WFC-PX - Wells Fargo & Company

NYSE - NYSE Delayed price. Currency in USD
25.26
-0.02 (-0.08%)
At close: 4:00PM EDT
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Previous close25.28
Open25.27
Bid14.65 x 1300
Ask25.33 x 2200
Day's range25.15 - 25.34
52-week range17.46 - 26.53
Volume87,266
Avg. volume148,514
Market cap210.406B
Beta (5Y monthly)1.19
PE ratio (TTM)8.74
EPS (TTM)2.89
Earnings dateN/A
Forward dividend & yield1.38 (5.37%)
Ex-dividend date28 May 2020
1y target estN/A
  • Wells Fargo Corporate Risk Announces Enhanced Organizational Structure and New Leaders
    Business Wire

    Wells Fargo Corporate Risk Announces Enhanced Organizational Structure and New Leaders

    Wells Fargo & Company (NYSE: WFC) today announced the appointment of two new Corporate Risk leaders and an enhanced organizational structure designed to provide greater oversight of all risk-taking activities and a more comprehensive view of risk across the company. The new risk model will have five line-of-business Chief Risk Officers (CROs) along with other teams aligned by risk type, each reporting to Wells Fargo CRO Mandy Norton.

  • Bloomberg

    Wells Fargo CEO Says Crisis Makes Staying Under Asset Cap Harder

    (Bloomberg) -- It “hasn’t been easy” for Wells Fargo & Co. to operate under an asset cap as the bank faces a flurry of deposits and credit-line draws tied to the coronavirus pandemic, Chief Executive Officer Charlie Scharf said.The San Francisco-based lender has had to take substantial actions to get below the cap, including moving some deposits outside the company, Scharf said at an AllianceBernstein Holding LP virtual conference Friday.The asset cap is “unfortunate, especially in an environment like this, but it’s a fact of life, and we’re more focused than ever on doing the work that’s necessary to get it behind us,” Scharf said. “It’s very, very clear what has to get done.”The Federal Reserve in 2018 limited Wells Fargo’s growth until it addressed lapses following a series of scandals. Scharf has declined to forecast when the asset cap would be lifted, but has cautioned that the bank still has a lot of work to do. Scharf said Friday that the cap is just one of 12 public consent orders Wells Fargo has to satisfy, with all of them being “extremely important.”Here are other takeaways from Scharf’s remarks:The timing and pace of the recovery, as well as Wells Fargo’s ability to improve its results, will determine the appropriate dividend level for the bank, Scharf said. Its capital base is strong, but earnings were weak in the first quarter and will remain so this quarter, he said.The buildup in Wells Fargo’s reserves will likely be “quite significant” in the second quarter as expectations are worse today than they were at the end of March, Scharf said, cautioning that many unknowns remain.Expenses are “way too high,” Scharf said, adding that Wells Fargo will probably have more than $500 million in unanticipated costs in the second quarter related to the pandemic.Scharf said he hopes to create a road map for the company by the end of the year. The early days of the Covid-19 crisis made his business reviews difficult, he said, but Wells Fargo remains “as committed as ever to getting the work done.”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.

  • Business Wire

    Wells Fargo Closed-End Funds Declare Monthly and Quarterly Distributions

    The Wells Fargo Income Opportunities Fund (NYSE American: EAD), the Wells Fargo Multi-Sector Income Fund (NYSE American: ERC), the Wells Fargo Utilities and High Income Fund (NYSE American: ERH), and the Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD) have each announced a distribution.

