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Wells Fargo & Company Add to portfolio

INX:WFC, Nov 22, 07:04 UTC

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Wednesday, November 20


News

Wells Fargo Announces Changes in Payments, Virtual Solutions and Innovation Group

WFC

Today Wells Fargo announced upcoming changes in its Payments, Virtual Solutions and Innovation (PVSI) group. “Avid has held many important roles at Wells Fargo during her impressive 26-year career as the company’s leader in several areas including Internet Services, Human Resources, Technology and Operations and Consumer Lending,” said Charlie Scharf, Wells Fargo CEO and president. Modjtabai also was responsible for customer conversion activities and systems and operations integration for Wells Fargo’s merger with Wachovia, one of the largest bank mergers in history. While head of the Internet Services Group, Modjtabai and her team led Wells Fargo to be named the best bank online platform and the first bank to reach 1 million online users. He spent 14 years at JPMorgan Chase as chief financial officer of Card, Merchant Services & Auto Finance. While there, he was instrumental in negotiating and executing the Chase Merchant Services partnership with Visa that created a closed-loop payments platform for Chase cardholders and merchants.

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News

Wells Fargo: Upper-Income Investors Place High Value on Charitable Giving

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“These numbers confirm that giving is a top priority for many in the U.S. today,” said Beth Renner, national director of philanthropic services for Wells Fargo Private Bank. Separately, the poll asked upper-income investors who are parents to rate the importance of certain goals for their children. Other key reasons for charitable giving or volunteering for at least a third of upper-income investors pertain to a sense of duty. Donating, values-based investing more important to women than men. When investors were asked what financial values are important to them, men and women place equal importance on basic money management goals, but women attach more importance than men to donating: 64% of women versus 56% of men say donating to help others is a highly important financial value to them.

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  • Health
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Tuesday, November 19


News

Wells Fargo Launches Ability to Send Payments on the RTP® Network

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Wells Fargo (WFC) announced today that its corporate customers can now send real-time payments through the RTP® network via an application programming interface (API), enabling the immediate movement of money and expanding the bank’s faster payments offerings. Wells Fargo previously rolled out capabilities for both retail and wholesale customers to receive payments over the RTP network at the end of 2018. Wells Fargo’s API for the RTP network allows corporate customers to send payments directly from their enterprise software or treasury workstations, meaning they can benefit from the platform’s speed and immediate posting to help optimize cash flow. “The ability to send payments on the RTP network allows Wells Fargo’s customers to experience the benefits and certainty of immediate funds availability and transaction confirmations,” said Steve Ledford, senior vice president of Product Strategy and Development for The Clearing House.

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News

Wells Fargo: Time to Climb Aboard the Stagecoach

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A combination of a fraudulent accounts scandal, asset cap, and lack of a CEO (until recently) has led to a period of significant underperformance relative to the sector. The comparison is even starker against its large-cap peers: JPMorgan Chase and Bank of America have risen more than 100% and 90% respectively, while Wells Fargo is up only 1%. This valuation premium was in recognition of Wells Fargo's many strengths, including having the largest retail branch network in the U.S., a laser-like focus on operating efficiency, and a business more oriented toward consumer lending and less exposed to capital markets. Wells Fargo's focus on consumer credit is also paying off with loan growth expectations hiked for next year. Although it's premature to say that its problems are behind it, the appointment of a new CEO eliminates a major uncertainty around the stock. And with a dividend yield among the highest in the sector at close to 4%, Wells Fargo pays handsomely to the investor who is willing to give it the benefit of the doubt.

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Monday, November 18


News

Gap could cancel the Old Navy spin off, and that would be a good thing, says Wells Fargo

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Gap Inc. is scheduled to report third-quarter earnings after the closing bell on Thursday, and there could be one bit of news to come from the announcement: the company could cancel the Old Navy spin off, Wells Fargo says. Gap already announced third-quarter same-store sales declines at Old Navy, Banana Republic, and the namesake chain of stores, and cut its full-year guidance. "Keep in mind, when discussing the dynamics that would potentially take the spin off the table this year, management has stated that a material miss to Old Navy's plan this fiscal year would force them to at least rethink the strategy," Wells Fargo says. "We believe that the most meaningful piece of incremental news likely to come our of their Q3 call is potentially calling off the spin - which we believe could be a positive catalyst for shares given the $700 million to $800 million of cash (the one-time spin expenses) that would re-enter the Gap enterprise value," Wells Fargo wrote.

