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Does Wells Fargo (WFC) have what it takes to be a top stock pick for momentum investors? Let's find out.
Sen. Mitch McConnell is buying a stock that was once one of Warren Buffett's favorites. McConnell has bought the stock every quarter for years.
BYRN, WFC and SAND made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on April 17, 2023.
One research firm sees more upside on Wells Fargo in the wake of the latest earnings report. Net interest income is expected to fall this year, but increased fee revenue should make up for it.
Why are young Americans so skeptical about capitalism? In a recent (2022) Pew Research poll, only 40% of 18-to-29 year-olds expressed a positive attitude towards capitalism, and a greater number were positive towards socialism.
Wells Fargo surpassed earnings estimates in Q4 2023 and Q1 2024, driving a 14.94% stock price increase. Despite regulatory constraints, Wells Fargo remains undervalued, with a fair price of $71.49 and a future projection of $123.41, offering 19.5% annual returns through 2029. While lagging in deposit coverage compared to JPMorgan and Bank of America, Wells Fargo remains solvent and capable of meeting its debt obligations.
Wells Fargo CFO Mike Santomassimo discusses the bank's first-quarter earnings report on Bloomberg Television. Wells Fargo earned $12.2 billion in net interest income in the first three months of the year, according to a statement, down 8.3% from a year earlier and slightly less than the $12.3 billion analysts expected.
Wells Fargo Investment Institute's, Brian Rehling, says they'll need to dial back the amount of rate cuts expected this year and wouldn't be surprised if there were no rate cuts this year. Invesco Portfolio Manager of Fixed Income Factors, Noelle Corum, says it's a hard year to time the market, so a tilt toward a higher quality portfolio should offer support over the long term.
The opening week of first-quarter earnings season was billed as a referendum on the state of the U.S. economy, specifically consumer spending. While Wells Fargo didn't post stellar earnings Friday (April 12) it did vote “yes” on the economic prospects for the balance of 2024.
Wells Fargo (WFC) Q1 earnings reflect higher revenues and improved deposit balances, alongside lower provisions. However, challenges emerge with lower net interest income and growing expenses.