|Bid||51.14 x 1100|
|Ask||51.15 x 3200|
|Day's Range||50.98 - 51.57|
|52 Week Range||43.02 - 59.53|
|Beta (3Y Monthly)||1.20|
|PE Ratio (TTM)||11.98|
|Earnings Date||Apr 12, 2019|
|Forward Dividend & Yield||1.80 (3.48%)|
|1y Target Est||57.08|
Shares of Bank of America, Goldman Sachs, JPMorgan Chase and other big banks are on fire. Here are several surprising reasons why.
Citigroup (C) is penalized with $25 million by the regulator for denying benefits to clients due to improper internal controls in its mortgage relationship pricing program.
PROVIDENCE, R.I. (AP) — A federal judge has approved an agreement for Wells Fargo Securities to pay an $800,000 civil penalty to end a lawsuit by the U.S. Securities and Exchange Commission over Rhode Island's failed $75 million deal with former Boston Red Sox pitcher Curt Schilling's video game company, 38 Studios.
With long-term interest rates so low, stocks may be the best way for investors to grow their income.
Wells Fargo & Company (WFC) arm - Wells Fargo Securities - enters into agreement with the Securities and Exchange Commission (SEC) to settle the case by paying more than $800,000 civil penalty.
City Council's debate revealed a council divided across multiple fault lines of mistrust in either business or government and uncertain how to deal with a city policy against wage theft so broad that few vendors the city must deal with likely could withstand scrutiny.
If approved, Philadelphia’s largest deposit taker, would have to pay $812,500 and would be permanently barred from violating certain municipal securities and other laws.
With Clark Tower set to be sold on the courthouse steps Friday, March 22, a second legal battle over the property is ongoing. Wells Fargo Bank — as trustee for J.P. Morgan Chase Commercial Mortgage Securities — and its loan servicers made an "extortionate demand for an additional payment of $1.7 million" during the refinancing process, with the apparent goal of manufacturing "the wrongful foreclosure of the property," In-Rel's suit alleges. The defendants have not yet filed a response to the suit, according to the New York State Supreme Court's records library.
U.S. equities continued their upward push on Monday, clearing technical resistance from the late-2018 highs near the 2,800 level on the S&P 500. Investors are looking past everything from a lack of a U.K. Brexit deal to no progress on the China-U.S. trade front.Instead, the focus is on buying into lagging, under-owned and under-valued areas of the market. Areas like semiconductors.With the S&P 500 just a hop, skip and a jump away from challenging its previous all-time high set in early October, a number of well-known mega-cap stocks are just now coming back to life. The push to new highs will be driven, in large part, by late arriving breakouts like these.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 5 Chip Stocks on the Rise Here are four mega-cap stocks to watch: Apple (AAPL)Apple (NASDAQ:AAPL) shares are making a decisive run at their 200-day moving average, a level of resistance that hasn't been tested since the middle of November. After a near 40% decline from the early October highs, the dip buyers are coming in with force now as excitement builds for all-new iPhone designs later this year. And as one of the largest mega-cap stocks out there, AAPL breaking out can move the whole market.The company will next report results on April 30 after the close. Analysts are looking for earnings of $2.39 per share on revenues of $57.6 billion. When the company last reported on January 29, earnings of $4.18 beat estimates by a penny on a 4.5% decline in revenues. Wells Fargo (WFC)Wells Fargo (NYSE:WFC) stock is surging higher on Monday, rising more than 2.3% to challenge their 200-day moving average on reports the company is set to sell its retirement services unit to Principal Financial Group (NASDAQ:PFG). The move is seen as a positive narrowing of management focus amid worries about its mortgage loan and credit card businesses. * 7 Financial Stocks to Invest In Today The company will next report results on April 12 before the bell. Analysts are looking for earnings of $1.12 per share on revenues of $21.1 billion. When the company last reported on January 15, earnings of $1.21 per share beat estimates by three cents on a 4.9% drop in revenues.JPMorgan Chase (JPM)Shares of JPMorgan Chase (NYSE:JPM) have pushed up and over their 200-day moving average to cap an impressive 20% rise off of its late December lows. With warmer weather coming, watch for the start of the peak home buying season and what that could mean for the mortgage loan market -- a key profit center for the big banks.The company will next report results on April 12 before the bell. Analysts are looking for earnings of $2.38 per share on revenues of $28.2 billion. When the company last reported on January 15, earnings of $1.98 per share missed estimates by 21 cents on an 8.1% rise in revenues. Morgan Stanley (MS)Morgan Stanley (NYSE:MS) shares are perking up and out of a long downward channel going back to March 2018 that took prices down to support levels first reached in late 2016. Market volatility and higher interest rates (lowering bond prices) have weighed on investment bank stocks in general. But with the coming Lyft IPO and a resurgence of market strength, value hunters are coming back in. * Top 7 Service Sector Stocks That Will Pay You to Own Them The company will next report results on April 17 before the bell. Analysts are looking for earnings of $1.28 per share on revenues of $10.5 billion. When the company last reported on January 17, earnings of 80 cents per share beat estimates by nine cents on a 10.% drop in revenues.As of this writing, William Roth held no positions in the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Financial Stocks to Invest In Today * 7 Single-Digit P/E Stocks With Massive Upside * 5 Chip Stocks on the Rise Compare Brokers The post 4 Mega-Cap Stocks to Buy as They Perk Up appeared first on InvestorPlace.