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Saturday, November 16


News

CenterPoint Energy (NYSE:CNP) Price Target Cut to $29.00 by Analysts at Wells Fargo & Co – TechNewsObserver

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Barclays upgraded shares of CenterPoint Energy from an equal weight rating to an overweight rating and lowered their target price for the stock from $33.00 to $31.00 in a report on Tuesday, August 13th. The company’s stock had a trading volume of 17,135,403 shares, compared to its average volume of 4,209,990. The stock has a market cap of $14.11 billion, a price-to-earnings ratio of 15.93, a price-to-earnings-growth ratio of 3.35 and a beta of 0.47. In related news, CEO Scott M. Prochazka sold 7,000 shares of CenterPoint Energy stock in a transaction that occurred on Tuesday, October 1st.

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News

Becton Dickinson and Co (NYSE:BDX) Shares Sold by Bank of Stockton – TechNewsObserver

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Bank of Stockton cut its position in Becton Dickinson and Co (NYSE:BDX) by 3.4% in the third quarter, according to its most recent Form 13F filing with the SEC. Allworth Financial LP now owns 107 shares of the medical instruments supplier’s stock valued at $27,000 after purchasing an additional 85 shares during the last quarter. Becton Dickinson and’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities analysts predict that Becton Dickinson and Co will post 12.57 earnings per share for the current fiscal year. In other Becton Dickinson and news, EVP Alexandre Conroy sold 9,829 shares of the stock in a transaction dated Thursday, August 29th.

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Friday, November 15


News

The Zacks Analyst Blog Highlights: Walt Disney, Wells Fargo, Vale, Shopify and TELUS

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Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Walt Disney Company DIS, Wells Fargo WFC, Vale VALE, Shopify Inc. SHOP and TELUS TU. The Zacks analyst believes that Disney will benefit from its solid slate of theatrical releases in the near term. Though the company's investment in the businesses to enhance compliance and risk-management capability seems impressive, Wells Fargo has been slapped with several sanctions, including a cap on asset growth, which continues on the CFPB's dissatisfaction with the bank’s progress on fixing risk-management issues.

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Thursday, November 14


News

Wells Fargo: Adam Taback Named Chief Investment Officer for Private Wealth Management

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View the full release here: https://www.businesswire.com/news/home/20191114005197/en/. As chief investment officer, Taback will oversee the full investment platform of Wells Fargo Private Bank and Abbot Downing — which includes the product platform and investment capabilities across all asset groups, investment policy and oversight, portfolio management, and securities trading. In his 23 years with Wells Fargo, Taback has had leadership roles in Wells Fargo Alternative Asset Management LLC; Alternative Strategies Group Inc.; A.G. Edwards Capital Inc.; Asset and Wealth Management division of Wachovia Bank; and the Asset Management division of Wachovia Bank. Wells Fargo Private Wealth Management, the fourth largest wealth management provider in the United States (Barron’s 2018), offers a full range of financial services and products to help individuals and families build, manage, preserve and transfer their wealth. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,500 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy.

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News

NALCAB, LiftFund and Wells Fargo Announce Launch of Largest National Loan Fund for the Growth of Latino-Owned Small Businesses

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The Wells Fargo Foundation has made a historic $10 million grant to NALCAB — National Association for Latino Community Asset Builders — to support growth-oriented lending to minority-owned businesses nationwide through a network of Latino-led nonprofit business lenders. By sharing the grant funds equally, NALCAB, LiftFund and each of ten other CDFI (Community Development Financial Institutions) partners in the NALCAB network will be co-owners of the fund. “No single NALCAB Network lender could have presented this powerful value proposition alone, but collectively, this is the most credible and scalable national investment opportunity available to grant makers and capital providers seeking to invest in Latino small business growth.”. Over the course of the first three years, the Acceso Loan Fund will deploy more than $27 million in loans, supporting the growth of approximately 186 small businesses, producing more than 500 jobs.

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  • Financial