|Bid||14.55 x 1000|
|Ask||14.64 x 1000|
|Day's Range||14.55 - 14.59|
|52 Week Range||12.71 - 14.95|
|Beta (5Y Monthly)||0.05|
|PE Ratio (TTM)||13.16|
|Forward Dividend & Yield||0.55 (3.80%)|
|Ex-Dividend Date||Feb 12, 2020|
|1y Target Est||N/A|
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of BlackRock New York Municipal Income Trust and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Meet Kent Moegerle, who joined The Bank of New York (BNY) Mellon Wealth Management after more than a quarter century with SunTrust.
Wells Fargo (NYSE:WFC) stock has risen over 25% since its August lows. In late September, Wells Fargo announced it had hired a new CEO. And it's safe to say that WFC stock has been on a sort of honeymoon hike since then. But for many investors, questions remain about its difficult fundamentals and relative valuation.Source: Martina Badini / Shutterstock.com The market seems to believe that new CEO Charles Scharf can turn things around at Wells Fargo. He was poached from BNY Mellon (NYSE:BNY) where he was CEO. Scharf also served as the CEO of Visa (NYSE:V) and was a protege of Jamie Dimon, the CEO of JPMorgan Chase (NYSE:JPM). Fortune Magazine wrote a glowing article about his expertise in running financial institutions.But the truth is Scharf hasn't really tackled a company with as many scandals as Wells Fargo. Most of his jobs have been with fairly well-established financial institutions.InvestorPlace - Stock Market News, Stock Advice & Trading TipsWells Fargo has had to deal with numerous scandals over the past decade. Fortune pointed out that these include a fake-accounts scandal, questionable mortgage and auto-lending practice and red flags in its foreign exchange and wealth management businesses. Wells Fargo's Fundamental IssuesA Raymond James analyst recently cut his rating on WFC stock to "underperform," noting that he believes that with the company, "it will get worse before it gets better." In Wall Street speak, that is the equivalent of a "sell" rating. * 10 Best-Performing Growth Stocks of the 2010s Source: Chart by Mark R. Hake The analyst, David Long, said he expects revenue to contract for a fourth straight year in 2020. He also believes that Wells Fargo's profitability in a number of areas will lag its competitors.Moreover, he said that both JPM stock and Bank of America (NYSE:BAC) stock are cheaper than Wells Fargo stock.I looked into these points. Based on estimates provided by Seeking Alpha, 14 analysts expect revenue of just $80 billion (after loan loss provisions) for 2020. This is 7% below the company's $85 billion in 2017.Analysts all predict positive revenue gains for WFC's major competitors. This can be seen in the table to the right. The average cumulative revenue growth over the same four years is 15%, against WFC's expected 7% drop.Source: Chart by Mark R. Hake As interest rates keep falling it's very hard to make revenue rise. Wells Fargo has to become a more attractive place for people to borrow and deposit their money. It will have to erase its damaged image in order for revenue to rise. A Problematic ValuationWells Fargo stock is more expensive than the average of its peers. The table below shows that the average forward price-to-earnings ratio for its competitors is 11 times. This is lower than Wells Fargo's 12.6.Source: Chart by Mark R. Hake Some point out that Wells Fargo has a higher dividend yield than its peers. I looked into this as well. It is true that Wells Fargo's 3.8% dividend yield is higher than its peers. JPM stock has a 2.7% dividend yield, and BAC's yield is 2.2%.But Wells Fargo has a higher dividend payout ratio. It distributes 40% of its earnings, according to Yahoo! Finance. Its peers pay out less of their earnings. Their dividend yields would be closer to Wells Fargo's dividend yield at the same payout ratio.Others point out that Wells Fargo has a robust share buyback policy. That is true. Wells Fargo's capital plan, approved in June by the Federal Reserve, calls for buying back up to $23 billion worth of its shares. That represents about 10% of its market value. Obviously that accounts for a huge portion of the spike in the Wells Fargo stock price since then.But JPMorgan also got approval for a huge share buyback. Its approved plan is for up to $29.4 billion in share repurchases. Although that is a larger program than at Wells Fargo, it represents a lower 6.9% of JPM's stock market value.Wells Fargo is more aggressive with buybacks, but JPM stock is cheaper. I would