|Bid||0.00 x 2900|
|Ask||54.31 x 4000|
|Day's Range||53.38 - 53.87|
|52 Week Range||43.02 - 54.75|
|Beta (3Y Monthly)||1.12|
|PE Ratio (TTM)||11.55|
|Earnings Date||Jan 14, 2020|
|Forward Dividend & Yield||2.04 (3.78%)|
|1y Target Est||51.32|
When it comes to investing in bank stocks, a flattening yield curve, Fed rate cuts and illiquid capital markets are typically considered red flags that send investors running for the hills.
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.
Bank of America expands commission-free trading to all self-directed Merrill Edge investors, while Wells Fargo’s online brokerage scraps commissions.
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.
Moody's Investors Service ("Moody's") has assigned definitive ratings to 18 classes of residential mortgage-backed securities (RMBS) issued by Provident Funding Mortgage Trust 2019-1 (Provident 2019-1). Provident 2019-1 is the first transaction entirely backed by loans originated by the sponsor, Provident Funding Associates, L.P. (Provident Funding). Provident 2019-1, a common law trust formed under the laws of the State of New York, is a securitization of agency-eligible mortgage loans originated and serviced by Provident Funding, a California limited partnership (corporate family rating B1; senior unsecured B2) and will be the first transaction for which Provident Funding is the sole originator and servicer.
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.
Wells Fargo & Company (WFC) today announced that Scott Powell has been named chief operating officer effective Dec. 9, 2019. Powell most recently was CEO of Santander Holdings USA, Inc. as well as CEO of Santander Consumer USA Holdings Inc., a publicly traded consumer finance company focused on vehicle finance and third-party servicing. “I have known Scott for many years, and his tremendous experience, proven track record and unquestioned integrity will make him a great addition to our management team,” Scharf said.
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%.