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Wells Fargo's (WFC) strength in fee-based income and capital adequacy seems favorable. However, the existing asset cap is a concern.
Wells Fargo beat earnings predictions for Q2, but missed on net interest income. The lender's non-interest income was driven by strong investment banking activity, however. Balance sheet quality did not materially deteriorate. Commercial real estate exposure is a key area worth watching going forward.
Scott Wren, Wells Fargo, joins 'Closing Bell' to discuss the trading day and small caps.
Former Wells Fargo CEO Richard Kovacevich joins 'Money Movers' to discuss the recent rally in financials, why certain stocks could have a good run right now, and the former chief executive's thoughts on the Federal Reserve.
Wells Fargo's stock (NYSE: WFC) has lost 17% YTD, as compared to the 18% rise in the S&P500 index over the same period. In sharp contrast, Wells Fargo's peer, Bank of America (NYSE: BAC), is up 25% YTD.
Wells Fargo's Q2 earnings showed a slight top-line and bottom-line beat, with an unchanged NII guidance that led to an initial market drop that recovered throughout the day. Net interest income has declined every quarter since Q4 22, but with Q2 drop rates decreasing and probabilities of rate cuts increasing, it suggests that this may be the bottom. Despite several risks and WFC being the underperformer among major banks over the past year, I have changed my rating from 'hold' to 'buy'
Shares of Wells Fargo & Co WFC recovered slightly in early trading on Monday, after tanking on Friday, following the second-quarter results.
Wells Fargo beat on the top and bottom lines in the second quarter, but its net interest income was a disappointment. Most of the headwinds affecting Wells Fargo's business are temporary in nature.
The second quarter of the 2024 earnings season has just kicked off, and the financial sector is again under the spotlight. Bank stocks are leading the pack in letting markets know how the economy is doing so far into the year's second half.
Wells Fargo's recent earnings disappointed investors, but there's a lot to like from a long-term perspective.