Wells Fargo & Company
- Growing?
- Yes: revenue up 2% on a year earlier (quarter ended Sep 2026); earnings per share up 17% over the last four quarters.
- Expensive?
- Price-to-book (P/B) 1.6×. P/B above the peer median of 1.3x: pricier than its peers.
- Analysts?
- 67% of 27 say buy; average 12-month target $97.38, 14% above today's price.
- Risky?
- About average for a large company: its price swung 26% over the past year (the S&P 500's 14%), and it fell as much as 39% since Nov 2021.
Wells Fargo & Company is a U.S. banking and financial services firm that offers consumer and small business banking, mortgage and auto lending, commercial banking, capital markets, and wealth/investment management.
More about Wells Fargo & Company
It primarily earns revenue from net interest income (interest on loans and securities minus funding costs) and noninterest income (fees from services like advisory, investment management, payments, card, and mortgage-related activities).
Market Position
Wells Fargo is one of the largest U.S. banking franchises with a broad national footprint and a diversified mix across consumer, commercial, and wealth businesses. Differentiators typically include scale in U.S. retail banking, an integrated commercial-to-capital-markets platform, and large distribution via branches and digital channels.
Key Segments
The company reports four operating segments: Consumer Banking and Lending, Commercial Banking, Corporate & Investment Banking, and Wealth & Investment Management.
How has the stock done?
Over the past month WFC rose 2.9%; the bank ETF (KBE) rose 4.5% and the S&P 500 fell 2.7%.
Over the past six months WFC rose 14.1%; the bank ETF (KBE) rose 5.6% and the S&P 500 rose 2.6%.
Over the past year WFC fell 0.6%; the bank ETF (KBE) rose 14.2% and the S&P 500 rose 10.8%.
Over five years WFC rose 68.3%; the bank ETF (KBE) rose 15.3% and the S&P 500 rose 62.0%.
From Feb 9, 2022 to Mar 24, 2023, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 0.7% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Oct 13, 2026 | ended Sep 2026 | $21.9B (+2% vs a year earlier) | $1.87 vs $1.86 (beat) | −2.9% | −1.3% |
| Jul 14, 2026 | ended Jun 2026 | $22.6B (+9% vs a year earlier) | $2.00 vs $1.72 (beat) | −0.2% | +0.1% |
| Apr 14, 2026 | ended Mar 2026 | $21.4B (+6% vs a year earlier) | $1.60 vs $1.58 (beat) | −7.3% | −5.9% |
| Jan 14, 2026 | ended Dec 2025 | $21.3B (+4% vs a year earlier) | $1.62 vs $1.67 (missed) | −4.9% | −5.9% |
| Oct 14, 2025 | ended Sep 2025 | $21.4B (+5% vs a year earlier) | — | +9.6% | +7.4% |
| Jul 15, 2025 | ended Jun 2025 | $20.8B (+1% vs a year earlier) | — | −4.2% | −1.3% |
| Apr 11, 2025 | ended Mar 2025 | $20.1B (−3% vs a year earlier) | — | 0.0% | +1.4% |
| Jan 15, 2025 | ended Dec 2024 | $20.4B (0% vs a year earlier) | — | +6.7% | +8.8% |
| Oct 11, 2024 | ended Sep 2024 | $20.4B (−2% vs a year earlier) | — | +7.6% | +11.4% |
| Jul 12, 2024 | ended Jun 2024 | $20.7B (+1% vs a year earlier) | — | −4.0% | −1.5% |
| Apr 12, 2024 | ended Mar 2024 | $20.9B (+1% vs a year earlier) | — | +0.5% | +6.5% |
| Jan 12, 2024 | ended Dec 2023 | $20.5B (+2% vs a year earlier) | — | −4.5% | −1.0% |
| Oct 13, 2023 | ended Sep 2023 | $20.9B (+7% vs a year earlier) | — | +4.8% | +1.3% |
| Jul 14, 2023 | ended Jun 2023 | $20.5B (+20% vs a year earlier) | — | +2.4% | +5.1% |
| Apr 14, 2023 | ended Mar 2023 | $20.7B (+17% vs a year earlier) | — | +4.1% | +4.0% |
| Jan 13, 2023 | ended Dec 2022 | $20.0B (−4% vs a year earlier) | — | +3.0% | +5.1% |
| Oct 14, 2022 | ended Sep 2022 | $19.6B (+4% vs a year earlier) | — | +3.7% | +5.8% |
| Jul 15, 2022 | ended Jun 2022 | $17.0B (−16% vs a year earlier) | — | +6.3% | +11.4% |
| Apr 14, 2022 | ended Mar 2022 | $17.7B (−4% vs a year earlier) | — | −2.8% | −4.5% |
| Jan 14, 2022 | ended Dec 2021 | $20.9B (+13% vs a year earlier) | — | +1.2% | −4.8% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
How the bank makes money
Net interest income was 57% of revenue in FY2025, non-interest income 43%; credit-loss provisions took 4.4% of revenue.
