The Consumer Banking and Lending segment at Wells Fargo offers diversified financial products and services for consumers and small businesses. Financial products and services include checking and savings accounts, and credit and debit cards, as well as home, auto, personal and small business lending services.
Its Commercial Banking segment provides financial solutions to private, family-owned and certain public companies. Its products and services include banking and credit products across various industry sectors and municipalities, secured lending and lease products and treasury management services.
The Corporate and Investment Banking segment offers a suite of capital markets, banking and financial products and services to corporate, commercial real estate, government and institutional clients. Products and services include corporate banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income solutions, as well as sales, trading and research capabilities services.
The Wealth and Investment Management segment provides personalized wealth management, brokerage, financial planning, lending, private banking and trust and fiduciary products and services to affluent, high net worth and ultra-high net worth clients.
Wells Fargo beat sales and profit targets in the first quarter, helped along by those higher interest rates. The bank earned $5 billion, or $1.23 per share, in the three months that ended March 31, which beat analyst expectations. Revenue of $20.7 billion topped Wall Street’s target as well and was a strong 17% increase year over year.
The dividend yield here is 3.16%. The $54 Goldman Sachs price target compares with a $48.59 consensus target. Wells Fargo stock closed on Friday at $38.38.
While avoiding the smaller banks makes sense as there could be another shoe to drop, the sheer massive underweighting of these top companies combined with the big short interest positions means that, like a coiled spring, they could be ready to move higher, and fast, later this year. Despite the strong performance most have posted so far this year, they all still offer outstanding entry points that are way below most of the 52-week highs.
Originally published at 24/7 Wall St.
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