Analyst Consensus ?
ConsensusHold60 ratings
Bullish2948.3%
Neutral2745.0%
Bearish46.7%
Wells Fargo & Company · WFC · FY2024 Q2 · Calendar Q3 2024
Wells Fargo fee growth offsets lower net interest income
The quarter supports a constructive but qualified view: resilient fee growth, credit-card expansion, wealth activity and technology investment provide growth avenues, while lower net interest income, regulatory execution and credit costs remain material offsets.
Reported Before market openNYSEFinancial Services
$247.31B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.33
Consensus $1.29
EPS surprise
+3.1%
Reported versus consensus
Reported revenue
$20.69B
Consensus $20.30B
Revenue surprise
+1.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-6.0%
Event window
SPY move
+0.6%
Same window
Abnormal move
-6.6%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
-6.7%
Up to 20 sessions
WFCSPY benchmark
Ask FN2 about WFC FY2024 Q2
Transcript, numbers and history already loaded
Why did WFC fall 6.0% after beating EPS estimates in FY2024 Q2?What changed in WFC's guidance and outlook in FY2024 Q2?Give me the bull and bear case for WFC after FY2024 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, fee growth accelerated to 19% year over year from 17% non-interest-income growth, while the net interest income decline deepened to 9% from 8%. Management added emphasis on two new credit cards, AI use cases, branch modernization and continued control remediation.
Guidance delta
Guidance sentiment was maintained. Management continued to emphasize fee growth and credit-card maturation while noting higher costs and regulatory work.
Key takeaways
- Fee-based revenue grew 19% year over year, offsetting a 9% decline in net interest income.
- New credit-card products and portfolio maturation are central to the consumer strategy.
- Capital remained strong, while dividend growth and substantial buybacks continued with a slower pace ahead.
- AI, digital onboarding and branch modernization are positioned as efficiency and customer-experience initiatives.
- Regulatory controls, deposit costs and credit quality remain important constraints.
Management priorities
- Complete risk and compliance control deliverables
- Expand and mature the credit-card portfolio
- Apply AI and generative AI to operations and customer experience
- Modernize branches and digital account opening
- Grow wealth advisory and corporate investment-banking capabilities
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$82.39Current
$47Low
$79.4Average
$125.5High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Oct 14, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 14, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Oct 14, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Oct 14, 2026 |
| UBS | Buy | Buy | Maintain | Oct 5, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Oct 5, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 2, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 1, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Oct 1, 2026 |
| Baird | Neutral | Neutral | Maintain | Jul 15, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 7, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 15, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 15, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Jan 22, 2026 |
| TD Cowen | Hold | Hold | Maintain | Jan 15, 2026 |
