Wells Fargo Drops 3.74% Ahead of Q1 Earnings

On April 7, 2025, Wells Fargo's stock experienced a 3.74% drop in pre-market trading.

Truist Securities maintained its buy rating for Wells Fargo with a new target price of $84.00. The bank reported its 2024 annual results on February 25, with revenue of $82.296 billion, a year-over-year decrease of 0.36%, and net income of $19.965 billion, with basic earnings per share of $5.43.

Wells Fargo, established in 1852, is the oldest bank in California. The company is a diversified financial services firm that has grown steadily through the acquisition of local banks and banks in the western United States. It provides retail, commercial, and corporate banking services to individuals, businesses, and institutions in all 50 U.S. states, the District of Columbia, and other countries through bank savings points, offices, the internet, and other distribution channels. The company operates through its main subsidiaries in various businesses, including wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage, computer and data processing services, trust services, investment advisory services, mortgage-backed securities repayment and risk capital investment. The company has three operating segments: Community Banking; Commercial Banking; Wealth, Brokerage and Retirement.

Wells Fargo is preparing to release its first-quarter earnings report on April 11, along with other major banks like JPMorgan Chase. The performance of these financial institutions is crucial as it reflects not only their own business conditions but also serves as a barometer for the broader economic outlook. Investors are closely watching these reports to gauge the economic health and market sentiment, especially after the uncertainties caused by trade wars and other global events.