Show the data
| Quarter ended | Net interest income | Non-interest income | Efficiency ratio | Credit-loss provision |
|---|---|---|---|---|
| Dec 2023 | $12.8B | $7.7B | 77.1% | $1.3B |
| Mar 2024 | $12.2B | $8.6B | 68.7% | $938M |
| Jun 2024 | $11.9B | $8.8B | 64.3% | $1.2B |
| Sep 2024 | $11.7B | $8.7B | 64.2% | $1.1B |
| Dec 2024 | $11.8B | $8.5B | 68.2% | $1.1B |
| Mar 2025 | $11.5B | $8.7B | 68.9% | $932M |
| Jun 2025 | $11.7B | $9.1B | 64.3% | $1.0B |
| Sep 2025 | $11.9B | $9.5B | 64.6% | $681M |
| Dec 2025 | $12.3B | $9.0B | 64.5% | $1.0B |
| Mar 2026 | $12.1B | $9.3B | 66.8% | $1.1B |
| Jun 2026 | $12.3B | $10.3B | 60.4% | $914M |
| Sep 2026 | $12.5B | $9.4B | 62.8% | $1.0B |
Fiscal year: StockFit. Quarters: Wells Fargo & Company's SEC filings; revenue there is net interest income plus non-interest income.
How well it is run
Return on equity of 11.7% with an efficiency ratio of 65.5% in FY2025: fair returns from a bank with high costs.
In FY2025 the bank earned $11.7 for every $100 of shareholders' equity it had at year end (Dec 31, 2025). 12% or more is strong for a bank; below 8% is weak.
It cost $65.5 in staff, offices and technology to bring in each $100 of revenue. Lower is better: below 55% is efficient, above 65% is costly.
Of every $100 of revenue, $4.4 was set aside for loans that may not be repaid. Below 5% is low; above 12% means many loans are expected to go bad.
How safe is the balance sheet?
Deposits were $1.50T at the end of Sep 2026, up 9.9% from a year earlier. Losses on its bonds not yet counted in earnings were $55.0B, 31.3% of shareholders' equity.
Show the data
| Quarter ended | Deposits | vs a year earlier | Bond losses | Equity | Share of equity |
|---|---|---|---|---|---|
| Dec 2023 | $1.36T | — | $42.6B | $185.7B | 22.9% |
| Mar 2024 | $1.38T | — | $47.9B | $180.9B | 26.5% |
| Jun 2024 | $1.37T | — | $49.1B | $176.4B | 27.8% |
| Sep 2024 | $1.35T | — | $36.6B | $183.3B | 20.0% |
| Dec 2024 | $1.37T | +1.0% | $49.1B | $179.1B | 27.4% |
| Mar 2025 | $1.36T | −1.5% | $43.8B | $181.1B | 24.2% |
| Jun 2025 | $1.34T | −1.8% | $43.7B | $181.1B | 24.1% |
| Sep 2025 | $1.37T | +1.3% | $38.4B | $181.2B | 21.2% |
| Dec 2025 | $1.43T | +4.0% | $36.4B | $181.1B | 20.1% |
| Mar 2026 | $1.45T | +6.8% | $37.4B | $178.4B | 21.0% |
| Jun 2026 | $1.50T | +12.0% | $37.0B | $180.2B | 20.6% |
| Sep 2026 | $1.50T | +9.9% | $55.0B | $175.8B | 31.3% |
A bank lends and buys bonds with its deposits. When interest rates rise, bonds bought earlier lose value; the loss reaches earnings only if the bank sells them, for example to pay depositors who leave. Silicon Valley Bank failed in March 2023 after such losses grew close to its whole equity and depositors withdrew at once. Bond losses: available-for-sale (before tax) plus held-to-maturity, from Wells Fargo & Company's SEC filings.
