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Also traded in: Argentina, Brazil, Chile, Germany, Mexico, Switzerland, UK

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash to Debt 0.05
WFC's Cash to Debt is ranked lower than
97% of the 1627 Companies
in the Global Banks - Global industry.

( Industry Median: 2.02 vs. WFC: 0.05 )
Ranked among companies with meaningful Cash to Debt only.
WFC' s Cash to Debt Range Over the Past 10 Years
Min: 0.05  Med: 0.13 Max: 0.98
Current: 0.05
0.05
0.98
Equity to Asset 0.11
WFC's Equity to Asset is ranked higher than
59% of the 1649 Companies
in the Global Banks - Global industry.

( Industry Median: 0.10 vs. WFC: 0.11 )
Ranked among companies with meaningful Equity to Asset only.
WFC' s Equity to Asset Range Over the Past 10 Years
Min: 0.07  Med: 0.1 Max: 0.11
Current: 0.11
0.07
0.11
Interest Coverage 6.16
WFC's Interest Coverage is ranked higher than
85% of the 1751 Companies
in the Global Banks - Global industry.

( Industry Median: 1.64 vs. WFC: 6.16 )
Ranked among companies with meaningful Interest Coverage only.
WFC' s Interest Coverage Range Over the Past 10 Years
Min: 0.34  Med: 2.96 Max: 8.46
Current: 6.16
0.34
8.46
F-Score: 2
M-Score: -2.49
WACC vs ROIC
4.89%
4.39%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating margin (%) 37.06
WFC's Operating margin (%) is ranked higher than
64% of the 1672 Companies
in the Global Banks - Global industry.

( Industry Median: 30.82 vs. WFC: 37.06 )
Ranked among companies with meaningful Operating margin (%) only.
WFC' s Operating margin (%) Range Over the Past 10 Years
Min: 7.88  Med: 31.3 Max: 40.21
Current: 37.06
7.88
40.21
Net-margin (%) 25.19
WFC's Net-margin (%) is ranked higher than
59% of the 1670 Companies
in the Global Banks - Global industry.

( Industry Median: 22.17 vs. WFC: 25.19 )
Ranked among companies with meaningful Net-margin (%) only.
WFC' s Net-margin (%) Range Over the Past 10 Years
Min: 6.34  Med: 21.2 Max: 27.34
Current: 25.19
6.34
27.34
ROE (%) 10.47
WFC's ROE (%) is ranked higher than
65% of the 1670 Companies
in the Global Banks - Global industry.

( Industry Median: 8.38 vs. WFC: 10.47 )
Ranked among companies with meaningful ROE (%) only.
WFC' s ROE (%) Range Over the Past 10 Years
Min: 3.23  Med: 11.74 Max: 19.46
Current: 10.47
3.23
19.46
ROA (%) 1.21
WFC's ROA (%) is ranked higher than
70% of the 1678 Companies
in the Global Banks - Global industry.

( Industry Median: 0.89 vs. WFC: 1.21 )
Ranked among companies with meaningful ROA (%) only.
WFC' s ROA (%) Range Over the Past 10 Years
Min: 0.28  Med: 1.35 Max: 1.75
Current: 1.21
0.28
1.75
Revenue Growth (3Y)(%) 0.90
WFC's Revenue Growth (3Y)(%) is ranked lower than
61% of the 1368 Companies
in the Global Banks - Global industry.

( Industry Median: 3.20 vs. WFC: 0.90 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
WFC' s Revenue Growth (3Y)(%) Range Over the Past 10 Years
Min: -6.1  Med: 9 Max: 22.9
Current: 0.9
-6.1
22.9
EBITDA Growth (3Y)(%) 6.60
WFC's EBITDA Growth (3Y)(%) is ranked higher than
53% of the 1251 Companies
in the Global Banks - Global industry.

( Industry Median: 5.80 vs. WFC: 6.60 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
WFC' s EBITDA Growth (3Y)(%) Range Over the Past 10 Years
Min: -31.7  Med: 10.5 Max: 49.1
Current: 6.6
-31.7
49.1
EPS Growth (3Y)(%) 7.00
WFC's EPS Growth (3Y)(%) is ranked lower than
51% of the 1227 Companies
in the Global Banks - Global industry.

( Industry Median: 7.30 vs. WFC: 7.00 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
WFC' s EPS Growth (3Y)(%) Range Over the Past 10 Years
Min: -32.2  Med: 13.3 Max: 59.1
Current: 7
-32.2
59.1
» WFC's 10-Y Financials

Financials


Revenue & Net Income
Equity & Asset
Oprt. Cash Flow & Free Cash Flow
Oprt. Cash Flow & Net Income

