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Traitorous to sell Wells Fargo earnings: Cramer

CNBC's Jim Cramer said Friday investors should avoid the temptation to sell Wells Fargo's stock, even though the bank posted quarterly earnings that only met expectations.

Shares of Wells Fargo were down in late-morning trading Friday after the company reported earnings of $1.01 a share, matching forecasts, on revenue of $21.07 billion. Analysts had expected Wells Fargo to deliver sales of $20.84 billion, according to a consensus estimate from Thomson Reuters. (Click here to track the shares)

The company posted earnings of 98 cents a share in the same period a year ago.

Read MoreWells Fargo posts earnings of $1.01 a share

The reflections of pedestrians are seen in the window of a Wells Fargo bank branch in New York.
Craig Warga | Bloomberg | Getty Images
The reflections of pedestrians are seen in the window of a Wells Fargo bank branch in New York.

"It's going to go down because Wells is supposed to do no wrong," Cramer said on "Squawk on the Street." "If you sell Wells on this, you're just a traitor and you know what, you don't deserve the stock. You don't deserve the stock if you're a seller of it."

Some investors were troubled by the company's net interest margin, which fell by 5 basis points in the quarter versus expectations for a decline of 1 percent. But Cramer downplayed those concerns.

"Everyone is still hung up on this net interest margin. Interest rates have not obviously gone up in this period and people need to see that 10-year at 2.7, 2.8 [percent] in order to raise numbers," he said.

Instead, Cramer noted Wells boasts $1.1 trillion in deposits, up 9 percent from a year ago.

"I think you see that number and the first thing you think is, 'OK, did they put the number of zeroes correctly? That's why this net interest margin isn't considered to be up to snuff, so to speak," he said. "You can't divest this. They have too much money. I mean I know it's a high-quality problem. We all wish we had that problem."

Jim Cramer
Adam Jeffery | CNBC
Jim Cramer

Cramer also pointed out the largest U.S. mortgage lender reported its mortgage originations climbed roughly 30 percent quarter over quarter, an $11 billion increase.

Read MoreBank profits looking gloomy, and here's why

"I just want to focus on the fact that this is a juggernaut and that the mortgage originations are really bullish. The credit numbers are fantastic," he said. "If people are not satisfied with this, they won't be satisfied with a lot of other banks."

"Wells Fargo? Dominate bank. If it takes some profits, just buy it."

Tune in: Wells Fargo Chief Financial Officer John Shrewsberry will be on CNBC's "Closing Bell" at 3:10 p.m.?

—By CNBC's Drew Sandholm

DISCLOSURE: When this story was published, Cramer's charitable trust did not own Wells Fargo.

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