Upbeat Bank Executives Are ‘Out of Sync’ With Stock Pain, Mike Mayo Says

Veteran Wells Fargo & Co. analyst Mike Mayo said optimistic commentary from bank executives at an industry conference this week was “out of sync” with stock prices that have remained depressed most of the year.

“Bank stocks trade at among the lowest valuations since the great financial crisis, but you wouldn’t know it by talking to management teams,” analysts led by Mayo wrote in a note Friday. “They were not dismissive, but nor were they distressed.”