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Jul 15, 2021

Wells Fargo (WFC, $44.93) beats Q2 earnings expectations, amid release of $1.6 billion credit loss reserves

Wells Fargo on Wednesday reported second-quarter earnings and revenue results that topped Wall Street’s expectations, as the bank continued to release reserves that it had set aside as cushion against pandemic-induced loan loss risks.

The financial behemoth’s earnings for the quarter came in at $1.38, beating the 97 cents a share expected by analysts polled by Refinitiv. The quarter marked a  sharp rebound from the loss it incurred in the year-ago quarter.

Revenue rose +10% year-over-year to $20.27 billion, vs. $17.77 billion expected by analysts surveyed by Refinitiv.

Wells Fargo released $1.6 billion of its credit loss reserves as consumers perform better than the bank expected amid the pandemic-induced recession.

The bank’s net interest margin was 2.02% for the quarter, compared to analysts’ expectation of 2.05% (according to FactSet).

Related Ticker: WFC

WFC's MACD Histogram crosses above signal line

The Moving Average Convergence Divergence (MACD) for WFC turned positive on February 15, 2024. Looking at past instances where WFC's MACD turned positive, the stock continued to rise in of 44 cases over the following month. The odds of a continued upward trend are .

Price Prediction Chart

Technical Analysis (Indicators)

Bullish Trend Analysis

The Momentum Indicator moved above the 0 level on February 15, 2024. You may want to consider a long position or call options on WFC as a result. In of 85 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where WFC advanced for three days, in of 307 cases, the price rose further within the following month. The odds of a continued upward trend are .

The Aroon Indicator entered an Uptrend today. In of 247 cases where WFC Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .

Bearish Trend Analysis

The RSI Indicator demonstrates that the ticker has stayed in the overbought zone for 7 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.

The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 9 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.

Following a 3-day decline, the stock is projected to fall further. Considering past instances where WFC declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

WFC broke above its upper Bollinger Band on February 15, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.

Fundamental Analysis (Ratings)

Fear & Greed

The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating very strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.

The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating fairly steady price growth. WFC’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.

The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 62, placing this stock slightly better than average.

The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (1.196) is normal, around the industry mean (0.939). P/E Ratio (11.509) is within average values for comparable stocks, (8.801). Projected Growth (PEG Ratio) (1.144) is also within normal values, averaging (2.466). WFC has a moderately low Dividend Yield (0.024) as compared to the industry average of (0.054). P/S Ratio (2.504) is also within normal values, averaging (2.459).

The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.

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 86.34B. The market cap for tickers in the group ranges from 191.41M to 535.92B. JPM holds the highest valuation in this group at 535.92B. 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 4%, and the average quarterly price growth was 16%. CBAUF experienced the highest price growth at 6%, while BMO experienced the biggest fall at -4%.

Volume

The average weekly volume growth across all stocks in the Major Banks Industry was -61%. For the same stocks of the Industry, the average monthly volume growth was -74% and the average quarterly volume growth was -57%

Fundamental Analysis Ratings

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

Valuation Rating: 49
P/E Growth Rating: 61
Price Growth Rating: 50
SMR Rating: 11
Profit Risk Rating: 61
Seasonality Score: -22 (-100 ... +100)
Related Portfolios: BANKS
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WFCDaily Signal changed days agoGain/Loss if shorted
 
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A.I.Advisor
published price charts
A.I. Advisor
published General Information

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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WFC and

Correlation & Price change

A.I.dvisor indicates that over the last year, WFC has been closely correlated with BAC. These tickers have moved in lockstep 82% of the time. This A.I.-generated data suggests there is a high statistical probability that if WFC jumps, then BAC could also see price increases.

1D
1W
1M
1Q
6M
1Y
5Y
Ticker /
NAME
Correlation
To WFC
1D Price
Change %
WFC100%
-0.97%
BAC - WFC
82%
Closely correlated
-0.49%
C - WFC
73%
Closely correlated
+0.20%
JPM - WFC
73%
Closely correlated
-0.39%
EWBC - WFC
72%
Closely correlated
-0.87%
NTB - WFC
68%
Closely correlated
-0.47%
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