» Details

Guru Trades

Q4 2015

WFC Guru Trades in Q4 2015

Jim Simons 44,556 sh (New)
Murray Stahl 4,210 sh (New)
George Soros 84,861 sh (New)
Diamond Hill Capital 1,881,306 sh (+40021.69%)
Jeremy Grantham 1,388,755 sh (+55.08%)
Jerome Dodson 250,000 sh (+25.00%)
Lou Simpson 6,451,411 sh (+2.36%)
Warren Buffett 479,704,270 sh (+2.00%)
Pioneer Investments 5,743,529 sh (+1.61%)
PRIMECAP Management 15,351,272 sh (+1.27%)
Manning & Napier Advisors, Inc 390,784 sh (+1.02%)
Tom Russo 14,721,564 sh (+1.00%)
Ken Fisher 18,991,418 sh (+0.97%)
Jeff Auxier 4,460 sh (unchged)
Charlie Munger 1,591,800 sh (unchged)
Prem Watsa 69,300 sh (unchged)
David Abrams 2,770,000 sh (unchged)
First Eagle Investment 1,800 sh (unchged)
Bill Nygren 5,290,000 sh (unchged)
Ray Dalio Sold Out
Ken Heebner Sold Out
David Dreman Sold Out
Caxton Associates Sold Out
Stanley Druckenmiller Sold Out
Paul Tudor Jones Sold Out
Mairs and Power 2,765,150 sh (-0.66%)
John Buckingham 114,774 sh (-0.88%)
Barrow, Hanley, Mewhinney & Strauss 40,045,730 sh (-0.95%)
NWQ Managers 1,817,759 sh (-1.45%)
Wallace Weitz 1,186,467 sh (-1.52%)
Charles Brandes 2,484,049 sh (-1.54%)
Mario Gabelli 3,603,387 sh (-1.73%)
Dodge & Cox 69,913,390 sh (-2.28%)
HOTCHKIS & WILEY 3,915,628 sh (-2.50%)
Third Avenue Management 41,637 sh (-5.66%)
Tweedy Browne 4,665,575 sh (-7.15%)
Yacktman Fund 1,700,000 sh (-8.11%)
Donald Yacktman 2,118,631 sh (-9.68%)
Arnold Van Den Berg 521,854 sh (-11.01%)
Chris Davis 25,785,084 sh (-14.04%)
Sarah Ketterer 1,972,701 sh (-16.80%)
Richard Pzena 1,675,568 sh (-18.18%)
RS Investment Management 759,028 sh (-28.99%)
John Hussman 100,000 sh (-33.33%)
Ruane Cunniff 144,700 sh (-38.35%)
T Rowe Price Equity Income Fund 5,325,000 sh (-43.40%)
Scott Black 45,326 sh (-76.47%)
Joel Greenblatt 6,991 sh (-98.88%)
» More
Q1 2016

WFC Guru Trades in Q1 2016

David Dreman 43,523 sh (New)
Paul Tudor Jones 45,850 sh (New)
Jim Simons 1,411,162 sh (+3067.16%)
Joel Greenblatt 127,951 sh (+1730.22%)
Diamond Hill Capital 4,054,050 sh (+115.49%)
Murray Stahl 6,971 sh (+65.58%)
PRIMECAP Management 18,501,167 sh (+20.52%)
Sarah Ketterer 2,060,977 sh (+4.47%)
Mairs and Power 2,839,536 sh (+2.69%)
Scott Black 46,262 sh (+2.07%)
Wallace Weitz 1,207,587 sh (+1.78%)
Manning & Napier Advisors, Inc 397,159 sh (+1.63%)
Ken Fisher 19,102,039 sh (+0.58%)
Donald Yacktman 2,124,932 sh (+0.30%)
Yacktman Fund 1,700,000 sh (unchged)
Jerome Dodson 250,000 sh (unchged)
First Eagle Investment 1,800 sh (unchged)
Charlie Munger 1,591,800 sh (unchged)
Third Avenue Management 41,637 sh (unchged)
Prem Watsa 69,300 sh (unchged)
Jeff Auxier 4,460 sh (unchged)
David Abrams 2,770,000 sh (unchged)
Warren Buffett 479,704,270 sh (unchged)
Paul Tudor Jones 114,200 sh (unchged)
Paul Tudor Jones 101,500 sh (unchged)
John Hussman Sold Out
George Soros Sold Out
RS Investment Management 757,809 sh (-0.16%)
Tom Russo 14,692,910 sh (-0.19%)
Charles Brandes 2,467,937 sh (-0.65%)
Tweedy Browne 4,630,560 sh (-0.75%)
T Rowe Price Equity Income Fund 5,255,300 sh (-1.31%)
Mario Gabelli 3,537,728 sh (-1.82%)
Bill Nygren 5,170,000 sh (-2.27%)
HOTCHKIS & WILEY 3,810,128 sh (-2.69%)
Dodge & Cox 67,922,588 sh (-2.85%)
NWQ Managers 1,764,084 sh (-2.95%)
Jeremy Grantham 1,346,615 sh (-3.03%)
Arnold Van Den Berg 505,414 sh (-3.15%)
Barrow, Hanley, Mewhinney & Strauss 38,709,355 sh (-3.34%)
Lou Simpson 6,202,092 sh (-3.86%)
John Buckingham 110,058 sh (-4.11%)
Richard Pzena 1,592,870 sh (-4.94%)
Chris Davis 23,933,513 sh (-7.18%)
Pioneer Investments 5,054,736 sh (-11.99%)
Ruane Cunniff 92,300 sh (-36.21%)
» More
Q2 2016