Moving to the Transamerica building at 100 Light Street will allow Wells Fargo Advisors to consolidate its employees onto one floor and lay out its space more efficiently.
Wells Fargo Securities has agreed to pay an $800,000 civil penalty to settle a U.S. Securities and Exchange Commission lawsuit over Rhode Island's failed $75 million deal with former Boston Red Sox pitcher Curt Schilling's video game company. Wells Fargo and the SEC announced the proposed settlement in filings Monday with the U.S. District Court in Providence. A Wells Fargo spokeswoman said she would not comment because the matter is still pending and has not yet been approved.
The vast majority of our Ultimate Stock-Pickers are not dividend investors. Warren Buffett at Berkshire Hathaway BRK.B has spoken highly of companies that return capital to shareholders and is not against investing in and holding higher-yielding names. As you may recall from our previous dividend-themed articles, when we screen for top dividend-paying stocks among the holdings of our Ultimate Stock-Pickers we try to find the highest-quality names that are currently held with conviction by our top managers.
Three City Councilmembers have asked that San Jose explore its own municipally chartered bank to take over the city’s accounts when its current contract with Wells Fargo expires this summer.
The Federal Reserve rate hike in 2018 created a positive environment for investors in the financial sector and it has boosted financial stocks. The higher the interest rate, the wider the rate spread and the bigger the profit margin for banks and credit card companies.U.S. financials, especially Bank of America (NYSE: BAC) and Citigroup (NYSE:C), for the most part, started their rally in 2016, when rates were close to the bottom. Since then, they climbed higher.With the easy money already made and rate hikes slowing in 2019, investors may want to look outside of the U.S. and in the European markets for financial stocks to buy. Uncertainties from the Brexit vote are artificially capping the valuations of various British banks. Even after Citi and Bank of America reinstated their dividends, various European banks pay a dividend yield that is twice their levels.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 5 of the Best Stocks to Buy Under $10 There are five U.S. banks and two European banks investors should consider buying. JPMorgan (JPM)Source: Shutterstock JPMorgan (NYSE:JPM) is trading in between its low and high for the year at around $105. The stock is valued at 11.7 times earnings and has a dividend yield of 3%. The beauty of JPMorgan's business model is that its operating model positions the firm to outperform in any environment. It attributes the resilient business model to its customer focus at the franchise level, strong balance sheet and general discipline and cost controls.In 2018, thanks to record revenue of $111.5 billion and net income of $32.5 billion, JPMorgan earned $9 a share as return on average tangible common shareholders' equity rose to 17%. The firm stands out against its peers on these metrics. Revenue and the 10-year CAGR earnings-per-share growth is higher than that of Goldman Sachs (NYSE:GS), Bank of America, Citi and Wells Fargo (NYSE:WFC).Net interest income growth is a key baseline growth factor for JPMorgan's bottom line. In 2019, it expects net interest income from CIB markets to top $58 billion. This is up from $45 billion in 2015.Current Quarter Highlights: In its Q4 conference call, management said that the current Q1 period will benefit from the normal seasonal strength. It will also include a $500 million accounting write-off when it reports results on April 16. For 2019, as boring as it is, net interest income will go up over last year. Investors will have nothing to complain about as the bank strives to acquire new accounts while offering value, simplicity and compelling products to its customers. Lloyds Banking Group (LYG)Source: Via WikimediaSince falling to a yearly low at $2.43 at the start of the year, Lloyds Banking Group (NYSE:LYG) recently traded at $3.40. Lloyds reported strong full-year results on Feb. 20. It also announced a dividend increase and a $2 billion share buyback. Markets appreciated those kinds of shareholder-friendly moves. With the stock's uptrend in place, investors could start a position in the U.K. bank despite Brexit worries and still do well.Full-Year Highlights: Lloyds reported revenue falling 35.5%, but will still increase its dividend by 5% of 2017 levels. Its share buyback of £1.75 billion will represent a total capital return of up to £4 billion. Net income rose a modest 2%, while its net interest margin rose to 2.93%. The bank cut its costs, with its cost-to-income ratio coming in at 49.3%.Lloyds said its credit quality remained strong and saw no deterioration in credit risk. Its gross asset quality ratio is stable and