|Bid||54.61 x 2900|
|Ask||0.00 x 3100|
|Day's Range||54.53 - 54.99|
|52 Week Range||49.27 - 66.31|
|PE Ratio (TTM)||13.11|
|Earnings Date||Jul 13, 2018|
|Forward Dividend & Yield||1.56 (2.85%)|
|1y Target Est||60.80|
May.23 -- Julian Emanuel, chief equity and derivatives strategist at BTIG, and Mike Schumacher, head of rates strategy at Wells Fargo Securities, discuss the "wall of worry" triggering a risk-off trade. They speak with Bloomberg's Jonathan Ferro on "Bloomberg Markets: The Open."
Bank of America is rolling out a new virtual assistant, named Erica. Yahoo Finance’s Alexis Christoforous, Melody Hahm, and Dion Rabouin debate whether they would switch from Siri or Alexa.
May.23 -- Deutsche Bank AG is considering increasing the number of job reductions to about 10,000 as part of a sweeping overhaul by Chief Executive Officer Christian Sewing, according to a person familiar with the bank’s deliberations. Bloomberg Intelligence's Arjun Bowry reports on "Bloomberg Markets: The Open."
President Trump says he will sign a roll back on some Dodd-Frank rules for banks. Yahoo Finance’s Alexis Christoforous and Dion Rabouin discuss what it means.
Year-to-date, Wells Fargo & Co (NYSE:WFC) stock is lagging the group, down 10% while other bank stocks like Bank of America Corp (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM) are 10 points better off. WFC stock so far has been able to withstand selling pressure from tremendous market-wide fears, its own inflammatory headlines and tremendous global volatility, and has remained in line with price expectations.
Wells Fargo (WFC) has delivered stable profitability since the beginning of 2017 helped by rates and lower taxes in 2018. The bank has maintained high dividend yields and repurchases in order to boost return on equity (or RoE). It has relatively high capital adequacy ratios and has passed recent stress tests. However, a further hike in payouts will depend on its growth in operating performance. Amid rising rates and lower taxes, credit offtake has been weaker.
The Federal Reserve is expected to increase the Fed funds rate two more times in 2018. The yield curve is flattening, indicating a smaller difference between short-term and long-term interest rates. This has happened because the Fed has pushed for higher short-term rates with no major uptick in long-term rates. A flattening yield curve is a cause for concern, as it indicates weaker expectations from long-term equity and debt assets.
The Trump administration is pushing for policy changes on multiple fronts like tax cuts, trade wars, a push for domestic manufacturing, changes in the Dodd-Frank Act, and immigration policies. Overall, the policies are directed towards improving manufacturing growth and improving operating cash flows for companies in the US. Banks (XLF) with a major domestic presence including Wells Fargo (WFC) and JPMorgan (JPM) are expected to benefit from these policies due to a boost to credit growth.
Wells Fargo (WFC) benefited alongside other bankers from rising rates, which resulted in better rate spreads for existing loan books. The bank continues to command the highest net interest margins (or NIMs) among peers (XLF). However, rate hikes going forward aren’t expected to boost margins, and will instead put pressure on further lending due to higher interest rates.
Wells Fargo Stock Has Been Weak amid Controversy: Can It Recover? Wells Fargo (WFC) continues to see a contraction in its loan book in recent quarters mainly due to strict underwriting guidelines and repayments from existing clientele. Overall banks (XLF) are facing difficulty in expanding their loan books amid rising interest rates, which has pushed corporates to reduce leverage.
Wells Fargo is looking to grow its auto lending business again, after spending the last two years shrinking the unit. Wells Fargo slashed its auto loan portfolio over 2016-2017 primarily due to a sharp increase in charge-off rates from an increase in sub-prime auto lending. The U.S. banking giant continued to divest its auto loans early this year with the sale of its auto finance business in Puerto Rico (Reliable Financial Services) to Banco Popular de Puerto Rico.
The bank reform bill aimed at rolling back regulations from the Dodd-Frank, Wall Street Reform and Consumer Protection Act has won the support of the National Association of Realtors (NAR), which said that it will bring much-needed relief to the banking market and increase the availability of mortgages. With President Donald Trump repeatedly expressing animosity toward the Dodd-Frank Act, it's likely that the new bill will become law when it lands on his desk. After all, once the bill becomes law, smaller banks will be able to lend more – and that includes mortgages.
Wells Fargo (WFC) has had a flat operating performance over the past six quarters compared to the stellar performances by its industry peers (XLF) mainly due to controversies involving the fake account opening scam and the latest news about the alteration of internal records. The bank is finding it difficult to shore up its loan book amid such controversies, and its efforts to bump up its integrity through new marketing campaigns are being derailed. The stock has tanked 9.6% over the past one quarter owing to weaker performance and continued controversies surrounding employee culture.
Transitioning into the civilian workforce after military service is a daunting task for many veterans. That’s why Charlotte’s financial-services industry offers transitional programs for these potential employees, focusing on veterans’ work ethic, leadership and teamwork skills.
The Wells Fargo Income Opportunities Fund , the Wells Fargo Multi-Sector Income Fund , the Wells Fargo Utilities and High Income Fund , and the Wells Fargo Global Dividend Opportunity Fund have each announced a distribution.
The nation’s largest banks — such as JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley — have operations around the country. Here are other recent stories reported by The Business Journals and other media outlets.
As it stands, Wells Fargo stock is down nearly 11%. If headlines are anything to go by, the once-revered financial institution will face even more challenges. The big bank’s troubles began with accusations that lower-level employees were creating fake customer accounts to meet impossible sales targets.
Wells Fargo & Co.’s new public finance chief Stratford Shields is shaking up the department by dismissing senior bankers in New York, Chicago and Los Angeles and bringing in colleagues from his former employer, Morgan Stanley. Wells Fargo has removed 15 employees from its public finance department, according to a person familiar with the matter. Shields, who took over in November, has hired six bankers and plans to continue hiring, said company spokeswoman AnneMarie McDonald.
It was a busy week, with news that Cetera may have some serious suitors and more negative headlines for Wells Fargo. As you prepare for your Friday commute home, catch up on some of Barron’s Advisor Center’s top stories: Cetera gets courted. Tuesday brought news that LPL and Lightyear are taking close looks at Cetera Financial Group.
Wells Fargo & Company (WFC) announced today that Steve Ellis, head of the Innovation Group, will retire after nearly 31 years with the company. In September, Lisa Frazier will become head of the group, which focuses on accelerating Wells Fargo’s delivery of next-generation products and services. “Steve has been a champion for customer-centric innovation since he joined the company more than three decades ago,” said Avid Modjtabai, head of Payments, Virtual Solutions and Innovation for Wells Fargo.
David Tepper, the billionaire founder and head of Appaloosa Management, had a busy first quarter. One of the most noteworthy companies that Tepper invested in for the first time in Q1 was Wells Fargo & Co. ( WFC). Texas-based data analytics company Alerian MLP ( AMLP) was another prominent new position in Appaloosa's portfolio during this period.