Customers and suppliers
In its latest annual report Wells Fargo & Company buys from Fixed Income Clearing; sells to Freddie Mac, Fannie Mae.
Suppliers
WFCWells Fargo & CompanyCustomers
Their customers
Named in other companies’ filings
Applied Digital APLDWells Fargo & Company invested in it · Holds assigned common stock warrantsShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| Freddie Mac | customer | “We sell residential and commercial mortgage loans to various parties, including (1) government-sponsored enterprises (GSEs), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA), who include the mortgage loans in GSE-guaranteed mortgage securitizations, (2) SPEs that issue private label MBS, and (3) other financial institutions that purchase mortgage loans for investment or private label securitization.” |
| Fannie Mae | customer | “We sell residential and commercial mortgage loans to various parties, including (1) government-sponsored enterprises (GSEs), Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA), who include the mortgage loans in GSE-guaranteed mortgage securitizations, (2) SPEs that issue private label MBS, and (3) other financial institutions that purchase mortgage loans for investment or private label securitization.” |
| Fixed Income Clearing | supplier | “We act in an agency capacity as a sponsoring member to clear eligible overnight and term resale and repurchase agreements through the Fixed Income Clearing Corporation for customers.” |
| Applied Digital (10-K filed Jul 29, 2026) | Wells Fargo & Company invested in it | “CoreWeave concurrently assigned the remaining portion of the CoreWeave Warrant to acquire up to 6,531,260 shares of the Company's common stock to Jane Street (the “Jane Street CW Warrant”), and on or around May 15, 2026, Jane Street assigned all of its right, title and interest in and to the Jane Street CW Warrant to Wells Fargo Bank, National Association ("WFBNA").” |
| Fiserv (10-K filed Feb 19, 2026) | calls it a customer | “In connection with the non-renewal of WFMS, we entered into a multi-year agreement with Wells Fargo to provide processing for current and future merchant clients as well as other services to Wells Fargo’s merchant business.” |
Only the companies Wells Fargo & Company names in its 10-K filed Feb 24, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Wells Fargo & Company. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.
Is it expensive?
P/B of 1.6x, above the peer median of 1.3x.
P/B above the peer median of 1.3x: pricier than its peers.
Show the data
| Company | Price-to-book (P/B) |
|---|---|
| JPM · JPMorgan Chase & Co. | 2.6× |
| WFC · Wells Fargo & Company | 1.6× |
| BAC · Bank of America Corporation | 1.3× |
| C · Citigroup Inc. | 1.1× |
| RY · Royal Bank of Canada | — |
| TD · The Toronto-Dominion Bank | — |
Banks are compared on price-to-book: what the market pays for each $1 of the bank's net worth. Their earnings swing with credit costs, so P/E alone can mislead.
What analysts expect
The average analyst price target is $97.38, 14% above the current price; 67% of 27 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.
Buy or Strong Buy: 18 analysts (67%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $92.54 to $94.55 (+2%), while WFC went from $84.70 to $85.76 (+1%). In the past three months targets were raised twice and cut 8 times. 3 upgrades and 1 downgrade over the year; the latest: Morgan Stanley moved it to Overweight from Equal-Weight on Oct 5, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 30, 2026 | JP Morgan | Target raised | Neutral | $92.00, was $91.50 |
| Oct 14, 2026 | Citigroup | Target cut | Neutral | $88.00, was $90.00 |