  • Jamie Dimon Captures the Stock Market Moment
    Bloomberg

    Jamie Dimon Captures the Stock Market Moment

    (Bloomberg Opinion) -- Don’t fight the U.S. Federal Reserve — repeat that mantra until it sticks.Jamie Dimon, the boss of JPMorgan Chase & Co., put it well this week. “This wasn’t the bazooka,” he said, referring to Jay Powell’s response to the coronavirus crisis. “The Fed took out the whole military and applied it. Just announcing these programs reduced spreads (the difference between corporate bond yields and their benchmarks) in the market. It’s going to save a lot of small businesses.” In the past month, the equity market’s glass has gone from pretty much empty to at least half full and that’s down to the coordinated fiscal and monetary effort from authorities far and wide. You want some quantitative easing? Please, have some more and take some for the journey home. Even those foot draggers at the European Union are talking about radical fiscal action. We won’t really see a V-shaped economic recovery, but it seems like we’ve stopped the L.Nonetheless, this is a recovery based so far on asset-price inflation rather than any economic data. Central bank and government action may have restored financial valuations but real incomes will still suffer dramatically for a long while to come. Unemployment and diminished consumption cannot be magicked away.The stock market is looking even further into the distance than usual to justify its valuations, which is sometimes hard to square away against a constant stream of dire economic statistics and evaporating company earnings. Since QE came to life during the global financial crisis, it has paid for investors to cast aside their usual forward-earnings analysis and focus instead on the rising tide of money. The central banks have learned their post-2008 lessons and have barely put a foot wrong this time. This is having uneven effects, however. The bulk of the stimulus is coming into investment-grade assets because that’s where central banks feel more comfortable. Credit spreads have recovered most in BBB and A-rated bonds. High-yield yield assets improved sharply at first, but this has abated. The spread between the yields on investment-grade debt and those of junk bonds is still nearly double the levels seen in February. Similarly, new debt issuance is motoring again but only for the better-quality names. While U.S. banks such as Citigroup Inc. and Wells Fargo & Co. are returning for the fifth or sixth time this year to replenish capital, the junk sector has been restricted to one-off selective deals — often with eye-watering yields.The change in stock market sentiment isn’t just about QE. The oil price collapse has come and gone and fears of a devastating second wave of Covid-19 are easing. Short-selling bans have quietly been lifted in several European countries too, and some of the recent improvement may be explained by that. The sound of economies cranking back into life can just about be made out over the whirring of the monetary printing presses, allowing even bombed-out old economy stocks to recover, not just the new technology darlings.Notably, some of the recent action has been in high-dividend stocks, which had been forced to skip shareholder payouts at the height of the crisis. Investors had feared that the dividend bans might last several years; now they think it may be a quarter or two. Many investment funds work off a dividend-yield model.Investment managers may be doing the natural thing right now and chasing the rising stock market indexes, but that doesn’t mean they’re brimful of confidence. The Bank of America fund manager survey for May shows extreme bearishness pervades, with only 10% expecting a V-shaped recovery and 68% expecting stock prices to fall. Given the recent positive news on the virus and the gradual ending of lockdowns, the June survey might be different.The fiscal response will determine how the economy recovers over the long term but the monetary triage has worked better than anyone could have expected in those ugly days of March. For that we should be grateful, and for the stock market’s semi-rational exuberance.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. He spent three decades in the banking industry, most recently as chief markets strategist at Haitong Securities in London.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Business Wire

    EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims Against Wells Fargo & Company

    Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Wells Fargo & Company (NYSE: WFC) resulting from allegations that Wells Fargo may have issued materially misleading business information to the investing public.

  • Got $3,000? These 5 Beaten-Down Stocks Are Begging to Be Bought
    Motley Fool

    Got $3,000? These 5 Beaten-Down Stocks Are Begging to Be Bought

    No matter how dire things may have appeared in previous bear markets, bull-market rallies eventually erase all evidence of downward moves in the stock market. Also keep in mind that you don't have to be rich to generate a handsome return from the stock market. With the exception of the oil and gas industry, there's probably not a harder-hit industry lately than bank stocks.

