|Bid||45.76 x 1200|
|Ask||45.77 x 800|
|Day's Range||45.59 - 46.97|
|52 Week Range||43.02 - 59.53|
|Beta (3Y Monthly)||1.19|
|PE Ratio (TTM)||10.12|
|Earnings Date||Oct 15, 2019|
|Forward Dividend & Yield||1.80 (3.85%)|
|1y Target Est||51.12|
Jeremy Bryan, Senior Portfolio Manager at Gradient Investments, says things may not get better at Wells Fargo unless the bank has time to work through its issues. He spoke about the latest earnings reports with Yahoo Finance's Alexis Christoforous and Brian Sozzi.
China's economic growth slumped to its lowest level in almost three decades, weakened by the the trade war with the United States. Yahoo Finance's Seana Smith and Senior Vice President at UBS Wealth Advisors Kathy Entwistle discuss.
Citigroup beat estimates with some help from its consumer cards business and a trading platform's IPO, but can other big banks rely on the same help in their earnings this week?
The bank’s shares initially traded lower Tuesday morning, but were up 42 cents at $114.32 in mid morning. The early losses came as investors reacted to news that (JPM) reduced its forecast for 2019 net interest income to about $57.5 billion, below the guidance of $58 billion it issued when it disclosed its first-quarter earnings. The scaled-back forecast reflects the impact of anticipated rate cuts by the Federal Reserve.
Revenue declined at Wells' community bank and wholesale bank as net interest income was squeezed by lower interest rates and higher deposit costs. Total expenses dropped 4% to $13.4 billion and total net interest income fell 3% to $12.1 billion. Now the San Francisco-based bank must also contend with fresh macroeconomic uncertainty from a changing interest rate environment that's pressuring lending margins across the industry.
Wells Fargo & Co.'s expected dividend increase would boost its implied dividend yield to more than double its financial-sector peers and the broader stock market. Wells Fargo said in its second-quarter report that after receiving a "non-objection" to its capital plan submission from the Federal Reserve, the bank expects to raised its quarterly dividend by 13% to 51 cents a share from the current rate of 45 cents a share. Based on current stock prices--down 0.3% at $46.59--the new annual dividend rate of $2.04 would imply a dividend yield of 4.38%. That compares with the current implied dividend yields of 1.94% for the SPDR Financial Select Sector ETF and the S&P 500's implied yield of 1.92%, according to FactSet. Wells' stock has lost 18.1% over the past 12 months, while the financial ETF has gained 2.7% and the S&P 500 has advanced 7.7%.
JPMorgan reported better-than-expected second-quarter earnings early Tuesday, helped by an income tax boost. Goldman Sachs and Wells Fargo also beat.
The bank’s second-quarter earnings per share and revenue topped expectations, although net interest margin slipped. Wells Fargo has yet to find a permanent CEO.
Despite not being allowed to grow in size and a challenging interest rate environment, Wells Fargo delivered a strong second quarter.
Wells Fargo (WFC) delivered earnings and revenue surprises of 12.07% and 3.83%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?
San Francisco-based Wells Fargo & Co. exceeded analysts' expectations in its second-quarter earnings report released this morning.
Wells Fargo & Co. said Tuesday it had net income of $6.2 billion, or $1.30 a share, in the second quarter, up from $5.2 billion, or 98 cents a share, in the year-earlier period. Revenue was unchanged at $21.6 billion. The FactSet consensus was for EPS of $1.17 and revenue of $20.9 billion. Net interest income fell to $12.1 billion from $12.5 billion. Provisions for loan losses came to $503 million, up $51 million from a year ago. Noninterest income came to $9.5 billion, up from $9.01 billion a year ago. Mortage banking income came to $758 million, down from $770 million a year ago. Shares fell 0.2% premarket and have gained 1.4% in 2019 through Monday, while the S&P 500 has gained 20.2%.
Wells Fargo Securities downgraded the stocks of NASCAR's major speedway operators on Monday as the sport looks to rebound from years of declining interest.
Wells Fargo posted stronger-than-expected second quarter earnings Tuesday but a fall in non-performing assets failed to offset a slump in one of its key profit measurements.
Investing.com - Wells Fargo &Co; (NYSE:WFC) reported second quarter earnings that beat analysts' expectations on Tuesday and revenue that topped forecasts.
Wells Fargo on Tuesday reported second-quarter revenues that were roughly flat and profits that exceeded Wall Street’s expectations. Second-quarter revenues were little changed from a year ago at $21.6bn, just ahead of analyst expectations for $20.9bn, according to a Refinitv survey of Wall Street analysts. its target for 2019 net interest income, citing the effect of a flattening yield curve on its ability to reinvest customer deposits at higher rates.