| Oct 14, 2026 | Keefe, Bruyette & Woods | Target cut | Market Perform | $90.00, was $94.00 |
| Oct 14, 2026 | Morgan Stanley | Target cut | Overweight | $101.00, was $102.00 |
| Oct 14, 2026 | RBC Capital | Target cut | Outperform | $92.00, was $100.00 |
| Oct 5, 2026 | UBS | Target cut | Buy | $102.00, was $104.00 |
| Oct 5, 2026 | Goldman Sachs | Target cut | Buy | $96.00, was $107.00 |
| Oct 5, 2026 | Morgan Stanley | Upgrade | Overweight, was Equal-Weight | $102.00 |
| Oct 2, 2026 | JP Morgan | Target cut | Neutral | $91.50, was $95.50 |
| Oct 1, 2026 | Evercore ISI Group | Target cut | Outperform | $90.00, was $95.00 |
| Oct 1, 2026 | Truist Securities | Target raised | Buy | $95.00, was $94.00 |
| Jul 29, 2026 | JP Morgan | Target raised | Neutral | $95.50, was $93.50 |
| Jul 15, 2026 | Baird | Target raised | Neutral | $92.00, was $85.00 |
| Jul 15, 2026 | Keefe, Bruyette & Woods | Target cut | Market Perform | $94.00, was $98.00 |
| Jul 7, 2026 | B of A Securities | Target raised | Buy | $102.00, was $95.00 |
| Jul 7, 2026 | UBS | Target cut | Buy | $104.00, was $105.00 |
| Jul 6, 2026 | JP Morgan | Target raised | Neutral | $93.50, was $86.50 |
| Jun 29, 2026 | Morgan Stanley | Target raised | Equal-Weight | $102.00, was $97.00 |
| Jun 26, 2026 | Truist Securities | Target raised | Buy | $94.00, was $90.00 |
| Apr 30, 2026 | JP Morgan | Target cut | Neutral | $86.50, was $91.00 |
| Apr 15, 2026 | Piper Sandler | Target cut | Overweight | $94.00, was $100.00 |
| Apr 15, 2026 | Keefe, Bruyette & Woods | Target cut | Market Perform | $98.00, was $101.00 |
| Apr 15, 2026 | Barclays | Target cut | Overweight | $108.00, was $113.00 |
| Apr 7, 2026 | JP Morgan | Target cut | Neutral | $91.00, was $99.50 |
| Apr 6, 2026 | Evercore ISI Group | Target cut | Outperform | $95.00, was $98.00 |
| Mar 31, 2026 | Morgan Stanley | Target cut | Equal-Weight | $100.00, was $108.00 |
| Mar 26, 2026 | Jefferies | Began coverage | Buy | $100.00 |
| Mar 23, 2026 | Goldman Sachs | Target cut | Buy | $93.00, was $109.00 |
| Mar 17, 2026 | Truist Securities | Target cut | Buy | $94.00, was $98.00 |
| Feb 13, 2026 | Baird | Upgrade | Neutral, was Underperform | $85.00 |
| Feb 9, 2026 | JP Morgan | Target raised | Neutral | $99.50, was $99.00 |
| Jan 22, 2026 | Freedom Broker | Upgrade | Buy, was Hold | $100.00, was $96.00 |
| Jan 15, 2026 | TD Cowen | Target cut | Hold | $100.00, was $102.00 |
| Jan 15, 2026 | Evercore ISI Group | Target cut | Outperform | $105.00, was $110.00 |
| Jan 15, 2026 | RBC Capital | Target kept | Outperform | $100.00 |
| Jan 15, 2026 | Argus Research | Target raised | Buy | $101.00, was $94.00 |
| Jan 15, 2026 | Truist Securities | Target cut | Buy | $100.00, was $104.00 |
| Jan 14, 2026 | CICC | Began coverage | Market Perform | $96.00 |
| Jan 7, 2026 | TD Cowen | Target raised | Hold | $102.00, was $93.00 |
| Jan 6, 2026 | Truist Securities | Target raised | Buy | $104.00, was $100.00 |
| Jan 6, 2026 | Baird | Downgrade | Underperform, was Neutral | $90.00 |
| Jan 5, 2026 | Barclays | Target raised | Overweight | $113.00, was $94.00 |
| Dec 18, 2025 | Truist Securities | Target raised | Buy | $100.00, was $90.00 |
| Dec 17, 2025 | Keefe, Bruyette & Woods | Target raised | Market Perform | $101.00, was $92.00 |
| Dec 15, 2025 | Evercore ISI Group | Target raised | Outperform | $107.00, was $101.00 |
| Dec 12, 2025 | RBC Capital | Target raised | Outperform | $100.00, was $88.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $1.67 | $1.62 | −3.0% |
| Mar ’26 | $1.58 | $1.60 | +1.3% |
| Jun ’26 | $1.72 | $2.00 | +16.3% |
| Sep ’26 | $1.86 | $1.87 | +0.5% |
The day after each of these reports the stock moved −4.9% (Dec 2025, missed); −7.3% (Mar 2026, beat); −0.2% (Jun 2026, beat); −2.9% (Sep 2026, beat).