  • U.S. Homebuilders Defy Expectations With Gain in New-Home Sales
    Bloomberg

    U.S. Homebuilders Defy Expectations With Gain in New-Home Sales

    (Bloomberg) -- Last decade, housing crashed the U.S. economy. But in the 2020 pandemic, it could be one of the bright spots.New home sales unexpectedly climbed 0.6% in April to a 623,000 annualized pace, government data showed Tuesday. That was 30% higher than the median forecast in a Bloomberg Survey of economists of 480,000. The news sent the shares of homebuilders surging, with an index that tracks the industry hitting the highest level since March 9.That’s not to say that housing is booming, it’s just performing better than some very low expectations. Mortgage rates near historic lows may be putting a floor under the housing market and construction -- in most of the country -- has been deemed essential so builders have been able to power through.Job losses, meanwhile, are primarily hitting renters who are more likely to be working in lower-paying service and hospitality jobs that were damaged most by social-distancing rules.“If the reopenings continue, housing may provide an upside surprise to the economy this year,” Mark Vitner, senior economist at Wells Fargo.Homebuilder ETF Soars to Pre-Crisis Level on Sales SurpriseUnlike the existing home market, which has seen a big drop in inventory as sellers pull back, builders are accommodating buyers, Vitner said. They’re showing floor plans virtually and even offering drive-thru closings.The stocks of homebuilders have rebounded in recent weeks, beating the gain in the S&P 500 since the start of May.The builders have a long way to go before they’re back at pre-pandemic levels. While sales were up slightly on a seasonally-adjusted basis, they were down 6.2% from a year earlier. And the median sale price fell 8.6% from a year earlier to $309,900.Still, three of four U.S. regions showed stronger home sales in April than a month earlier, reflecting 2.4% gains in the South and Midwest, the Commerce Department’s report showed. Purchases climbed 8.7% in the Northeast and dropped 6.3% in the West.The government’s data measure signed contracts to buy homes. The slight gain in April came after sales dropped the most since 2013 in March, when much of the U.S. economy shut down to stem the spread of coronavirus.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.

  • NYSE president: 'While we are reopening, it is not back to business as usual'
    Yahoo Finance

    NYSE president: 'While we are reopening, it is not back to business as usual'

    The iconic New York Stock Exchange floor is back open for business. Here is what New York Stock Exchange President Stacey Cunningham told Yahoo Finance.

  • Six Agtech Startups Selected for Wells Fargo Innovation Incubator
    Business Wire

    Six Agtech Startups Selected for Wells Fargo Innovation Incubator

    Six agtech startups selected for Wells Fargo Innovation Incubator.

  • Business Wire

    Wells Fargo to Present at the Bernstein 36th Annual Strategic Decisions Conference

    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 to employees: Plan to work from home for the rest of 2020
    Yahoo Finance

    American Express CEO to employees: Plan to work from home for the rest of 2020

    American Express CEO Stephen Squeri lays out his vision for how employees will return to work after COVID-19 quarantines lift.

  • Why Is Buffett Selling Bank Stocks If He Loves the Industry So Much?
    Motley Fool

    Why Is Buffett Selling Bank Stocks If He Loves the Industry So Much?

    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.

  • Wells Fargo Has Lost $220 Billion in Market Value Under Fed Cap
    Bloomberg

    Wells Fargo Has Lost $220 Billion in Market Value Under Fed Cap

    (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.

  • Business Wire

    CORRECTING and REPLACING Wells Fargo & Company Declares Cash Dividends on Preferred Stock

    Please replace the release with the following corrected version due to multiple revisions.

  • Bank ETFs Rise on Merger Speculations
    Zacks

    Bank ETFs Rise on Merger Speculations

    U.S. bank stocks and ETFs gain on merger speculation. What lies ahead?

  • KBW: Wells Fargo Is a 'Dividend Cut' Candidate
    Motley Fool

    KBW: Wells Fargo Is a 'Dividend Cut' Candidate

    KBW has created a list of 21 banks that may cut their dividends, and Wells Fargo is the biggest bank on the list.

  • WELLS FARGO ALERT: Bragar Eagel & Squire, P.C. is Investigating Wells Fargo & Company on Behalf of Stockholders and Encourages Investors to Contact the Firm
    Business Wire

    WELLS FARGO ALERT: Bragar Eagel & Squire, P.C. is Investigating Wells Fargo & Company on Behalf of Stockholders and Encourages Investors to Contact the Firm

    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.

  • Business Wire

    Wells Fargo Announces Efforts to Keep People Housed in Response to COVID-19

    Wells Fargo Foundation grants in response to COVID-19 to keep 100,000 renters and homeowners housed

  • Here's Why Wells Fargo Is Rebounding on Thursday
    Motley Fool

    Here's Why Wells Fargo Is Rebounding on Thursday

    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) Down 20.8% Since Last Earnings Report: Can It Rebound?
    Zacks

    Wells Fargo (WFC) Down 20.8% Since Last Earnings Report: Can It Rebound?

    Wells Fargo (WFC) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Here's Why Wells Fargo Plunged on Wednesday
    Motley Fool

    Here's Why Wells Fargo Plunged on Wednesday

    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 Names Nate Hurst to Lead Corporate Responsibility, Philanthropy, and Sustainability Efforts
    Business Wire

    Wells Fargo Names Nate Hurst to Lead Corporate Responsibility, Philanthropy, and Sustainability Efforts

    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.