WFC Guru Trades in Q2 2016

Ruane Cunniff 5,242,602 sh (+5579.96%)
HOTCHKIS & WILEY 6,742,003 sh (+76.95%)
Paul Tudor Jones 64,314 sh (+40.27%)
Jerome Dodson 300,000 sh (+20.00%)
Diamond Hill Capital 4,664,313 sh (+15.05%)
Mairs and Power 3,260,295 sh (+14.82%)
Charles Brandes 2,813,371 sh (+14.00%)
Tweedy Browne 5,006,510 sh (+8.12%)
Manning & Napier Advisors, Inc 425,072 sh (+7.03%)
Joel Greenblatt 135,339 sh (+5.77%)
Wallace Weitz 1,272,799 sh (+5.40%)
Tom Russo 15,184,814 sh (+3.35%)
Chris Davis 24,227,545 sh (+1.23%)
RS Investment Management 759,760 sh (+0.26%)
Donald Yacktman 2,127,795 sh (+0.13%)
Yacktman Fund 1,700,000 sh (unchged)
First Eagle Investment 1,800 sh (unchged)
Charlie Munger 1,591,800 sh (unchged)
Jeff Auxier 4,460 sh (unchged)
Prem Watsa 69,300 sh (unchged)
David Abrams 2,770,000 sh (unchged)
Warren Buffett 479,704,270 sh (unchged)
Murray Stahl 6,971 sh (unchged)
Third Avenue Management Sold Out
T Rowe Price Equity Income Fund 5,248,500 sh (-0.13%)
Arnold Van Den Berg 503,899 sh (-0.30%)
Dodge & Cox 67,648,371 sh (-0.40%)
John Buckingham 109,595 sh (-0.42%)
PRIMECAP Management 18,419,166 sh (-0.44%)
Ken Fisher 18,955,345 sh (-0.77%)
Bill Nygren 5,110,000 sh (-1.16%)
Barrow, Hanley, Mewhinney & Strauss 37,842,797 sh (-2.24%)
Scott Black 44,980 sh (-2.77%)
Mario Gabelli 3,424,878 sh (-3.19%)
David Dreman 41,639 sh (-4.33%)
Lou Simpson 5,820,464 sh (-6.15%)
Pioneer Investments 4,426,510 sh (-12.43%)
NWQ Managers 1,539,400 sh (-12.74%)
Sarah Ketterer 1,701,720 sh (-17.43%)
Richard Pzena 1,019,329 sh (-36.01%)
Jim Simons 36,900 sh (-97.39%)
Jeremy Grantham 7,685 sh (-99.43%)
» More
Q3 2016

WFC Guru Trades in Q3 2016

Steven Cohen 687,845 sh (New)
Paul Tudor Jones 259,237 sh (+303.08%)
Jeff Auxier 8,710 sh (+95.29%)
Jerome Dodson 450,000 sh (+50.00%)
Wallace Weitz 1,520,533 sh (+19.46%)
Charles Brandes 3,158,460 sh (+12.27%)
Chris Davis 26,193,351 sh (+8.11%)
Ruane Cunniff 5,464,817 sh (+4.24%)
Tom Russo 15,808,558 sh (+4.11%)
HOTCHKIS & WILEY 6,771,903 sh (+0.44%)
Donald Yacktman 2,135,604 sh (+0.37%)
Mairs and Power 3,270,349 sh (+0.31%)
Yacktman Fund 1,700,000 sh (unchged)
T Rowe Price Equity Income Fund 5,248,500 sh (unchged)
First Eagle Investment 1,800 sh (unchged)
Charlie Munger 1,591,800 sh (unchged)
Prem Watsa 69,300 sh (unchged)
Louis Moore Bacon 500,000 sh (unchged)
David Abrams 2,770,000 sh (unchged)
Warren Buffett 479,704,270 sh (unchged)
Jeremy Grantham Sold Out
Sarah Ketterer Sold Out
Jim Simons Sold Out
Richard Pzena 1,017,204 sh (-0.21%)
Scott Black 44,729 sh (-0.56%)
Dodge & Cox 67,255,750 sh (-0.58%)
Arnold Van Den Berg 500,819 sh (-0.61%)
PRIMECAP Management 18,291,827 sh (-0.69%)
John Buckingham 108,019 sh (-1.44%)
Barrow, Hanley, Mewhinney & Strauss 37,011,768 sh (-2.20%)
Mario Gabelli 3,344,815 sh (-2.34%)
Manning & Napier Advisors, Inc 415,006 sh (-2.37%)
NWQ Managers 1,490,786 sh (-3.16%)
David Dreman 40,320 sh (-3.17%)
Ken Fisher 18,189,837 sh (-4.04%)
Lou Simpson 5,549,293 sh (-4.66%)
Diamond Hill Capital 4,378,347 sh (-6.13%)
Tweedy Browne 4,393,961 sh (-12.24%)
Pioneer Investments 3,827,855 sh (-13.52%)
Murray Stahl 5,220 sh (-25.12%)
Joel Greenblatt 30,308 sh (-77.61%)
» More
» Details

Insider Trades

Latest Guru Trades with WFC

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Preferred stocks of Wells Fargo & Co