comparable to both the 2016 and 2017 levels. * The 10 Best Stocks to Buy for the Bull Market's Anniversary Improving Operational Efficiency: Lloyds forecast strong underlying profits and a return on tangible equity of 14% to 15% in 2019. The resilient net interest margin of 2.9% this year complements the falling operating costs in the next two years. The bank's £8 billion costs in 2019 are a year ahead of its original target. And the cost-to-income ratio will still fall to the low 40's at the end of 2020. Citigroup (C)Source: Shutterstock Citigroup is at around $10 below its $75 52-week high. In the fourth quarter report posted on Jan. 14, the company highlighted its expense discipline while continuing its investments across the franchise. Shareholders may expect RoTCE to improve. Last year's RoTCE came in at 10.9%, above its 10.5% target.Fourth-Quarter Highlights: Citi reported revenue dipping by 2% to $17.1 billion. This dip was assisted by a 4% drop in operating expenses; EPS grew 26% to $1.61. The bank also reduced its average diluted shares by 8%.The bank forecast some headwinds in the first quarter. Equities and Fixed Income Markets revenue will fall in the high single digits. Slower corporate banking activity in the period hampered results. And a government shutdown may have weakened the business, especially mergers and acquisitions.Still, with the bank seeing expenses falling over last year's levels and no temporary government shutdowns ahead, Citi's business should be stable this year.Outlook: Mexico gave Citi's results a good lift in 2018. That momentum will continue this year. Asia is another area of strength. In the second half of this year, its branded card business will perform well due to earlier investments and promotional programs that converted average interest earnings balances.Overall, its discipline in driving higher efficiency will bring productivity benefits and savings that will add $500 - $600 million in savings for Citi in 2019. Savings will continue into 2020. With that level of expense management, Citi stock should perform well over the next two years. Wells Fargo (WFC)Source: Shutterstock Wells Fargo has a reputation problem to contend with that is hurting its stock price. Investors haven't forgotten about the credit card scandal. Add CEO Sloan's compensation package for the year and investors will wonder if the stock may perform well this year.In January, the company launched a marketing campaign to clean up its image. This followed a fourth-quarter report where revenue slipped 4.9% to $20.98 billion but GAAP EPS of $1.21 beat consensus estimates.2018 Highlights: Wells beefed up its risk management division by hiring a new Chief Risk Officer, Chief Compliance Officer, Head of Regulatory Relations and Chief Operational Risk Officer. It spent $1.8 billion in technology and bought cyber, data and risk management solutions.Wells Fargo reported a few weak numbers in Q4. Auto loans balances fell by $1 billion sequentially. As it focuses on higher quality auto loans, this portfolio should start growing by the middle of this year. Average deposits fell $42.7 billion, hurt by lower wholesale banking deposits and customers moving cash to higher rate alternatives.Cost Cuts: The bank cut expenses by $424 million (down 3%) from the third quarter, thanks to lower compensation levels. On a year-over-year basis, costs fell $3.5 billion as the company limited spending on advertising and promotion, travel and entertainment and outside professional services. * 7 Financial ETFs to Buy For 2019, the Fed's rate hike pause will not hurt Wells Fargo's loan growth and deposit growth. Loans grew in Q4 and have the momentum to continue doing so. That alone should give WFC stock some support at these levels. Banco Santander (SAN)Source: Mike Mozart via Flickr (Modified)Banco Santander S.A. (NYSE:SAN) is range-bound because the markets are waiting on the Brexit to play out. The British government approved a Brexit delay but rejected a second referendum. With the Brexit temporary off the table, investors are cautiously accumulating SAN stock. The stock's forward price-to-earnings rato 9.5X and the dividend yield of around 5.4% are compelling for value investors seeking income. And after the stock broke down in August 2018, $5 appears to be the resistance level for the stock.Banco Santander's Fourth-Quarter Results: In its Q4 report, the bank reported gross income of €12.5 billion while profits grew 34% to €2.02 billion. For the full-year 2018, revenue grew to €48.4 billion, up 9% from the previous year. Profits increased 18% Y/Y to €8.06 billion. Banco Santander benefited from customer revenue growth in Brazil, Spain, Mexico and the U.S.Like its U.S. counterparts, Santander is growing out its digital services. Customers using these services increased by 6.6 million, adding to its 32 million users. Nearly half of its customers now