49.37 +0.12 (0.24%)
Pre-Market: 8:37AM EST
|Bid||49.40 x 4000|
|Ask||49.37 x 2200|
|Day's Range||47.84 - 49.32|
|52 Week Range||43.34 - 54.75|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||12.16|
|Earnings Date||Apr 13, 2020|
|Forward Dividend & Yield||2.04 (4.22%)|
|Ex-Dividend Date||Nov 05, 2019|
|1y Target Est||51.17|
Wells Fargo & Company (NYSE: WFC) announced today a $250,000 USD donation to the American Red Cross from the Wells Fargo Foundation in response to the recent wildfires that continue to have a devastating impact on Australia and its residents. The donation is earmarked for the American Red Cross’s sister entity, the Australian Red Cross Disaster Relief Fund, which is one of the key lead organizations leading the relief effort.
Banking giant Wells Fargo has been mired in regulatory issues, though earnings growth has picked up. Is Wells Fargo stock a buy right now?
Zacks Earnings Trends Highlights: JPMorgan, Wells Fargo, Bank of America, Citigroup and Goldman Sachs
Plans are in the works to move Wells Fargo's prominent downtown Denver branch from its spot on Broadway. Currently located at 1740 Broadway, the Wells Fargo (NYSE: WFC) branch is one of a handful of bank locations in the downtown area. "With 79 bank branch locations in metro Denver and the variety of ways we interact with customers — including in branches, online services, phone banks, etc. — we no longer need such a large downtown bank branch like our current one," Steve Carlson, Wells Fargo corporate communications vice president, told Denver Business Journal.
Wells Fargo stock (ticker: WFC) dropped 5% after it reported on Tuesday and is trading down another 2.2% on Wednesday. The bank is still under a Federal Reserve-mandated balance-sheet cap, and while previous management regimes tried to be sanguine about the bank’s prospects in Washington, Scharf was upfront about how long a path lies ahead. The length of that path is why Piper Sandler’s R. Scott Siefers downgraded the stock from Overweight to Neutral, saying in a note to clients Wednesday morning that the bank’s “earnings miss and, more importantly, a lack of visibility on improvement” merit caution.
Goldman Sachs (GS) Q4 results reflect dismal financial advisory and corporate lending business, and high expenses and provisions, partly muted by fixed income and underwriting revenue outperformance.
Improved capital markets performance and strong loan growth support BofA's (BAC) Q4 earnings, while lower interest rates act as an undermining factor.
Goldman Sachs posted mixed earnings results on Wednesday, as the firm’s deal-making and bond trading weren’t enough to offset a drop in investment banking revenue.
Wells Fargo and Enterprise Community Partners launched the Housing Affordability Breakthrough Challenge, a search for innovative housing solutions.
Wells Fargo (WFC) delivered earnings and revenue surprises of -16.96% and 0.26%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
Anyone who held bank stocks in 2019 had to have finished year happy. But they also know that bank stocks took one for the proverbial team last year.Source: Shutterstock Sure, bank stocks returned a tidy profit for investors, as the S&P 500 banking industry gained 31.5% in 2019. And that's incredible, but it still lagged the S&P 500's total return of 40.6% in this go-go market.Who would have thought banks would be the laggards in the market? But it really had to be that way.