|Bid||25.05 x 900|
|Ask||25.09 x 1100|
|Day's range||25.01 - 25.14|
|52-week range||16.08 - 27.89|
|Beta (5Y monthly)||1.19|
|PE ratio (TTM)||8.68|
|Forward dividend & yield||1.46 (5.85%)|
|Ex-dividend date||27 Feb 2020|
|1y target est||N/A|
Wells Fargo & Company (NYSE: WFC) said today that Chief Executive Officer Charlie Scharf will present at the Bernstein 36th Annual Strategic Decisions Conference to be held virtually on Friday, May 29, 2020, at 9 a.m. ET (6 a.m. PT).
American Express CEO Stephen Squeri lays out his vision for how employees will return to work after COVID-19 quarantines lift.
What gives? Shares of Wells Fargo, U.S. Bancorp, Bank of America, and Bank of New York Mellon have been on the chopping block recently.
(Bloomberg) -- Don’t let anyone tell you regulators haven’t punished Wells Fargo & Co. -- or at least its shareholders.The scandal-ridden bank has lost $220 billion in stock-market value since the Federal Reserve imposed an unprecedented cap on the firm’s assets in early 2018, crimping its ability to add customers and loans. The constraints are biting harder this year as corporate clients draw down credit lines, which pushes up assets and leaves Wells Fargo even less room to seize opportunities.Shares of the bank touched a 10-year low this week as analysts raised alarms that shrinking profits make its current dividend less sustainable. While the coronavirus pandemic has taken a toll on bank stocks across the U.S., Wells Fargo’s drop is the steepest among its main peers this year. And since the Fed imposed its cap, the bank’s market capitalization has fallen much more, valuing the firm at $96 billion by Friday’s close of trading.A series of scandals that began erupting in 2016 prompted the Fed to limit Wells Fargo’s growth until lapses are addressed. The bank’s leaders initially said they believed they could meet the requirements of the order by the end of 2018. After regulators later expressed frustration with the pace of reform, the firm installed a new chief executive officer, Charlie Scharf, in October. He’s declined to give guidance on timing, but has cautioned that there’s still much work to do.The bank was granted a small reprieve in April when the Fed announced it would “temporarily and narrowly” modify the restriction to let Wells Fargo expand lending to small businesses under U.S. programs intended to blunt the impact of the pandemic.But the firm is still broadly constrained. As the economic slump spurs a “flight to safety,” many banks have soaked up a flood of deposits that they’ve used to increase assets. Wells Fargo hasn’t seen the same benefit.A growing chorus of analysts and investors are predicting Wells Fargo will have to reduce its dividend this year. The firm has offered the highest dividend yield of the largest U.S. banks in the last 12 months.“Wells Fargo was unable to earn enough in the first quarter to cover the company’s dividend payment in the quarter, and this has raised fears that WFC may need to cut the dividend to a more sustainable level in the future,” KBW analyst Brian Kleinhanzl wrote in a note to clients Wednesday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Wells Fargo & Company (NYSE: WFC) on behalf of Wells Fargo stockholders. Our investigation concerns whether Wells Fargo has violated the federal securities laws and/or engaged in other unlawful business practices.
Thursday was quite an eventful day in the stock market, with the Dow Jones Industrial Average and S&P 500 index falling by nearly 2% in the morning, only to rebound and turn positive later in the day. Bank stocks are fueling much of this rally. Investors have had a difficult time figuring out how to trade bank stocks.
Wells Fargo (WFC) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
The stock market was having a rough day on Wednesday, with the Dow Jones Industrial Average and S&P 500 benchmark index down by 2.6% and 2.4%, respectively, as of 3:20 p.m. EDT. As we've seen throughout the COVID-19 pandemic, when the market falls, financial stocks are among its worst performers. Instead, today's move is fueled by fears that the economic impact of the COVID-19 pandemic could be worse and longer lasting than feared.
Wells Fargo & Company (NYSE: WFC) today announced that Nate Hurst will join the company on June 1 to oversee a newly combined organization that includes Corporate Responsibility, Philanthropy, Community Relations, and Sustainability. He will also serve as president of the Wells Fargo Foundation.
It's been quite a roller coaster ride for stock investors, with the market plunging into bear market territory with record-setting speed in March before having the best month in decades in April. Despite the rapid rebound, there are some stocks still trading for incredibly cheap valuations, and several of them are favorites of Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) CEO Warren Buffett. Here's why bargain-seeking investors should take a closer look at Wells Fargo (NYSE: WFC) and STORE Capital (NYSE: STOR) in May.