actively use digital services on a regular basis.Its loan portfolio is healthy. The NPL (non-performing loan) ratio is 3.73%. Its Openbank grew its mortgage balance by 373% after its first full year of mortgage sales.Europe made up 52% of Santander's profits, with the U.K. accounting for just 13%. The Americas (includes Brazil, Mexico, and the U.S.) comprised 48% of the profit total.Strong Three-Year Performance: Santander's 2015-2018 performance does not reflect in its share price, which fell in that time. Its customer count grew from 13.8 million to 19.9 million. EPS grew 11.2%, while RoTE rose to 11.7%, up from 10% in 2015. At this juncture, SAN stock is poised to break out above the $5. It still needs clearer, ECB-friendly policies to draw investors. The Brexit's resolution would also help persuade buyers to accumulate the stock. Visa (V)Source: Kārlis Dambrāns via FlickrCredit card transactions continue to make plenty of fee income for Visa (NYSE:V). As consumer spending, both online and offline, grows, Visa becomes more attractive to investors. Visa has three big lines of revenue: service fees, international revenue and transaction fees. Whenever markets selloff and take V stock down with it, those selling the stock forget how big Visa's business has become. The size of its transactions processing business and domestic business is big and both keep getting bigger.Challenges for Visa: Europe is a long-term opportunity for Visa's international market growth. In the near-term, it needs to adjust to the regulatory changes going on there. Fortunately, Visa adjusted its business in the last 12 months as it took a better understanding of Europe's diverse market to adjust its business accordingly. For example, card penetration is around 90% in places like Sweden but is in the low 30% range in the Southern and Eastern areas of Europe.2019 First-Quarter Highlights: Visa's payments volumes grew 7% in the Q1/2019 period, to $2.2 billion. Total transactions grew 11% YoY to 49.96 billion with a credit/debit mix of 34% and 66%, respectively. Revenue grew a solid 13% to 6.96 billion. * 7 Single-Digit P/E Stocks With Massive Upside Visa stock trades at a P/E of 33.4X as its shares closed at 52-week highs. Investors may want the stock to pull back before starting a position. Mastercard (MA)Source: Hakan Dahlstrom via Flickr (Modified)Like Visa, Mastercard (NYSE:MA) is trading at 52-week highs, and for a good reason. It has a moat in the transaction and payments business and leverages its relationship with over 30,000 banks worldwide. Its growth potential comes from advancing its real-time payment system, which would significantly increase its growth.Mastercard provides real-time payment systems but needs to increase its presence in the current marketplace. PayPal (NASDAQ:PYPL) and Square (NYSE:SQ) command high valuations because investors know the real-time, electronic payment processing market is growing.Mastercard can build on its relationship with its over 30,000 banks whose customers need ACH real-time payments and cross-border transactions. As markets upgrade those real-time payment systems in the next decade, Mastercard is positioned in the major markets to play a big role in the modernized payment ecosystem.Now that MA stock is at yearly highs, there is no perfect time to pick an entry point. Value investors may shy away from this stock, but MA stock is valued below that of Square or PayPal stock.As of this writing, Chris Lau did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 5 of the Best Stocks to Buy Under $10 * 7 Single-Digit P/E Stocks With Massive Upside * 7 Best Quantum Computing Stocks Trading Today Compare Brokers The post 7 Financial Stocks to Invest In Today appeared first on InvestorPlace.
Effective April 1, 2019, Andrew Tuttle, CFA, of Crow Point Partners, LLC, will no longer be a portfolio manager for the Wells Fargo Global Dividend Opportunity Fund (EOD) and the Wells Fargo Utilities and High Income Fund (NYSE American: ERH).1 Crow Point Partners is a subadvisor to the two affected funds.
is in advanced talks to acquire Wells Fargo's retirement plan services business in a deal that could exceed $1 billion, a report said Monday. The bank's retirement plan services unit, which includes Wells Fargo's 401(k) savings accounts business, would expand a similar business of Principal Financial.
The bank's retirement plan services unit, which includes Wells' 401(k) savings accounts business, would expand a similar business of Principal Financial. If the negotiations are concluded successfully, a deal could be announced later this month, according to the sources, who spoke on condition of anonymity as the information is confidential. Wells Fargo and Principal Financial declined to comment.
Chase and Wells Fargo both offer high-net-worth accounts, but the two differ in their services, such as concierge banking and rare credit cards.