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBank stocks were supposed to be a big winner in 2019, as rising interest rates were expected to fuel bankers' profits and investors' wallets. Everything seemed rosy.But then the China-U.S. trade war made markets tremble, fear and uncertainty gripped Wall Street. And the Federal Reserve did something nobody saw coming in January 2019 -- it ended up cutting interest rates -- not once or twice, but three times in 2019. * 10 Mid-Cap ETFs to Buy for Next Decade So much for those padded margins, right?But with the benefit of hindsight, the Fed's moves were a saving grace. Interest rate cuts helped the stock market stave off the threat of a recession and soar to new highs, extending the bull market past 10 years. Who wouldn't trade a few percentage points of returns in the financial sector for a S&P 500 that tops 9,000?But it also meant that bank stocks didn't have the kind of year many thought they would have in 2019, and they begin the new year under a cloud of uncertainty. Q4 Outlook: It's All About the GuidanceFundamentally, banks today look like pretty good bets. Dividend yields for most banks are higher than the yield on 10-year Treasurys, which usually indicates a bullish trend for the sector. And the forward price-earnings ratio for the nation's biggest banks are between 9 and 13, which is well below the S&P 500 P/E of 24.But if you're considering taking a new position in bank stocks or expanding a current one, there's a lot of uncertainty. Analysts are pretty much split on the fortunes of the biggest banking names in the sector. * Bank of America Corp. (NYSE:BAC): 23 analysts are "strong buy" or "buy," 7 are "hold." * JPMorgan Chase & Co. (NYSE:JPM): 14 analysts are "strong buy" or "buy," 14 are "hold" or "underperform." * Citigroup (NYSE:C): 24 analysts are "strong buy" or "buy," 3 are "hold" or "underperform." * Wells Fargo & Co. (NYSE:WFC): 12 analysts are "strong buy" or "buy," 18 are "hold" or "underperform."On the plus side, the fourth-quarter rally in the stock market helped push bank stocks higher to close the year, giving the market some momentum to carry into Q4 earnings that begin this week.Major banks also noted they saw heavy trading volume in the fourth quarter as the market soared, and some banks are expecting a double-digit increase in trading revenue in Q4. In fact, both JPM and Citigroup tacked on double-digit growth in their respective Q4 reports, with JPM scoring its most profitable year.But banks will also see some pressure on net interest margins, thanks to those pesky rate cuts. And there's growing pressure for financial companies to reduce or eliminate investment fees, as have Robinhood and online brokerages like E-Trade Financial Corporation (NYSE:ETFC), Charles Schwab Corporation (NYSE:SCHW) and Fidelity.While Q4 numbers will be interesting, 2020 guidance will be the more important number in each report. Banks that are able to give investors good news about loan growth, keeping expenses in check and withstanding a lower interest rate environment in 2020 will be solid bets for investors."We expect the 2020 outlooks to garner more attention than actual results" says Barclays analyst Jason Goldberg in a research note. The Bottom LineIt would be folly to expect banks to have another 30%-plus gain in 2020, but I'm not expecting them to trail the market for a second year in a row.With a Federal Reserve keeping a steady hand on the wheel, a White House eager to deregulate and an economy continuing to roll along, bank stocks are a solid bet for any portfolio in 2020.Patrick Sanders is a freelance writer and editor in Maryland, and from 2015 to 2019 was head of the investment advice section at U.S. News & World Report. Follow him on Twitter at @1patricksanders. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Mid-Cap ETFs to Buy for Next Decade * 8 Quirky ETFs for Not-So-Quirky Profits * 4 Energy Stocks to Power the New Year The post Earnings: Big Banks Are on Pace for a Solid 2020 appeared first on InvestorPlace.
Greg McMurran, a portfolio manager of the Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD), has announced his intention to retire from the Analytic Investors team at Wells Fargo Asset Management (WFAM) and the investment industry on March 7, 2020. He will continue to serve as a portfolio manager of the fund through March 7. There will be no changes to the investment philosophy or process as a result of this transition.