SymbolPriceYieldDescription
WFCNP0.400.00Dividend Equalization Pfd Shs
WFCPRQ24.725.92Deposit Shs Repr 1/1000th 5.85 % Non-Cum Perp Pfd Shs -A- Series -Q-
WFCPRL1189.006.31Wells Fargo & Co., 7.50% Non-Cumul Perp Conv Cl A Preferred Stock, Series L
WFCPRR26.816.18Deposit Shs Repr 1/1000th 6 5/8 % Non-Cum Perp Pfd Shs -A- Series -R-
WFCPRN23.245.59Deposit Repr 1/1000th 5.2% Fixed Perp Pfd Shs A S eries N
WFCPRP23.215.65Deposit Shs Repr 1/1000 Non-Cum Perp Pfd Shs A Series P
WFCPRO23.385.48Deposit Shs Repr 1/1000th 5 1/8 % Non-Cum Perp Pfd Shs -A- Series -0-
WFCPRJ26.317.60Wells Fargo & Co., 8.00% Dep Shares Non-cumul Perp Cl A Preferred Stock Series J
WFCPRT24.916.02Deposit Shs Repr 1/1000th 6 % Non-Cum Perp Pfd Shs -A- Series -T-
WFCPRV24.666.08
WFCPRW23.815.25
WFCPRX22.903.00

Business Description

Industry: Banks » Banks - Global
Compare:NYSE:JPM, NYSE:BAC, OTCPK:IDCBF, OTCPK:CICHF, NYSE:C, OTCPK:HBCYF, OTCPK:BACHF, OTCPK:ACGBF, OTCPK:CMWAY, NYSE:TD, OTCPK:MBFJF, OTCPK:WEBNF, NYSE:SAN, NYSE:BNS, OTCPK:ANEWF, NYSE:UBS, OTCPK:BCMXY, OTCPK:NABZY, OTCPK:INGVF, NYSE:SMFG » details
Traded in other countries:WFC.Argentina, WFCO34.Brazil, WFC.Chile, NWT.Germany, WFC.Mexico, WFC.Switzerland, 0R2F.UK,
Wells Fargo & Co is a diversified financial services company. It provides retail, corporate and commercial banking services through banking stores and offices, the internet and other distribution channels to individuals, businesses and institutions.

Wells Fargo & Co was founded on March 18, 1852 under the laws of Delaware. It is a diversified financial services company. The Company provides retail, commercial and corporate banking services through banking stores and offices, the internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in other countries. It provides other financial services through subsidiaries engaged in various businesses, principally: wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services, mortgage-backed securities servicing and venture capital investment. The Company's business segments are Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement. The Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and auto, student, and small business lending. These products also include investment, insurance and trust services in 39 states and D.C., and mortgage and home equity loans in all 50 states and D.C. through its Regional Banking and Wells Fargo Home Lending business units. The Wholesale Banking provides financial solutions to businesses across the United States and globally with annual sales generally in excess of $20 million. Products and business segments include Middle Market Commercial Banking, Government and Institutional Banking, Corporate Banking, Commercial Real Estate, Treasury Management, Wells Fargo Capital Finance, Insurance, International, Real Estate Capital Markets, Commercial Mortgage Servicing, Corporate Trust, Equipment Finance, Wells Fargo Securities, Principal Investments, Asset Backed Finance, and Asset Management. The Wealth, Brokerage and Retirement provide a full range of financial advisory services to clients using a planning approach to meet each client's financial needs. Wealth Management provides affluent and high net worth clients with a complete range of wealth management solutions, including financial planning, private banking, credit, investment management and fiduciary services. As a bank holding company, the Company is subject to regulation under the BHC Act and to inspection, examination and supervision by its primary regulator, the Board of Governors of the Federal Reserve System.

Guru Investment Theses on Wells Fargo & Co

Wally Weitz Comments on Wells Fargo - Nov 09, 2016

Wells Fargo (NYSE:WFC) is a financial services company. The opening of bogus bank and credit card accounts at Wells Fargo was a serious violation of customer trust. Management’s pressure on employees to “make the numbers” and their apparent slow response to the problem once it surfaced are serious lapses of judgement and culture. Members of top management are paying a financial price, and some may lose their jobs. The bank may face additional penalties, and the reputational damage is significant. From an investment perspective, though, while the stock will probably be under a cloud for some period of time, we do not expect a permanent impairment of the company’s business value. The company’s very low- cost deposit base, ubiquitous distribution, ample capital and diverse business lines give us confidence in the durability of Wells Fargo’s franchise. The stock trades at less than 12x our earnings estimates, and we continue to own the company at quarter end.

From Wallace Weitz (Trades, Portfolio)'s third quarter 2016 Partners III Opportunity Fund.

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Mairs & Power Comments on Wells Fargo - Oct 31, 2016

Another name in the Fund that has been in the news recently is Wells Fargo (NYSE:WFC). Following reports of widespread deceptive sales practices and resulting government fines, which have hurt both the stock price and the company’s reputation, we have received questions from many of our investors expressing concerns about our Wells Fargo position. While we share investors’ concerns about the extent of the unauthorized accounts problem at Wells Fargo, we have decided to hold existing positions for the present. We know many of the senior executives at Wells Fargo and believe they are people of good character. We do not think the current situation indicates a systemic problem with the values of the organization or its people and we are convinced that changes are underway that will remove the incentives that caused the problem. We are also expecting a slower growth rate for Wells Fargo going forward. Despite our expectation for slower growth, the market has (in our opinion) overly punished the stock and this is a very inopportune time to sell Wells Fargo. We will closely monitor the situation and the impact on the company’s competitive position and may make changes to our holdings of Wells Fargo if deemed appropriate.



