|Bid||26.04 x 1000|
|Ask||26.18 x 1200|
|Day's Range||26.02 - 26.14|
|52 Week Range||22.76 - 27.15|
|Beta (3Y Monthly)||1.12|
|PE Ratio (TTM)||5.62|
|Forward Dividend & Yield||1.41 (5.41%)|
|1y Target Est||N/A|
Fed Chairman Jerome Powell said Wednesday that the Fed could "adjust the details" of its balance sheet policies and repo operations to prevent another flare-up in money markets.
Wells Fargo & Co (NYSE: WFC ) announced the adoption of zero-cost trades on its WellsTrade self-directed trading platform on Monday. This development follows Bank of America Corp's (NYSE: BAC ) announcement ...
The worst-performing stock in the Dow Jones Industrial Average this year just got some more bad news. Walgreens stock (ticker: WBA) was down 0.7% in morning trading. Wells Fargo Securities Peter Costa stressed that the change was due to a shift in how the firm considers its ratings, not a change in how he sees the fundamentals of the business.
Investing.com – Chipmaker Micron (NASDAQ:MU) rose on Wednesday, shrugging off concerns from Wells Fargo (NYSE:WFC) analysts that memory pricing headwinds would hurt growth.
Jay Paul Co. is negotiating with the owners of a Wells Fargo branch in downtown San Jose to purchase the building so it can incorporate it into its CityView Plaza redevelopment project, sources say.
Despite the sale, First Republic Bank still sees plenty of growth in its business of refinancing student loans.
Wells Fargo & Co.'s name was recently removed from Birmingham’s tallest building as the bank relocates to 1901 Sixth Avenue, formerly Regions Harbert Plaza. Leigh Collier, Wells Fargo (NYSE: WFC) Central Alabama region bank president, said the shift of the banking model to more digital-based banking has allowed the bank branch to reduce space – going from 7,000 square feet to 2,500 square feet. The BBJ recently sat down with leaders in the bank’s Birmingham office to talk about its plans for the coming year following its move.
Warren Buffett is undeniably the most closely watched, highest-profile investor in modern history. Not surprisingly, investors relentlessly clamor to match his success by analyzing his portfolio, hoping to absorb even a tiny morsel of Buffett's investment genius. Despite his unparalleled success, Buffett's investment model has always been transparent, straightforward, and consistent.
A top U.S. banking regulator has rebuked Wells Fargo & Co's human resources department for what it called the bank's backlog of employee complaints and compensation structures, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. In a July letter, the Office of the Comptroller of the Currency laid out a lengthy to-do list for the bank's HR department, the WSJ reported. The regulator asked the bank, among other things to address issues regarding thousands of employee complaints, an inadequate policy for clawing back compensation from executives and poor controls around pay, according to the report.
Wells Fargo Investment Institute (WFII) today released its "2020 Outlook: A Call for Resilience," which provides an in-depth analysis of economic and market forecasts, including commentary about the global economy, equities, fixed income, real assets, alternative investments and portfolio implementation actions.
Wells Fargo & Co said on Monday Scott Powell will become chief operating officer, the second external recruit to join the top ranks since Chief Executive Charles Scharf took over six weeks ago. Powell, who worked with Scharf at Bank One and then JPMorgan Chase & Co, most recently was chief executive officer of Santander Holdings USA Inc, as well as of Santander Consumer USA Holdings Inc.
Scott Powell will be replaced by a senior Santander executive who joined the Boston-based bank from a West Coast lender this fall.
Powell, who worked with Scharf at Bank One and then JPMorgan Chase & Co, most recently was chief executive officer of Santander Holdings USA Inc, as well as of Santander Consumer USA Holdings Inc. Starting Dec. 9, Powell will focus on Wells Fargo's relationships with regulators, which have been strained since the bank became tangled in a wide-ranging sales practices scandal in 2016. The San Francisco-based bank is currently operating under more than a dozen regulatory consent orders, including an unprecedented growth restriction on its balance sheet from the Federal Reserve until the bank proves it has fixed its risk controls.
T. Rowe Price bought more than 125 million shares of General Electric as the industrial conglomerate continues to work through a major restructuring.
Things at (WFC) are going to get worse before they get better, Raymond James’ David Long told clients in a Monday note downgrading the shares to Underperform. Wells Fargo stock (ticker: WFC) was down 0.6% in late morning, while the S&P 500 was off 0.9%. Wells Fargo stock is up 15.4% so far this year, compared with the S&P 500’s 24.4% gain.
Wells Fargo shares are a bit lower as Raymond James analysts sounded a bearish tone on the San Francisco banking company ahead of its earnings release, downgrading the stock to underperform from market perform. "Stigma around Wells' account scandal still lingers, as anecdotal evidence suggests the bank continues to lose customers and revenue-producing bankers, and struggles to recruit quality talent," he said.
