fell $137M Q/Q, $452M from a year ago. Efficiency ratio of 57.9% up 40 bps.
    • Net income in Community Banking of $3.8B rose 31% Y/Y on revenue of $12.6B which fell 2% (lower mortgage action). Noninterest expense of $6.8B fell 8%, thanks, in part, to job cuts in mortgages.
    • Wholesale Banking net income of $1.7B fell 15% from a year ago on revenue of $5.6B, off 8%.
    • Wealth, Brokerage, and Retirement net income of $475M rose 41% from a year ago on revenue of $3.5B, up 8%.
    • Common Equity Tier 1 ratio under Basel III of 11.36%.
    • CC at 10 ET
    • Press release, Q1 results
    • WFC +0.5% premarket
    | 1 Comment
  • Apr. 11, 2014, 8:05 AM
    • Wells Fargo (WFC): Q1 EPS of $1.05 beats by $0.08.
    • Revenue of $20.6B (-3.1% Y/Y) in-line.
    • Press Release
    | Comment!
  • Apr. 11, 2014, 12:05 AM
  • Apr. 10, 2014, 5:30 PM
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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