rather take the cheaper stock. The Bottom Line on WFC StockWarren Buffett recently trimmed the Berkshire Hathaway (NYSE:BRK.A, NYSE:BRK.B) stake in Wells Fargo stock. Berkshire Hathaway was Wells Fargo's largest shareholder in March when it owned 451.4 million shares or 9.9% of the bank, according to the proxy statement.But now Berkshire only owns 378.4 million shares. That is a reduction of 73 million shares or 16%, in half a year. I believe Buffett thinks it is overvalued.Wells Fargo has not bought back 16% of its shares since March. For example, Berkshire would normally have to trim its stake to stay below 9.9% of the bank's shares outstanding. Otherwise, it would need to get approval to be a bank holding company, according to federal regulations.By my calculations, Berkshire Hathaway's stake in Wells Fargo is now about 9%. This is despite the 5.9% lower number of shares outstanding at Wells Fargo since March. In other words, Buffett has sold into the Wells Fargo share repurchase program.That should tell you a lot. Wells Fargo was the fourth-largest holding at Berkshire Hathaway. Maybe it isn't as important to Buffett anymore.Maybe you should sell too.As of this writing, Mark Hake, CFA does not hold a position in any of the aforementioned securities. Mark Hake runs the Total Yield Value Guide which you can review here. The Guide focuses on high total yield value stocks. Subscribers get a two-week free trial. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The 10 Best-Performing Growth Stocks of the 2010s * 10 Stocks With Little or No Debt to Own for the Next 50 Years * 5 Restaurant Stocks Dominating Holiday Season Foot Traffic The post Ignore the Honeymoon Hike: Wells Fargo Stock Has Already Peaked appeared first on InvestorPlace.
Editor's note: This story was previously published in March 2019. It has since been updated and republished.Things aren't getting any better for Kraft Heinz (NYSE:KHC). The company's woes started earlier this year with disappointing earnings, lower revenues, a 36% dividend cut and pending asset sales.At the time, Buffett's decision to get in bed with 3G Capital is looked merely like a poor one. It is one that continues to cost Berkshire Hathaway (NYSE:BRK.B) plenty of coin as KHC stock implodes.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Strong Buy Stocks That Tick All the Boxes But as the market focused on Buffett's blunder, the Oracle of Omaha was buying stocks, plenty of them. The reality is that many of his new positions and buys of old favorites were incredibly smart and make up for the misstep at KHC. It's here that Buffett's brilliance as America's favorite value investor shines through. By following Buffett's moves into these picks, investors should get a hefty dose of dividends and gains for years to come.With that, here are five Warren Buffett buys that worth buying yourself.Source: Shutterstock PNC Financial (PNC)It's no secret that Warren Buffett is attracted to stocks in the financial and banking sector. Berkshire Hathaway is the top shareholder in numerous finical institutions and it can add PNC Financial (NYSE:PNC) to that list. Over the last quarter, Buffett & Co. increased his stake in PNC by about 35% and now owns over 8.2 million shares.And it's easy to see why Buffett is in love with PNC.PNC is considered a super-regional bank and operates a huge network of locations across the northeast and Midwest. That huge size and scope came not only from organic growth, but several smart buys of smaller struggling rivals during the recession.Because of this, PNC has continued to see its assets, deposits and loan growth steadily increase. Moreover, the bank is run very conservatively and features low loan losses and fortress-like balance sheet.Management at PNC has also been very smart in other ways as well. The bank has embraced technology throughout its customer system and the firm leads the way in app development, mobile banking and wealth management. And the firm saw the ETF writing on the wall early and holds a huge stake in asset manager BlackRock (NYSE:BLK).With all of this, PNC has continued to reward shareholders. Last year, PNC purchased more than $2.8 billion in stock and handed out more than $1.6 billion in dividends. It's no wonder why Buffett continued to add the regional bank last quarter.Source: Nancy
Certain BlackRock closed-end funds announced distributions today as detailed below. BlackRock Florida Municipal 2020 Term Trust declared its June and July distribution early.