Wells Fargo reported its second quarter earnings, which surpassed analysts’ expectations.
The bank’s diluted earnings for the three months ending in June came in at $1.30 per share, exceeding the Street consensus estimates of $1.15 per share. The earnings are also +32.6% higher from the same period last year.
Total revenue of the company increased +2.6% to $21.6 billion, in line with analysts' estimates.
Bad loans and other non-performing assets of the bank declined by - 14% to $6.3 billion, compared to the first three months of the year.
However, Wells Fargo’s net interest margin decreased by 9 basis points from the first three months of this year to 2.82%, and dropped 11 basis points from the same period last year. Net interest income also declined, by $533 million to $13.4 billion, as mentioned by the bank.
The Aroon Indicator for WFC entered a downward trend on August 14, 2024. Tickeron's A.I.dvisor identified a pattern where the AroonDown red line was above 70 while the AroonUp green line was below 30 for three straight days. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options. A.I.dvisor looked at 180 similar instances where the Aroon Indicator formed such a pattern. In of the 180 cases the stock moved lower. This puts the odds of a downward move at .
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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 -2%. For the same Industry, the average monthly price growth was 7%, and the average quarterly price growth was 13%. FANDF experienced the highest price growth at 11%, while CABPF experienced the biggest fall at -19%.
Volume
The average weekly volume growth across all stocks in the Major Banks Industry was 33%. For the same stocks of the Industry, the average monthly volume growth was -21% and the average quarterly volume growth was -9%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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