Shares of Wells Fargo & Co. fell 0.2% in premarket trading Monday, after Raymond James analyst David Long returned to being bearish on the bank, citing expectations of weak earnings and a fourth-straight year of revenue declines next year. Long cut his rating to underperform from market perform. He had upgraded Wells Fargo market perform in March, after being bearish for 2 1/2 years. Long expects revenue to fall 6.8% in 2020, the steepest decline among Wells' peers, and projects loan growth of a peer-worst 0.5%. He also expects profitability metrics, which have been on a consistent downtrend since 2013 despite an improving economy, to "deteriorate further" in 2020, and remain below the peer average through at least 2021. "Stigma around Wells' account scandal still lingers, as anecdotal evidence suggests the bank continues to lose customers and revenue-producing bankers, and struggles to recruit quality talent," Long wrote in a note to clients. "Additionally, we expect [net interest margin] pressure to remain intense as lower [shorter-term] rates pressure its asset yields, while deposit costs have little room to come down." The stock has climbed 18.2% year to date through Friday, while the SPDR Financial Select Sector ETF has rallied 26.6% and the S&P 500 has climbed 25.3%.
Wells Fargo’s recently appointed chief executive Charlie Scharf has taken another step towards reshaping the bank’s senior management team, hiring Scott Powell to be the bank’s chief operating officer. Mr Powell, who had been serving as the chief executive of Santander’s US operations, will start next week. Mr Powell will have responsibility for regulatory affairs at the bank, among other areas.
As we already know from media reports and hedge fund investor letters, hedge funds delivered their best returns in a decade. Most investors who decided to stick with hedge funds after a rough 2018 recouped their losses by the end of the third quarter. We get to see hedge funds' thoughts towards the market and […]
Wells Fargo today announced that Jenny Flores will join the company to lead its small business growth philanthropy, and company veteran Darlene Goins has been named head of financial health philanthropy. Both will be based in San Francisco. Flores begins work Jan. 6, 2020, and Goins assumes her leadership role effective immediately.
(Bloomberg) -- Brazil’s central bank shocked traders by intervening in the foreign exchange market for the first time in three months, selling dollars in two surprise auctions to prop up the real after it slumped to a record low.The currency pared losses after the second intervention and was down 0.3% on the day as of 4 p.m. in New York. It had weakened as much as 1.2% to a record 4.2765 per dollar after the first auction failed to establish a floor for the currency, which has dropped 9% this year. The central bank didn’t say how much it sold.Policy makers’ concern that a weak real could fuel price increases in a nation with a long history of out-of-control inflation may have been the driver for the moves, which came just hours after officials had signaled they were comfortable allowing markets to set the exchange rate. Pressure on consumer prices makes it more difficult for the central bank to cut borrowing costs to boost economic growth.“Pretty ironic of the central bank to jump back in the market,” said Alvise Marino, a currency strategist at Credit Suisse in New York, who has been bearish on the real since September. He said authorities may have been driven to act by the severity of the recent drop, rather than the specific level. The real is down 5.5% this month.Economy Minister Paulo Guedes said Monday that a weaker real isn’t a problem -- in line with comments last week by central bank chief Roberto Campos Neto. Tuesday morning, President Jair Bolsonaro said he’d like a stronger real, but signaled he would defer to his finance chief.Marino said while the intervention might provide some short-term support, the real has further room to weaken given the state of the economy and investors’ concern about regional stability. The ongoing political turmoil in Latin America, the lower carry-trade appeal and the fact that the real is being used by investors as a hedge for long positions in equities and other local assets will keep pressuring the currency, he said.“There’s some spillover from what’s been going on in Chile and now Colombia,” said Brendan McKenna, a currency strategist at Wells Fargo in New York, referring to widespread protests across the region.The real’s recent slide has put a cap on predictions for more cuts to the benchmark Selic rate. In December, the central bank is expected to deliver its fourth straight reduction of 50 basis points, which would lower borrowing costs to a fresh record of 4.5%. Brazil’s swap rate traders have trimmed bets on a February rate cut that would take the rate to 4%.The new reality of low Brazil rates -- just three years ago the Selic stood at 14% -- has eroded the appeal of using the real for a carry trade, in which investors borrow in dollars and invest the money in higher yielding currencies.Campos Neto has said that the weaker exchange rate has coincided with an improvement in Brazil’s perceived risk -- which investors interpreted as a signal that there wasn’t any plan to intervene to stop its slide.But intervention often works best when it’s unexpected, so policy makers may have seen value in keeping their plans secret. And there’s precedent from earlier this year for doing that.The last time Brazil intervened, on Aug. 27, it came minutes after Campos Neto said policy makers would only act when there is a liquidity gap. There wasn’t an obvious issue with liquidity today, with the real’s decline in line with the performance of other emerging-market currencies.(Updates chart and prices in second and fourth paragraphs)\--With assistance from Andre Romani Pinto.To contact the reporters on this story: Aline Oyamada in Sao Paulo at email@example.com;Murilo Fagundes in Brasilia at firstname.lastname@example.org;Davison Santana in Sao Paulo at email@example.comTo contact the editors responsible for this story: Walter Brandimarte at firstname.lastname@example.org, Brendan Walsh, Julia LeiteFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.