For the quarter ending Dec 2026 (Wells Fargo & Company reports on Jan 14, 2027), analysts expect revenue of $22.4B, up 5% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $8.06 a share, 10% more than the year before's estimate of $7.34, and revenue of $92.9B, up 5% on the year before's estimate.
Dec 2025: $21.3B; range $22.1B to $22.6B; 7 analysts
Adjusted. The year to Dec 2026: $7.34 expected; range $7.61 to $8.35; 21 analysts
The year to Dec 2026: $88.2B expected; range $92.0B to $94.1B; 12 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Jan 14, 2027 | Revenue | $22.4B | $22.1B to $22.6B | 7 | $21.3B (Dec 2025) | +5% |
| Quarter ending Mar 2027 | EPS (adjusted) | $1.79 | $1.72 to $1.94 | 11 | $1.60 (Mar 2026) | +12% |
| Quarter ending Mar 2027 | Revenue | $22.8B | $22.6B to $23.1B | 3 | $21.4B (Mar 2026) | +6% |
| Year ending Dec 2026 | EPS (adjusted) | $7.34 | $7.14 to $7.50 | 21 | — | — |
| Year ending Dec 2026 | Revenue | $88.2B | $87.0B to $88.6B | 10 | $83.7B (year to Dec 2025) | +5% |
| Year ending Dec 2027 | EPS (adjusted) | $8.06 | $7.61 to $8.35 | 21 | $7.34 (expected, year to Dec 2026) | +10% |
| Year ending Dec 2027 | Revenue | $92.9B | $92.0B to $94.1B | 12 | $88.2B (expected, year to Dec 2026) | +5% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Who holds it
In the filings of 4 members of Congress and 6 funds whose copy leaves WFC out (not traded on the exchange): Dan Meuser, Rob Bresnahan, Laurel Lee, Temasek Holdings (Private), Norges Bank, Bridgewater Associates and 4 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 16 held WFC at the end of their latest quarter (for most, Q3 2026). Over that quarter 12 added shares, 3 cut, 1 sold all and 1 held the same. The largest of them is Norges Bank, 55.49M shares worth $4.6B at Jun 30, 2026, 14.6% more than at Dec 31, 2025.
Over their latest quarter
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Norges Bank | Q2 2026 vs Q4 2025 | 55.49M | $4.6B | +7.07M | +15% | Aug 12, 2026 |
| Dodge & Cox | Q2 2026 | 31.33M | $2.6B | +159,745 | +0.5% | Aug 13, 2026 |
| Harris Associates L P | Q2 2026 | 10.89M | $900M | −90,745 | −0.8% | Aug 14, 2026 |
| National Pension Service | Q3 2026 | 7.37M | $590M | +40,453 | +0.6% | Nov 12, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 5.81M | $480M | +644,243 | +12% | Aug 14, 2026 |
| Korea Investment | Q2 2026 | 3.60M | $297M | +119,167 | +3.4% | Aug 12, 2026 |
| Temasek Holdings (Private) | Q3 2026 | 2.10M | $168M | −75,628 | −3.5% | Oct 28, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 1.78M | $147M | +452,764 | +34% | Aug 14, 2026 |
| Bridgewater Associates | Q2 2026 | 1.15M | $94.7M | +203,274 | +22% | Aug 14, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 799,519 | $64.0M | +112,459 | +16% | Nov 3, 2026 |
| Tweedy, Browne | Q3 2026 | 486,876 | $39.0M | −10,135 | −2.0% | Nov 4, 2026 |
| Nomura Holdings | Q2 2026 | 303,711 | $25.1M | +207,931 | +217% | Aug 14, 2026 |
| Markel Group | Q3 2026 | 204,450 | $16.4M | 0 | 0.0% | Oct 30, 2026 |
| Yacktman Asset Management | Q3 2026 | 108,959 | $8.7M | +4,156 | +4.0% | Nov 2, 2026 |
| Renaissance Technologies | Q3 2026 | 0 | — | −75,567 | Sold all | Nov 12, 2026 |
| Fisher Asset Management | Q3 2026 | 40,852 | $3.3M | +9,493 | +30% | Nov 6, 2026 |
| Gardner Russo & Quinn | Q3 2026 | 7,452 | $597K | +1 | 0.0% | Nov 12, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of WFC at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.