Wells Fargo (NYSE: WFC) hit a new intraday high on Nov. 12, 2025, as investors weigh post–asset-cap growth, management’s efficiency push, next week’s TMT Summit, and near‑term dividend and earnings dates.
Date: Wednesday, November 12, 2025
Key takeaways
- New intraday record: WFC traded as high as $88.64 today before easing, setting a fresh intraday high. [1]
- Momentum since June: The Federal Reserve removed Wells Fargo’s 2018 asset cap on June 3, 2025, unlocking balance‑sheet growth and sharpening investor focus on returns. [2]
- Execution watch: The bank beat Q3 estimates in October and raised its medium‑term ROTCE target to 17%–18%, citing stronger fee lines and stable credit. [3]
- Cost discipline: CEO Charlie Scharf reiterated last week that headcount is likely to decline further, ideally through attrition, as the company pursues efficiency. [4]
- Catalysts ahead: Wells Fargo hosts its 9th Annual TMT Summit next week in Rancho Palos Verdes, CA, while the Q4 2025 earnings release is slated for Jan. 14, 2026. [5]
Stock snapshot today
Wells Fargo shares set a session high of $88.64 and most recently traded near the mid‑$86s, modestly lower on the day after the morning rally. Intraday volume topped 11 million shares by mid‑afternoon. Price action follows a multi‑month uptrend powered by improving profitability metrics and the removal of structural regulatory constraints. [6]
Why WFC is moving
1) The post–asset-cap rerate is still playing out.
The Fed’s unanimous decision in June to lift the long‑standing $1.95T asset cap marked a structural break for the stock. With balance‑sheet growth no longer capped, management has leaned into higher‑return businesses and reengaged more fully on offense. Regulatory officials emphasized that improvements in governance and risk management under independent review were key to the decision. [7]
2) Earnings and targets reinforced the narrative.
On Oct. 14, Wells Fargo beat Q3 expectations and raised its medium‑term return on tangible common equity (ROTCE) target to 17%–18%, signaling confidence in sustainable profitability as the franchise scales without the cap. Shares jumped on the print, and the higher return framework has continued to support the multiple. [8]
3) Strategy signals ahead of investor events.
The bank’s 9th Annual TMT Summit kicks off Nov. 18–19 at Terranea in Rancho Palos Verdes—an active week for C‑suite and investor conversations across tech, media and telecom. Investor relations also lists Wells Fargo’s appearance at the Goldman Sachs Financial Services Conference on Dec. 9, giving the company additional forums to update the market into year‑end. [9]
Management, headcount and technology
Efficiency remains a central theme. On Nov. 5, CEO Charlie Scharf said the workforce will likely shrink further over time, “as much of it through attrition as possible,” while highlighting the role of AI in automating manual work and supporting frontline teams. The remarks underscore the cost discipline behind the bank’s return targets. [10]
Macro & strategy context from Wells Fargo research
Wells Fargo’s market strategists continue to frame a constructive backdrop for equities into year‑end. This week, commentary pointed to the potential for a broadened “everything” rally” and a year‑end S&P 500 target as high as 7,100, contingent on breadth improving and liquidity staying supportive—macro views that, if realized, typically favor large diversified lenders like WFC via fees and activity levels. [11]
Dividend, dates and what’s next
- Dividend: The board declared a $0.45 quarterly dividend, payable Dec. 1, 2025 (record date Nov. 7). [12]
- Investor calendar:
Other items on the tape today
- Wealth management spotlight: Forbes profiled the Roseate Group—a Charleston‑based Wells Fargo Advisors team managing roughly $3 billion and focusing on “aging‑in‑place” planning and family education—illustrating the bank’s wealth strategy amid the ongoing generational wealth transfer. [16]
- Flows & filings: Aggregators flagged small institutional moves (e.g., Accredited Investors Inc. reported buying 3,055 WFC shares; Första AP‑fonden disclosed a sale of 53,400 shares). These are routine position updates rather than strategic corporate developments. [17]
Bottom line
Wells Fargo entered today with a clear tailwind: post‑cap operating freedom, rising return targets, and disciplined cost control. Hitting a fresh intraday high reflects that re‑rating path, even amid normal day‑to‑day volatility. From here, investors are watching how quickly management converts flexibility into durable fee growth, market share gains and ROTCE delivery—with next week’s TMT Summit and the January earnings print as the next checkpoints. [18]
Disclosure: Market prices and volumes referenced are intraday and subject to change by the close. This article is for informational purposes only and is not investment advice.
References
1. stockanalysis.com, 2. www.reuters.com, 3. www.reuters.com, 4. www.reuters.com, 5. investor.rambus.com, 6. stockanalysis.com, 7. www.reuters.com, 8. www.reuters.com, 9. investor.rambus.com, 10. www.reuters.com, 11. www.businessinsider.com, 12. newsroom.wf.com, 13. investor.rambus.com, 14. www.wellsfargo.com, 15. www.wellsfargo.com, 16. www.forbes.com, 17. www.marketbeat.com, 18. www.reuters.com