| Argus Research | Buy | Buy | Maintain | Jan 15, 2026 |
| Raymond James | Market Perform | Strong Buy | Downgrade | Jul 7, 2025 |
| Compass Point | Neutral | Neutral | Maintain | Dec 10, 2024 |
| Phillip Securities | Accumulate | Neutral | Upgrade | Oct 15, 2024 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Oct 8, 2024 |
| Deutsche Bank | Buy | Hold | Upgrade | Sep 3, 2024 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 15, 2024 |
| Jefferies | Hold | Hold | Maintain | Jul 3, 2024 |
| Oppenheimer | Perform | Perform | Maintain | Apr 15, 2024 |
| HSBC | Hold | Hold | Maintain | Mar 28, 2024 |
| Odeon Capital | Hold | Buy | Downgrade | Jan 18, 2024 |
| Atlantic Equities | Overweight | Overweight | Maintain | Aug 1, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 18, 2022 |
| Seaport Global | Buy | Neutral | Upgrade | Jan 19, 2021 |
| DA Davidson | Neutral | Neutral | Maintain | May 29, 2020 |
| Nomura | Buy | Buy | Maintain | Apr 7, 2020 |
| CFRA | Hold | Sell | Upgrade | Mar 4, 2020 |
| Buckingham Research | Neutral | Neutral | Maintain | Jul 17, 2019 |
| Buckingham | Neutral | Buy | Downgrade | Apr 15, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Apr 15, 2019 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Apr 1, 2019 |
| Macquarie | Outperform | Neutral | Upgrade | Oct 15, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Sandler O'Neill | Buy | Hold | Upgrade | Jan 9, 2018 |
| Bernstein | Outperform | Market Perform | Upgrade | Jan 3, 2018 |
| Berenberg | Sell | Hold | Downgrade | Jul 21, 2017 |
| Guggenheim | Neutral | Sell | Upgrade | Apr 25, 2017 |
| Rafferty Capital | Sell | Hold | Downgrade | Apr 12, 2017 |
| Rafferty | Sell | Hold | Downgrade | Apr 12, 2017 |
| PiperJaffray | Neutral | Underweight | Upgrade | Apr 10, 2017 |
| Susquehanna | Neutral | Positive | Downgrade | Dec 1, 2016 |
| FBR Capital | Market Perform | Outperform | Downgrade | Oct 19, 2016 |
| Keefe, Bruyette& Woods | Perform | Outperform | Downgrade | Oct 16, 2016 |
| Societe Generale | Sell | Hold | Downgrade | Mar 9, 2015 |
| Miller Tabak | Buy | Hold | Upgrade | Mar 9, 2015 |
| Argus Capital | Buy | Sell | Upgrade | Oct 16, 2014 |
| S&P Capital IQ | Hold | Buy | Downgrade | Jan 14, 2014 |
| ISI Group | Buy | Buy | Maintain | Oct 7, 2013 |
| Sterne Agee | Neutral | Buy | Downgrade | Jun 14, 2013 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Feb 11, 2013 |
| Stifel | Buy | Hold | Upgrade | Feb 11, 2013 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Dec 19, 2012 |
| SunTrust Robinson Humphrey | Neutral | Neutral | Maintain | Dec 7, 2012 |
| Drexel Hamilton | Buy | Buy | Maintain | Oct 2, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 16, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $82.39. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Gerard Cassidy | $92 | $80.74 | +11.7% | Oct 14, 2026 |
| Morgan Stanley | Analyst unavailable | $101 | $80.74 | +22.6% | Oct 14, 2026 |
| Goldman Sachs | Analyst unavailable | $94 | $80.74 | +14.1% | Oct 13, 2026 |
| Goldman Sachs | Analyst unavailable | $96 | $80.45 | +16.5% | Oct 5, 2026 |
| Wells Fargo | Manan Gosalia | $102 | $80.45 | +23.8% | Oct 5, 2026 |
| Truist Financial | Analyst unavailable | $95 | $78.68 | +15.3% | Oct 1, 2026 |
| Robert W. Baird | Analyst unavailable | $92 | $85.29 | +11.7% | Jul 15, 2026 |
| UBS | Erika Najarian | $104 | $88.12 | +26.2% | Jul 7, 2026 |
| Wells Fargo | Analyst unavailable | $93 | $82.62 | +12.9% | Jul 1, 2026 |
| Morgan Stanley | Analyst unavailable | $102 | $84.02 | +23.8% | Jun 29, 2026 |
| Wells Fargo | Analyst unavailable | $98 | $79.9 | +18.9% | May 6, 2026 |
| Wells Fargo | Eric Shih | $88 | $81.74 | +6.8% | Apr 16, 2026 |
| Piper Sandler | Analyst unavailable | $94 | $81.73 | +14.1% | Apr 15, 2026 |
| Barclays | Jason Goldberg | $108 | $81.73 | +31.1% | Apr 15, 2026 |
| Truist Financial | John McDonald | $94 | $76.48 | +14.1% | Mar 17, 2026 |
| Wells Fargo | Analyst unavailable | $85 | $86.29 | +3.2% | Feb 13, 2026 |
| UBS | Analyst unavailable | $113 | $93.51 | +37.2% | Feb 4, 2026 |
| Evercore ISI | John Pancari | $105 | $89.11 | +27.4% | Jan 15, 2026 |
| Wells Fargo | Analyst unavailable | $96 | $93.48 | +16.5% | Jan 14, 2026 |
| Wolfe Research | Analyst unavailable | $109 | $94.44 | +32.3% | Jan 7, 2026 |
| HSBC | Analyst unavailable | $74 | $94.96 | -10.2% | Jan 7, 2026 |
| Evercore ISI | John Pancari | $110 | $95.66 | +33.5% | Jan 6, 2026 |
| Truist Financial | John McDonald | $104 | $96.4 | +26.2% | Jan 6, 2026 |
| Wells Fargo | Analyst unavailable | $90 | $96.4 | +9.2% | Jan 6, 2026 |
| Barclays | Analyst unavailable | $113 | $95.2 | +37.2% | Jan 5, 2026 |
| Truist Financial | Analyst unavailable | $100 | $93.27 | +21.4% | Dec 18, 2025 |
| Evercore ISI | Analyst unavailable | $107 | $93.8 | +29.9% | Dec 15, 2025 |
| Truist Financial | Analyst unavailable | $90 | $85.92 | +9.2% | Oct 15, 2025 |
| Morgan Stanley | Analyst unavailable | $97 | $84.56 | +17.7% | Oct 15, 2025 |
| Barclays | Analyst unavailable | $94 | $84.56 | +14.1% | Oct 15, 2025 |
| UBS | Analyst unavailable | $93 | $80.84 | +12.9% | Oct 7, 2025 |
| Evercore ISI | Analyst unavailable | $98 | $84.65 | +18.9% | Sep 30, 2025 |
| Wells Fargo | Betsy Graseck | $95 | $85.01 | +15.3% | Sep 29, 2025 |
| Goldman Sachs | Richard Ramsden | $86 | $82.34 | +4.4% | Jul 8, 2025 |
| Raymond James | David Long | $84 | $74.74 | +2.0% | Jun 18, 2025 |
| Needham | Mike Cikos | $125.5 | $73.73 | +52.3% | May 28, 2025 |
| Wells Fargo | Steven Alexopoulos | $83 | $76.28 | +0.7% | May 14, 2025 |
| Barclays | Jason Goldberg | $87 | $63.1 | +5.6% | Apr 14, 2025 |
| Morgan Stanley | Analyst unavailable | $79 | $74.28 | -4.1% | Mar 24, 2025 |
| Wells Fargo | Analyst unavailable | $65.63 | $66.78 | -20.3% | Mar 10, 2025 |
| Wolfe Research | Steven Chubak | $87 | $70.61 | +5.6% | Jan 3, 2025 |
| CFRA | Alexander Yokum | $92 | $52.76 | +11.7% | Nov 19, 2024 |
| Compass Point | David Rochester | $60 | $63.42 | -27.2% | Oct 15, 2024 |
| Wells Fargo | Gerard Cassidy | $61 | $62.16 | -26.0% | Oct 14, 2024 |
| Citigroup | Keith Horowitz | $67 | $63.02 | -18.7% | Oct 14, 2024 |
| Robert W. Baird | David George | $62 | $60.99 | -24.7% | Oct 14, 2024 |
| Piper Sandler | Scott Siefers | $62 | $60.99 | -24.7% | Oct 14, 2024 |
| Barclays | Jason Goldberg | $75 | $60.99 | -9.0% | Oct 14, 2024 |
| Evercore ISI | John Pancari | $71 | $60.99 | -13.8% | Oct 14, 2024 |
| Deutsche Bank | Matt O' Connor | $65 | $57.75 | -21.1% | Oct 11, 2024 |
| Bank of America Securities | Ebrahim Poonawala | $70 | $55.9 | -15.0% | Sep 27, 2024 |
| Wells Fargo | Matt O'Connor | $65 | $58.47 | -21.1% | Sep 3, 2024 |
| Daiwa | Kazuya Nishimura | $63 | $56.45 | -23.5% | Aug 20, 2024 |
| RBC Capital | Gerard Cassidy | $61 | $58.08 | -26.0% | Jul 15, 2024 |