Wells Fargo announces Sean Passmore as the Head of Military Talent External Recruiting and Enterprise Military & Veteran Initiatives.
(Bloomberg) -- Mortgage rates are at record lows, but borrowers hoping to take advantage are running into the toughest loan-approval standards in years.Over the past month, lenders have put in place higher credit-score and down payment requirements, and in some cases stopped issuing certain types of loans altogether, in effect shutting down a large swath of the mortgage market.The triggers, industry executives say, include lenders becoming risk-averse during the coronavirus crisis, knock-on effects of Congress allowing millions of borrowers to delay their monthly payments, and policies implemented amid the pandemic by mortgage giants Fannie Mae and Freddie Mac. The impact has been dramatic, with one model showing mortgage credit availability has plunged by more than 25% since the U.S. outbreak of the virus.The tightened lending could add another headwind for the nation’s besieged economy by dampening home sales just as some states lift stay-at-home orders and the spring months herald the traditional buying season. Already, mortgage refinances are coming in at a much slower pace than analysts would expect, considering the rock-bottom borrowing rates.In March, riskier borrowers “could get a mortgage but just pay a higher price than other people,” said Michael Neal, a senior research associate at the Urban Institute Housing Finance Policy Center. “Now, some people are just not going to get mortgages.”JPMorgan Chase & Co. tightened its standards last month, requiring borrowers to have minimum credit scores of 700 and to make down payments of 20% of the home price on most mortgages, including refinances if the bank didn’t already manage the loan.Wells Fargo & Co. increased its minimum credit score to 680 for government loans that it buys from smaller lenders before aggregating them into mortgage bonds.Read More: Why the Mortgage Market Needs Its Fixes FixedThe banks’ revised standards are far above the typical minimum score of 580 and down payment of 3.5% that borrowers need to qualify for home-buying programs supported by the federal government.Wells Fargo is no longer letting borrowers refinance their mortgages while cashing out home equity, and both Wells and JPMorgan have suspended new home-equity lines of credit. Truist Financial Corp. has suspended some cash-out refinances for jumbo loans with high balances because of economic conditions, a spokesman said.Refinance HesitancyThere are signs that banks are even trying to limit regular refinances. Wells Fargo on Thursday quoted a refinance rate of 4% for a 30-year fixed-rate mortgage, more than half a percentage point higher than it quoted for the same loan if used to buy a home.A Wells Fargo spokesman said the company believes its rates are within the range of what they see from other lenders. He said the company suspended home-equity lines of credit in light of uncertainty surrounding the economic recovery.A JPMorgan spokeswoman said the bank’s changes are temporary and due to the unclear economic outlook.Refinances surged in early March as homeowners utilized low rates to reduce their monthly payments. But refinance rate locks, a forward-looking measure of refinance activity, had plunged 80% from their peak by mid-April, according to Black Knight Inc., a mortgage information service. The company said that even the steep increase in unemployment in March and April couldn’t explain why refinance activity fell so dramatically.Fannie-Freddie PoliciesIndustry executives say the tighter underwriting is partly in response to policies put in place by Fannie and Freddie that make it expensive or risky to make certain kinds of mortgages. For instance, Fannie and Freddie said last month they would buy mortgages where the borrower had already entered forbearance. But the mortgage-finance companies excluded cash-out refinances. Mortgage Bankers Association Chief Economist Michael Fratantoni said that prompted many lenders to limit issuance of those products.Fannie, Freddie and government agencies such as the Federal Housing Administration set standards for the mortgages they’re willing to back. For example, the FHA will insure loans where the borrower has a credit score of as low as 580 with a 3.5% down payment.However, mortgage lenders sometimes set their own, stricter standards, even if they intend to sell the loans to Fannie or Freddie or have them insured by the FHA. Fannie and Freddie, which have been under the U.S. government’s control since the 2008 financial crisis, buy mortgages from lenders and package them into trillions of dollars of bonds with guarantees that protect investors against the risk of borrowers defaulting.Read More: The Endless Fight Over Fannie and Freddie Has a New TwistMortgage credit availability has fallen 26% since the end of February, the Mortgage Bankers Association said in a Thursday statement, citing an index of lending standards. Most of the pain has been for loans not supported by the government. Still, mortgages backstopped by Fannie, Freddie and federal agencies in April did have the toughest credit terms that such loans have had in more than five years.Servicers’ PerilMany lenders appear to have put restrictions in place in response to the $2.2 trillion stimulus bill that lawmakers passed in March. Under the new law, lenders must let borrowers with government-guaranteed mortgages delay as much as a year’s worth of payments if they were impacted by coronavirus.Even though they eventually get reimbursed, mortgage servicers are required to advance the missed payments to bond investors. That makes lenders less eager to offer loans to borrowers who they think will need forbearance, such as consumers with low credit scores and those who can only afford minimal down payments.Read More: Cheap Mortgages Thwarted by $5 Billion in Margin CallsThe MBA’s Fratantoni said the credit crunch has been exacerbated by the reticence of federal regulators to establish a liquidity facility that would help servicers advance payments to bondholders. While Fratantoni said large servicers may not go under, they’re still protecting themselves by tightening mortgage requirements.“I can’t imagine any lender wanting to be aggressive at all in this environment,” said Moody’s Analytics chief economist Mark Zandi. “It’s how far deep into the bunker are you.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Wells Fargo (NYSE:WFC) analyst Elyse Greenspan maintained a Hold rating on Everest Re (NYSE:RE) Group on Thursday, setting a price target of $221, which is approximately 35.73% above the present share price of $162.82.
