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Jul 16, 2022

Wells Fargo (WFC, $41.13) misses Q2 earnings expectations

Wells Fargo reported second quarter earnings that were below the Street expectations.

The bank’s earnings for the three months ending in June fell -46.45 from the year-ago quarter to 74 cents per share, compared to the Street consensus forecast of 80 cents per share.

Revenues plunged -16% to $17.028 billion.  

Wells Fargo set aside $580 million to cover potential bad loans. In the same period last year, it released around $1.26 billion in loan reserves.

CEO Charlie Scharf said, "While our net income declined in the second quarter, our underlying results reflected our improving earnings capacity with expenses declining and rising interest rates driving strong net interest income growth."

Scharf also mentioned that the company’s results should continue to benefit from the rising interest rate environment, expecting  net interest income growth to more than offset any further near-term pressure on noninterest income. "We do expect credit losses to increase from these incredibly low levels, but we have yet to see any meaningful deterioration in either our consumer or commercial portfolios," Scharf mentioned.

Related Ticker: WFC

WFC in upward trend: 10-day moving average broke above 50-day moving average on October 02, 2024

The 10-day moving average for WFC crossed bullishly above the 50-day moving average on October 02, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 15 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .

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Notable companies

The most notable companies in this group are JPMorgan Chase & Co (NYSE:JPM), Bank of America Corp (NYSE:BAC), Wells Fargo & Co (NYSE:WFC), HSBC Holdings PLC (NYSE:HSBC), Citigroup (NYSE:C), Barclays PLC (NYSE:BCS).

Industry description

Major banks are among the biggest companies in the world, often times with global reach and market capitalizations in the multi-billions. Large banks often have multiple arms spanning different disciplines, from deposits, to investment banking, to wealth management and insurance. The biggest banks often have key competitive advantages over smaller players in the industry in terms of brand recognition, cost of capital, and efficiency. Think J.P. Morgan, Bank of America, Wells Fargo, and Citigroup.

Market Cap

The average market capitalization across the Major Banks Industry is 89.36B. The market cap for tickers in the group ranges from 191.41M to 573.02B. JPM holds the highest valuation in this group at 573.02B. The lowest valued company is MSL at 191.41M.

High and low price notable news

The average weekly price growth across all stocks in the Major Banks Industry was -1%. For the same Industry, the average monthly price growth was 2%, and the average quarterly price growth was 12%. BKFCF experienced the highest price growth at 16%, while BNDSF experienced the biggest fall at -13%.

Volume

The average weekly volume growth across all stocks in the Major Banks Industry was 21%. For the same stocks of the Industry, the average monthly volume growth was -11% and the average quarterly volume growth was -11%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating: 47
P/E Growth Rating: 53
Price Growth Rating: 48
SMR Rating: 4
Profit Risk Rating: 48
Seasonality Score: 51 (-100 ... +100)
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General Information

a major bank

Industry MajorBanks

Profile
Fundamentals
Details
Industry
Major Banks
Address
420 Montgomery Street
Phone
+1 866 249-3302
Employees
226000
Web
https://www.wellsfargo.com
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