| Goldman Sachs | Richard Ramsden | $64 | $56.54 | -22.3% | Jul 12, 2024 |
| Compass Point | David Rochester | $64 | $60.28 | -22.3% | Jul 11, 2024 |
| Piper Sandler | Scott Siefers | $61 | $61.04 | -26.0% | May 21, 2024 |
| Wells Fargo | Kenneth Leon | $70 | $56.47 | -15.0% | Apr 12, 2024 |
| Evercore ISI | John Pancari | $67 | $55.7 | -18.7% | Apr 12, 2024 |
| Goldman Sachs | Richard Ramsden | $65 | $55.64 | -21.1% | Apr 12, 2024 |
| Wells Fargo | David Rochester | $64 | $57.79 | -22.3% | Apr 8, 2024 |
| CFRA | Kenneth Leon | $59 | $57.61 | -28.4% | Apr 1, 2024 |
| Wells Fargo | David Konrad | $62 | $56.68 | -24.7% | Mar 27, 2024 |
| Robert W. Baird | David George | $55 | $48.74 | -33.2% | Jan 11, 2024 |
| Wells Fargo | Richard Bove | $56.08 | $47.76 | -31.9% | Dec 14, 2023 |
| Loop Capital Markets | James Fotheringham | $51 | $44.7 | -38.1% | Jul 17, 2023 |
| Wells Fargo | Richard Bove | $44.6 | $40.98 | -45.9% | Apr 17, 2023 |
| Wells Fargo | Gerard Cassidy | $42 | $40.88 | -49.0% | Apr 17, 2023 |
| Piper Sandler | Scott Siefers | $47 | $39.66 | -43.0% | Apr 14, 2023 |
| Wells Fargo | David Long | $47 | $37.92 | -43.0% | Apr 6, 2023 |
| Wells Fargo | Keith Horowitz | $50 | $46.78 | -39.3% | Nov 1, 2022 |
| Barclays | Jason Goldberg | $58 | $41.13 | -29.6% | Jul 17, 2022 |
| Morgan Stanley | Betsy Graseck | $59 | $41.13 | -28.4% | Jul 15, 2022 |
| Raymond James | David Long | $50 | $37.9 | -39.3% | Jun 24, 2022 |
| Raymond James | David Long | $60 | $47.83 | -27.2% | Apr 20, 2022 |
| Barclays | Jason Goldberg | $64 | $47.07 | -22.3% | Apr 18, 2022 |
| Morgan Stanley | Betsy Graseck | $66 | $48.71 | -19.9% | Apr 2, 2022 |
| Wells Fargo | Vivek Juneja | $58.5 | $56.33 | -29.0% | Feb 6, 2022 |
| Evercore ISI | John Pancari | $65 | $56.44 | -21.1% | Jan 18, 2022 |
| BMO Capital | James Fotheringham | $54 | $57.8 | -34.5% | Jan 17, 2022 |
| KBW | David Konrad | $67 | $57.8 | -18.7% | Jan 17, 2022 |
| Goldman Sachs | Richard Ramsden | $56 | $57.8 | -32.0% | Jan 14, 2022 |
| Wolfe Research | Steven Chubak | $65 | $52.51 | -21.1% | Jan 4, 2022 |
| Barclays | Jason Goldberg | $62 | $50.5 | -24.7% | Jan 3, 2022 |
| Credit Suisse | Susan Roth Katzke | $55 | $42.51 | -33.2% | Jul 19, 2021 |
| Compass Point | Dave Rochester | $53 | $46.27 | -35.7% | May 18, 2021 |
| Citigroup | Keith Horowitz | $50 | $41.62 | -39.3% | Apr 15, 2021 |
Track every rating change on WFC the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationWells Fargo & Company, a financial services company, provides diversified banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally. It operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. The company’s financial products and services includes checking and savings accounts, and credit and debit cards, as well as home, auto, personal, and small business lending services.…
Historical context
All WFC earningsFinancial Services peers this season
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Latest beats and misses
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- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the WFC recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
- Polygon adjusted daily market bars · 2026-10-25T16:20:42.047693+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-25T16:20:42.044510+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-25. For educational purposes only; not investment advice.