From Mairs & Power Growth Fund third quarter 2016 commentary.





This commentary includes forward-looking statements such as economic predictions and portfolio manager opinions. The statements are subject to change at any time based on market and other conditions. No pre-dictions, forecasts, outlooks, expectations or beliefs are guaranteed.



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Ruane Cunniff Comments on Wells Fargo - Oct 13, 2016

We did not add to or reduce our 2% position in Wells Fargo (NYSE:WFC) during the quarter, but recent events prompt us to share our thoughts on the bank with you. News emerged in September that since 2011, Wells Fargo employees had created up to 2.1 million sham customer accounts in order to meet aggressive sales quotas set by bank management. While this behavior caused the bank to fire some 5,300 employees over a period of five years, the bank was distressingly slow to change the incentives that prompted this bad behavior. We believe that Wells management has damaged the bond of trust the bank had built with its customers, and that senior executives should be held accountable for the practices their policies engendered. That said, it is important to note that only about 5% of the unauthorized accounts had fees associated with them—and that these fees came to about $2.6 million in total. Wells Fargo is an enormous enterprise, with 93 million customer accounts and $22.4 billion of net income in the past year. The sham accounts did not make money for Wells, and more likely cost it money as the bank paid bonuses to employees who opened inactive accounts. Wells has suffered deep reputational damage and we will keep a watchful eye on the remedies proposed by management, but we believe Wells remains an attractive franchise with a low valuation.

From Ruane Cunniff (Trades, Portfolio)'s Sequoia Fund third quarter 2016 letter to shareholders.

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Tom Russo Comments on Wells Fargo - Sep 26, 2016

Wells Fargo (NYSE:WFC) continues to languish under negative investor sentiment towards large banks in general, despite being immune from some of the problems confronting its industry peers. Wells Fargo remains focused on consumer banking and retail banking, relying upon a large number of account relationships to build stickiness and create banking customer captivity. Wells Fargo shares trade for barely over eleven times net income and provide over three percent dividend yield. I believe that Wells Fargo will continue to enjoy funding benefits from low cost or deposit compared to its competitor bank which suffer higher borrowing costs to fund their own lending operations.



From Tom Russo (Trades, Portfolio)'s Semper Vic Partners second quarter 2016 shareholder letter.



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Ruane Cunniff Comments on Wells Fargo - Jul 13, 2016

Wells Fargo (NYSE:WFC) is the highest return and arguably the best run very large bank in the U.S. It is the number one U.S. bank in many categories including retail deposits; middle market, small business and used car lending; equipment and inventory financing; railcar leasing; and commercial and residential mortgage servicing and originations. It is in fewer volatile business lines than other large banks. It leads the industry in the intensity of its customer relationships with over six products per customer. The number of primary checking accounts at Wells is currently growing at around 5%, an impressive growth rate for a financial institution of this size. Through deposit-driven asset growth and stock buybacks, Wells has done a good job of counteracting shrinking net interest margins over the past decade.

Wells has a long-tenured management team and its record of technological innovation positions it well to handle both challenges from “fintech” disruptors and customer demands for access through a multitude of distribution channels. Wells has a good record of capital allocation, having added to per-share value during the financial crisis by buying Wachovia, expanding its footprint from its already fast-growing Western base to the equally vibrant Southeast. At the time, Wachovia’s “pick-a-pay” mortgage portfolio concerned many investors, but that portfolio’s quality has turned out to be better than even Wells expected. Recently, Wells acquired a large piece of General Electric’s finance business, an acquisition we think will work out well.

Last quarter, Wells’ $1.2 trillion in deposits cost only 0.10% on an annualized basis, the lowest interest cost among its peer group, if not the entire banking industry. Right now, the value of Wells’ deposit franchise is obscured by the unusually low interest rate environment and the fact that Wells is currently holding a high level of cash balances earning virtually nothing. Credit losses should rise in a more normal environment and new regulations requiring Wells to raise long term debt could pinch margins somewhat, but we think the boost in profits from higher interest rates and a redeployment of high cash balances would offset those impacts.

Wells trades at about 12 times our forward 12 months’ earnings estimate, a sharp discount to the S&P multiple of 17. Historically banks have sold at discounts to other publicly traded companies because of the perceived risk that comes with leverage. But Wells’ common equity capital ratio is roughly double pre-crisis levels, its underwriting standards are tighter, and it has exited some higher risk businesses. This suggests a higher relative multiple might be warranted.

Between our 2% weighting in Wells and our look-through interest in the Wells shares owned by Berkshire Hathaway, Sequoia shareholders have roughly a 3% exposure to the bank.

From Ruane Cunniff (Trades, Portfolio)'s Sequoia Fund second quarter 2016 shareholder letter.