Stocks hit new highs on Tuesday before retreating in afternoon trading after tariff news hit the wires. With that in mind, let's look at a few top stock trades for Wednesday. Top Stock Trades for Tomorrow No. 1: Delta Air Lines (DAL)Source: Chart courtesy of StockCharts.comDelta Air Lines (NYSE:DAL) stock is rallying on Tuesday, climbing to its highest levels since July after better-than-expected earnings results. The stock broke out over channel resistance (blue line) and the $59.50 level, which has been resistance over the past month.However, sellers have stepped in between $62.50 and $62, which is where the stock struggled in July. That said, buyers stepped back in near $61, the backside of prior trend resistance.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSo what now? Wait for one to break. * 4 Energy Stocks to Power the New Year If channel support breaks, DAL may decline back down to the $59.50 to $60 area. If the stock takes out its post-earnings high, it puts the prior 52-week high of $63.44 on the table. Top Stock Trades for Tomorrow No. 2: Wells Fargo (WFC)Source: Chart courtesy of StockCharts.comWhile several bank stocks were rallying on Tuesday, Wells Fargo (NYSE:WFC) wasn't one of them. Given the momentum in names like JPMorgan (NYSE:JPM) and the soon-to-be-discussed Citigroup (NYSE:C), there is little motivation to chase a stock with no momentum.That said, Wells Fargo is coming into an area where it should find support. The 50-week, 100-week and 200-week moving averages are all between $48.37 and $49.66. Below this range and there may not be much support nearby to buoy the share price.On a rebound, see if the stock can reclaim its prior trading range by climbing back above $53. Top Stock Trades for Tomorrow No. 3: Advanced Micro Devices (AMD)Source: Chart courtesy of StockCharts.comIs Advanced Micro Devices (NASDAQ:AMD) preparing for another charge higher? The stock has made rallying a routine at this point, but often times, these moves come after control consolidation periods.Those are shown on the chart in the form of blue boxes, as the stock rallies, pauses and resumes. Can it keep going?$50 is the lid on AMD now, and so bulls will need to see a big-time breakout over that mark to get much upside going from here. Support is in play near $47, with both uptrend support and the 20-day moving average close behind. * 8 Quirky ETFs for Not-So-Quirky Profits Traders can play it this way: A breakout over $50 likely draws in buyers, as does a pullback to the $47 level and the 20-day moving average. However, a close below the latter could trigger a sell signal for investors -- and send AMD down to the mid-$40s. Top Stock Trades for Tomorrow No. 4: Citigroup (C)Source: Chart courtesy of StockCharts.comLike JPMorgan -- and unlike Wells Fargo -- Citigroup is also rallying on Tuesday on earnings. The move thrusts shares over $81 resistance, and puts a move up to around $84 on table.This one is simple, but the timing makes it more difficult. On a pullback, look to see if C stock finds support at prior $81 resistance. If the pullback is quick and $81 fails, look for uptrend support and the 20-day moving average to buoy the name.If the stock rallies and/or treads water first, and the 20-day and uptrend support clear $81, see that they act as support. Either way, below all three of these marks and the 50-day may be the next level of support for Citigroup.For now, this "Pick of the Decade" remains a buy-on-dips candidate. Top Stock Trades for Tomorrow No. 5: Shake Shack (SHAK)Source: Chart courtesy of StockCharts.comShake Shack (NYSE:SHAK) made moves on Tuesday, rallying over 6%.The move comes off a test of uptrend support (blue line), as shares power through $63 resistance and the 20-day and 50-day moving averages.It will take time, but let's see if the stock can get back to $70-plus. If so, it will get back to the November gap-down area, and have the potential to test the 200-day moving average.In the short term, a continuation over $63 would be encouraging so that a future pullback to this level can act as support. However, it's now vital that the stock holds up over uptrend support.Below, and the trade is over.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Mid-Cap ETFs to Buy for Next Decade * 8 Quirky ETFs for Not-So-Quirky Profits * 4 Energy Stocks to Power the New Year The post 5 Top Stock Trades for Wednesday: DAL, WFC, AMD appeared first on InvestorPlace.
JPMorgan and Citigroup earnings were better-than-expected, while Wells Fargo earnings fell far short of estimates early Tuesday.
Morhan Stanley reported fiscal fourth-quarter earnings that beat on the top and bottom lines. The bank's investment management division posted $1.36 billion in revenue, nearly 100% growth from a year ago. Yahoo Finance’s Brian Cheung joins Seana Smith on The Ticker to discuss.
Mike Tiedemann, Tiedemann Advisors CEO, joins Yahoo Finance with his take on the markets. He talks with Julie Hyman, Adam Shapiro, Andy Serwer and Oliver Pursche of Bruderman Asset Management.