In recent years, it's become difficult to find high-quality stocks with dividend yields of 5% or more. While the COVID-19 pandemic is a terrible situation for the U.S. and its economy, it has created some opportunities for long-term investors, especially those who want dividend-paying stocks. With that in mind, here's why yield-seekers should take a closer look at Realty Income (NYSE: O), ExxonMobil (NYSE: XOM), and Wells Fargo (NYSE: WFC).
(Bloomberg) -- Emerging markets are likely to see another sell-off later this year, puncturing their recovery from the coronavirus pandemic and adding to losses that have already totaled $3 trillion, a survey has found.The next selling frenzy in stocks will most probably break out by September, according to the majority of 61 investors, strategists and traders surveyed last month. Latin America is expected to be the worst-performing region for currencies, bonds and equities in the second half. While expecting another round of selling, most respondents still expect an eventual recovery, with a majority seeing assets ending the year higher than current levels.Emerging-market investments have seen a significant bounce back from their initial coronavirus sell-off, with the MSCI Emerging Markets Index posting its biggest monthly gain in four years in April. Sentiment has been boosted by optimism about potential drugs being developed to fight the pathogen, global stimulus efforts and signs that global lockdowns are easing. While the outlook remains volatile, the majority of the respondents still see gains in all three asset classes by year-end.In terms of geographic areas, Asian assets are seen as the most attractive for stocks, currencies and bonds, the survey found, with the region’s fixed-income securities regaining the top spot they lost in the previous survey. Latin America is expected to be the laggard in all three categories as it suffers the greatest fallout from the virus pandemic.Read the last EM survey here. For a list of previous surveys, click here.“Latin America is a big concern given how the region will enter winter and could see a further increase in infection cases,” said Tetsuya Yamaguchi, chief technical analyst at Fujitomi Co. in Tokyo. “The pandemic situation in Asian countries such as China and South Korea is starting to show some stabilization, and the region has more room to deploy additional financial and fiscal stimulus.”The coronavirus outbreak that has decimated global markets this year replaced U.S.-China trade tensions as the biggest expected driver for emerging markets in the second half of the year. The outlook for China’s economy was the only one of the top three key concerns that held its place from the December survey, while global fiscal stimulus efforts and their likely impact on developing economies ranked third.When it comes to the comparison against the developed-market counterparts, survey respondents expect emerging currencies and stocks to underperform.The total value of emerging-market assets was more than $28 trillion at the end of last year, according to data compiled by Bloomberg based on the combined value of equities from 26 nations listed by MSCI Inc. along with Bloomberg Barclays bond indexes of local-currency bonds, dollar debt and euro-denominated securities. At the end of April, more than $3 trillion had been wiped off that amount, led by a $2.8 trillion loss in stocks.Respondents had a strong preference for lower-yielding assets from countries such as China, South Korea, Thailand and Poland. That’s a shift from the previous survey, where they had a clear preference for higher-yielding ones from nations such as Indonesia, Brazil and India.Respondents were also asked about the outlook for inflation, monetary policy and economic growth across 12 emerging markets. Here are charts summarizing their views:Here is a list of the survey participants:For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Warren Buffett said the FDIC is an under-appreciated part of the U.S. economy, arguing it could have softened the Great Depression if it was created earlier.