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Wallace Weitz Comments on Wells Fargo - Apr 14, 2016

Wells Fargo (NYSE:WFC) ($49 per share) is one of the country’s largest banks, but it has avoided most of the headaches (and risks) associated with the global “money center” banks. It has a strong, conservative lending culture and it added an enormous quantity of cheap deposits during the financial crisis of 2007-09 by acquiring troubled banks. (It also has Warren Buffett (Trades,Portfolio), as a 10% owner, looking over its shoulder.) Wells has suffered compressed net interest margins (as has Redwood) in this period of artificially low rates, yet its earnings have grown to over $4 per share in fiscal year 2014 and again in 2015. When interest rates rise, Wells Fargo’s margins should widen, earnings should increase and the price investors are willing to pay for those earnings (P/E) may increase.

From Wallace Weitz (Trades, Portfolio)'s First Quarter Value Matters.

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Davis Funds Comments on Wells Fargo - Sep 11, 2015

Wells Fargo (NYSE:WFC), a representative holding in the Portfolio, is one of the largest and in our view one of the best-managed financial services companies in the United States, serving one in three households nationwide.1 Wells Fargo provides banking, insurance, investment, mortgage, and consumer finance services across North America through its extensive branch network as well as other channels such as loan and wealth management offices, call centers and the Internet. A key competitive advantage is Wells Fargo’s sizeable, low-cost retail deposit base that enables it to generate one of the highest net interest margins in the industry. Wells Fargo has strong capital ratios, is a smart risk manager and is well positioned for continued growth over the years ahead.



From the Davis Financial Fund semi-annual review 2015.



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Top Ranked Articles about Wells Fargo & Co

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Wally Weitz Comments on Wells Fargo Guru stock highlight
Wells Fargo (NYSE:WFC) is a financial services company. The opening of bogus bank and credit card accounts at Wells Fargo was a serious violation of customer trust. Management’s pressure on employees to “make the numbers” and their apparent slow response to the problem once it surfaced are serious lapses of judgement and culture. Members of top management are paying a financial price, and some may lose their jobs. The bank may face additional penalties, and the reputational damage is significant. From an investment perspective, though, while the stock will probably be under a cloud for some period of time, we do not expect a permanent impairment of the company’s business value. The company’s very low- cost deposit base, ubiquitous distribution, ample capital and diverse business lines give us confidence in the durability of Wells Fargo’s franchise. The stock trades at less than 12x our earnings estimates, and we continue to own the company at quarter end. Read more...
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Mairs & Power Comments on Wells Fargo Guru stock highlight
Another name in the Fund that has been in the news recently is Wells Fargo (NYSE:WFC). Following reports of widespread deceptive sales practices and resulting government fines, which have hurt both the stock price and the company’s reputation, we have received questions from many of our investors expressing concerns about our Wells Fargo position. While we share investors’ concerns about the extent of the unauthorized accounts problem at Wells Fargo, we have decided to hold existing positions for the present. We know many of the senior executives at Wells Fargo and believe they are people of good character. We do not think the current situation indicates a systemic problem with the values of the organization or its people and we are convinced that changes are underway that will remove the incentives that caused the problem. We are also expecting a slower growth rate for Wells Fargo going forward. Despite our expectation for slower growth, the market has (in our opinion) overly punished the stock and this is a very inopportune time to sell Wells Fargo. We will closely monitor the situation and the impact on the company’s competitive Read more...
How Can You Beat the Market? There are many markets where you can find your edge
The investing world is full of tough competition. Better results require hard work. Sometimes even hard work is not enough. Read more...
Wells Fargo Reports Strong 3rd Quarter Earnings Company increased revenues despite customer account scandal
During the third quarter, Wells Fargo & Co. (NYSE:WFC) reported $5.6 billion in net income and diluted earnings per share of $1.03. These values represent a 2% increase and a 1% increase from second quarter values, respectively. Even though the company suffered over $185 million due to the customer account scandal, Wells Fargo increased their revenues by 2% from third quarter 2015. Read more...
Ruane Cunniff Comments on Wells Fargo Guru stock highlight
We did not add to or reduce our 2% position in Wells Fargo (NYSE:WFC) during the quarter, but recent events prompt us to share our thoughts on the bank with you. News emerged in September that since 2011, Wells Fargo employees had created up to 2.1 million sham customer accounts in order to meet aggressive sales quotas set by bank management. While this behavior caused the bank to fire some 5,300 employees over a period of five years, the bank was distressingly slow to change the incentives that prompted this bad behavior. We believe that Wells management has damaged the bond of trust the bank had built with its customers, and that senior executives should be held accountable for the practices their policies engendered. That said, it is important to note that only about 5% of the unauthorized accounts had fees associated with them—and that these fees came to about $2.6 million in total. Wells Fargo is an enormous enterprise, with 93 million customer accounts and $22.4 billion of net income in the past year. The sham accounts did not make money for Wells, and more likely cost it money as the bank paid bonuses to employees who opened Read more...
Wells Fargo CEO John Stumpf Steps Down Amid Investigation CEO out over fake accounts
Wells Fargo & Company (NYSE:WFC) announced Wednesday evening that its chairman and CEO John Stumpf would retire from the company effective immediately. Read more...
A Low-Risk Strategy to Make a Wells Fargo Entry It is possible to safely buy into Wells Fargo now, despite its recent troubles, using married puts
Since news about false bank and credit card accounts surfaced in early September, Wells Fargo & Co. (NYSE:WFC) has taken a very big reputational hit. That hit included a fine of $185 million. In addition, it says it fired some 5,300 employees, who presumably will need to be replaced, thus incurring recruiting and training costs, as well as foregone revenue until the new employees get up to speed. Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 13.31
WFC's P/E(ttm) is ranked higher than
51% of the 2008 Companies
in the Global Banks - Global industry.

