Wells Fargo & Company (WFC)

Executive Summary

Wells Fargo is, in our view at T&T Capital Management, the U.S. money-center bank with the most consequential structural catalyst in 2025-2026: the Federal Reserve removed the seven-year asset cap restriction in 2025, freeing the franchise to deploy its balance sheet aggressively for the first time since the 2018 enforcement action. At $76.11 per share, WFC trades at approximately 11.7x consensus FY2026 EPS of approximately $6.50, approximately 1.4x tangible book value of $54, and offers a 2.4 percent dividend yield. The franchise has completed a remarkable multi-year recovery under Charlie Scharf — termination of multiple consent orders, achievement of the original 15 percent ROTCE target, asset-cap removal — and management has now set a new medium-term ROTCE target of 17-18 percent.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers