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One of the country’s largest banks, Wells Fargo provides retail, commercial, and corporate banking services and is a leading residential mortgage lender.
WFC is one of my top picks as it offers EPS visibility compared to money center peers and EPS defensibility relative to regional peers. At 1.5x TBV, WFC is trading at only 0.5x above its Mar. 2009 trough, despite 17% ROTE potential. Given its concentration in resi real estate, WFC is not immune to a weak consumer, but I believe I have fully reflected this in my estimates and still find valuation compelling.
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