( Industry Median: 13.10 vs. WFC: 13.31 )
Ranked among companies with meaningful P/E(ttm) only.
WFC' s P/E(ttm) Range Over the Past 10 Years
Min: 8.71  Med: 13.12 Max: 43.48
Current: 13.31
8.71
43.48
Forward P/E 13.02
WFC's Forward P/E is ranked higher than
51% of the 561 Companies
in the Global Banks - Global industry.

( Industry Median: 12.92 vs. WFC: 13.02 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 13.31
WFC's PE(NRI) is ranked higher than
54% of the 1604 Companies
in the Global Banks - Global industry.

( Industry Median: 13.85 vs. WFC: 13.31 )
Ranked among companies with meaningful PE(NRI) only.
WFC' s PE(NRI) Range Over the Past 10 Years
Min: 8.71  Med: 13.12 Max: 43.48
Current: 13.31
8.71
43.48
Price/Owner Earnings (ttm) 5.94
WFC's Price/Owner Earnings (ttm) is ranked higher than
78% of the 909 Companies
in the Global Banks - Global industry.

( Industry Median: 13.74 vs. WFC: 5.94 )
Ranked among companies with meaningful Price/Owner Earnings (ttm) only.
WFC' s Price/Owner Earnings (ttm) Range Over the Past 10 Years
Min: 3.9  Med: 5 Max: 6.85
Current: 5.94
3.9
6.85
P/B 1.48
WFC's P/B is ranked lower than
69% of the 1990 Companies
in the Global Banks - Global industry.

( Industry Median: 1.11 vs. WFC: 1.48 )
Ranked among companies with meaningful P/B only.
WFC' s P/B Range Over the Past 10 Years
Min: 0.53  Med: 1.52 Max: 2.97
Current: 1.48
0.53
2.97
P/S 3.19
WFC's P/S is ranked higher than
53% of the 2055 Companies
in the Global Banks - Global industry.

( Industry Median: 3.18 vs. WFC: 3.19 )
Ranked among companies with meaningful P/S only.
WFC' s P/S Range Over the Past 10 Years
Min: 0.6  Med: 2.61 Max: 3.62
Current: 3.19
0.6
3.62
EV-to-EBIT 20.01
WFC's EV-to-EBIT is ranked lower than
75% of the 1615 Companies
in the Global Banks - Global industry.

( Industry Median: 11.02 vs. WFC: 20.01 )
Ranked among companies with meaningful EV-to-EBIT only.
WFC' s EV-to-EBIT Range Over the Past 10 Years
Min: 7.1  Med: 16.85 Max: 147.8
Current: 20.01
7.1
147.8
EV-to-EBITDA 17.62
WFC's EV-to-EBITDA is ranked lower than
75% of the 1612 Companies
in the Global Banks - Global industry.

( Industry Median: 10.08 vs. WFC: 17.62 )
Ranked among companies with meaningful EV-to-EBITDA only.
WFC' s EV-to-EBITDA Range Over the Past 10 Years
Min: 6.6  Med: 14.45 Max: 98.2
Current: 17.62
6.6
98.2
PEG 1.07
WFC's PEG is ranked higher than
56% of the 748 Companies
in the Global Banks - Global industry.

( Industry Median: 1.28 vs. WFC: 1.07 )
Ranked among companies with meaningful PEG only.
WFC' s PEG Range Over the Past 10 Years
Min: 0.41  Med: 1.01 Max: 12.09
Current: 1.07
0.41
12.09
Shiller P/E 17.49
WFC's Shiller P/E is ranked higher than
63% of the 510 Companies
in the Global Banks - Global industry.

( Industry Median: 19.87 vs. WFC: 17.49 )
Ranked among companies with meaningful Shiller P/E only.
WFC' s Shiller P/E Range Over the Past 10 Years
Min: 4.6  Med: 15.86 Max: 22.25
Current: 17.49
4.6
22.25

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 2.83
WFC's Dividend Yield is ranked higher than
52% of the 2321 Companies
in the Global Banks - Global industry.

( Industry Median: 2.78 vs. WFC: 2.83 )
Ranked among companies with meaningful Dividend Yield only.
WFC' s Dividend Yield Range Over the Past 10 Years
Min: 0.59  Med: 2.58 Max: 15.45
Current: 2.83
0.59
15.45
Dividend Payout 0.37
WFC's Dividend Payout is ranked higher than
94% of the 1305 Companies
in the Global Banks - Global industry.

( Industry Median: 9999.00 vs. WFC: 0.37 )
Ranked among companies with meaningful Dividend Payout only.
WFC' s Dividend Payout Range Over the Past 10 Years
Min: 0.08  Med: 0.36 Max: 0.84
Current: 0.37
0.08
0.84
Dividend Growth (3y) 23.70
WFC's Dividend Growth (3y) is ranked higher than
78% of the 738 Companies
in the Global Banks - Global industry.

( Industry Median: 7.90 vs. WFC: 23.70 )
Ranked among companies with meaningful Dividend Growth (3y) only.
WFC' s Dividend Growth (3y) Range Over the Past 10 Years
Min: -44.7  Med: 13.5 Max: 79.2
Current: 23.7
-44.7
79.2
Forward Dividend Yield 2.80
WFC's Forward Dividend Yield is ranked higher than
50% of the 2260 Companies
in the Global Banks - Global industry.

( Industry Median: 2.95 vs. WFC: 2.80 )
Ranked among companies with meaningful Forward Dividend Yield only.
N/A
Yield on cost (5-Year) 20.78
WFC's Yield on cost (5-Year) is ranked higher than
96% of the 2628 Companies
in the Global Banks - Global industry.

( Industry Median: 3.46 vs. WFC: 20.78 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
WFC' s Yield on cost (5-Year) Range Over the Past 10 Years
Min: 4.33  Med: 18.95 Max: 113.46
Current: 20.78
4.33
113.46
3-Year Average Share Buyback Ratio 1.10
WFC's 3-Year Average Share Buyback Ratio is ranked higher than
86% of the 1057 Companies
in the Global Banks - Global industry.

( Industry Median: -1.90 vs. WFC: 1.10 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
WFC' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -31.2  Med: 0 Max: 1.1
Current: 1.1
-31.2
1.1

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 1.93
WFC's Price/Tangible Book is ranked lower than
77% of the 2002 Companies
in the Global Banks - Global industry.

( Industry Median: 1.19 vs. WFC: 1.93 )
Ranked among companies with meaningful Price/Tangible Book only.
WFC' s Price/Tangible Book Range Over the Past 10 Years
Min: 1.46  Med: 3.92 Max: 9.74
Current: 1.93
1.46
9.74
Price/Projected FCF 0.66
WFC's Price/Projected FCF is ranked lower than
80% of the 1125 Companies
in the Global Banks - Global industry.

( Industry Median: 0.77 vs. WFC: 0.66 )
Ranked among companies with meaningful Price/Projected FCF only.
WFC' s Price/Projected FCF Range Over the Past 10 Years
Min: 0.63  Med: 1.55 Max: 3.44
Current: 0.66
0.63
3.44
Price/Median PS Value 1.20
WFC's Price/Median PS Value is ranked lower than
62% of the 1898 Companies
in the Global Banks - Global industry.

( Industry Median: 1.09 vs. WFC: 1.20 )
Ranked among companies with meaningful Price/Median PS Value only.
WFC' s Price/Median PS Value Range Over the Past 10 Years
Min: 0.38  Med: 1.22 Max: 1.84
Current: 1.2
0.38
1.84
Price/Peter Lynch Fair Value 1.57
WFC's Price/Peter Lynch Fair Value is ranked lower than
70% of the 511 Companies
in the Global Banks - Global industry.

( Industry Median: 1.10 vs. WFC: 1.57 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
WFC' s Price/Peter Lynch Fair Value Range Over the Past 10 Years
Min: 0.43  Med: 0.99 Max: 4.33
Current: 1.57
0.43
4.33
Price/Graham Number 1.07
WFC's Price/Graham Number is ranked lower than
62% of the 1743 Companies
in the Global Banks - Global industry.

( Industry Median: 0.88 vs. WFC: 1.07 )
Ranked among companies with meaningful Price/Graham Number only.
WFC' s Price/Graham Number Range Over the Past 10 Years
Min: 0.76  Med: 1.79 Max: 2.98
Current: 1.07
0.76
2.98
Earnings Yield (Greenblatt) (%) 4.97
WFC's Earnings Yield (Greenblatt) (%) is ranked lower than
56% of the 2188 Companies
in the Global Banks - Global industry.

( Industry Median: 6.00 vs. WFC: 4.97 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
WFC' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: 0.7  Med: 5.9 Max: 14.1
Current: 4.97
0.7
14.1
Forward Rate of Return (Yacktman) (%) 10.36
WFC's Forward Rate of Return (Yacktman) (%) is ranked lower than
54% of the 879 Companies
in the Global Banks - Global industry.

( Industry Median: 11.55 vs. WFC: 10.36 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
WFC' s Forward Rate of Return (Yacktman) (%) Range Over the Past 10 Years
Min: -14.3  Med: 8.45 Max: 27.6
Current: 10.36
-14.3
27.6

More Statistics

Revenue (TTM) (Mil) $88,271
EPS (TTM) $ 4.03
Beta0.87
Short Percentage of Float0.53%
52-Week Range $43.55 - 56.24
Shares Outstanding (Mil)5,022.30

Analyst Estimate

Dec16 Dec17 Dec18 Dec19
Revenue (Mil $) 88,911 91,980 96,863
EPS ($) 4.04 4.21 4.55 5.32
EPS w/o NRI ($) 4.04 4.21 4.55 5.32
EPS Growth Rate
(3Y to 5Y Estimate)
5.60%
Dividends Per Share ($) 1.52 1.58 1.71
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