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Wells Fargo & Company Add to portfolio

INX:WFC, Jan 20, 08:25 UTC

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Saturday, January 18


News

Here's How Much Warren Buffett Has Made on Wells Fargo

WFC BRK.B

In his 54 years running Berkshire Hathaway (NYSE: BRK-A)(NYSE: BRK-B), thousands of people have become millionaires by buying shares and then sitting on their hands while he turned the former textile manufacturer into one of the most-profitable holding companies on Earth. As of this writing, Berkshire owns dozens of subsidiaries that earn tens of billions of dollars a year, and has a market capitalization of nearly $560 billion. Yet Buffett is best known for his skill as a great stock picker, and deservedly so. A massive portion of Berkshire's market value is derived from its roughly $215 billion stock portfolio. It depends on what you're measuring; on a cost basis, Berkshire's Wells Fargo stake has roughly doubled in value, netting about $11 billion in unrealized gains. However, that doesn't tell the entire story, including how much value Wells delivers to Berkshire's coffers in the form of its generous dividend. How much Buffett paid, and what it's worth now. While we don't know from day to day how many shares of Wells Fargo Berkshire Hathaway owns, we do get an update each quarter, when it files its Form 13F with the SEC, listing its stock holdings. As of the end of September, Berkshire owned 378,369,018 shares of Wells. In 2019, Wells Fargo raised its quarterly payout to $0.51 per share.

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Wednesday, January 15


News

Wells Fargo Shareholders Have Been Left Behind in Stock-Market Rally

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Wells Fargo stock missed out on a rally that drove its rivals’ shares sharply higher.Photo: Daniel Acker/Bloomberg News. That might not seem so bad, but given the timing it is a huge missed opportunity for shareholders.Wells Fargo shares closed Tuesday at $49.30, just 60 cents below their mark on Sept. 8, 2016,... Shares of Wells Fargo & Co. are back where they started before the bank’s sales-practices scandal erupted in 2016, despite the stock’s bumpy ride. Over the same period, shares of big-bank rivals JPMorgan Chase & Co. and Bank of America Corp. have more than doubled, and Citigroup Inc. has surged 71%. Wells Fargo’s market value, meanwhile, has declined to $209 billion from $251 billion because of significant share repurchases. While Warren Buffett—the bank’s largest and most famous shareholder—may be famously patient with his investments, less well-capitalized investors may get antsy, especially as the fallout from the scandal continues.

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Tuesday, January 14


News

JPMorgan, Citigroup and Wells Fargo Report Strong 4th-Quarter Investing Growth

WFC C +1 more WFC C JPM

Before the market opened on Jan. 14, JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C) and Wells Fargo & Co. (NYSE:WFC) reported their earnings for the quarter and full year ended Dec. 31, 2019. The positive results were driven by an 86% increase in fixed-income trading, a 15% increase in equity trading, a 6% increase in investment banking and an 8% increase in asset and wealth management. Citigroup saw strong growth in the following sectors: fixed-income trading (up 49%), investment banking (up 6%), treasury and trade solutions (up 2%) and global consumer banking (up 4% currency-adjusted). "Our net interest income declined in the fourth quarter driven predominantly by the impact of the lower interest rate environment. In addition, while we are spending what is necessary in order to improve risk management, our other expenses were too high and becoming more efficient remains a top priority. However, we continued to have positive business trends with both loans and deposits growing from the third quarter and a year ago." As of Jan. 14, Wells Fargo has a market cap of $209.9 billion, a price-earnings ratio of 10.7%, a three-year revenue growth rate of 3.5%, a three-year EPS without NRI growth rate of 1.3% and a cash-debt ratio of 0.61.

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Why Shares of Wells Fargo Are Down Today

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The company has spent the last few years trying to dig out from a mess caused by a fake-accounts scandal and a number of other regulatory and legal issues, and its new CEO made it clear Tuesday that Wells Fargo still has significant work ahead of it. So what. Before markets opened today, Wells Fargo reported fourth-quarter adjusted earnings of $0.93 per share on revenue of $19.86 billion, missing consensus estimates for $1.12 per share in earnings on revenue of $20.1 billion. "Wells Fargo is a wonderful and important franchise that has made some serious mistakes, and my mandate is to make the fundamental changes necessary to regain the full trust and respect of all stakeholders," Scharf said. "During my first three months at Wells Fargo my primary focus has been on advancing our required regulatory work with a different sense of urgency and resolve, while beginning to develop a path to improve our financial results."

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Stocks making the biggest moves midday: JP Morgan, Wells Fargo, Delta, SmileDirectClub

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J.P. Morgan — Shares of J.P. Morgan jumped nearly 2% after the nation's biggest bank by assets reported stronger-than-expected quarterly results. J.P. Morgan's fourth-quarter profit rose 21% to $8.52 billion, or $2.57 a share, compared with the $2.35 estimate of analysts surveyed by Refinitiv. The 4% slide for Wells Fargo equity came after filings showed its fourth-quarter profits fell more than 50% year-over-year and that it booked a $1.5 billion charge for litigation fees in the three months ended Dec. 31. SmileDirectClub – Shares of SmileDirectClub soared more than 16% after the company said it will now offer its clear teeth aligners at dentist and orthodontist offices. Since its partnership with Align Technology expired at the end of last year, SmileDirectClub is focusing on a direct-to-consumer channel, the company said.

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US STOCKS-S&P 500 eases from record on tech retreat, Wells Fargo slide

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Jan 14 (Reuters) - The S&P 500 eased from record levels on Tuesday, as technology stocks handed back gains made on hopes of a preliminary U.S.-China trade deal and Wells Fargo slid in a mixed start to big banks' quarterly earnings. Kicking off the fourth-quarter earnings season, the largest U.S. bank, JPMorgan Chase & Co, rose 2.3% after reporting a better-than-expected profit on strength in its trading and underwriting businesses, keeping the blue-chip Dow index in the positive territory. Wells Fargo & Co dropped 3.7% after reporting a slump in profit, as it set aside $1.5 billion toward legal expenses, while Citigroup Inc rose 2.3% as it topped Wall Street profit estimates. ET, the Dow Jones Industrial Average was up 97.77 points, or 0.34%, at 29,004.82, the S&P 500 was down 2.55 points, or 0.08%, at 3,285.58 and the Nasdaq Composite was down 15.43 points, or 0.17%, at 9,258.50.

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Stock Market News: Bank Earnings Send Wells Fargo Lower, Citi Higher

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Stock Market News: Bank Earnings Send Wells Fargo Lower, Citi Higher | NASDAQ. Earnings season is here again, and market participants have eagerly waited for signs of how corporate America performed during the key holiday quarter. Even with international geopolitical issues hanging over the market, investors want to see whether their generally favorable picture of how things are going with the U.S. economy matches up with reality for the companies on the front lines. As of 11 a.m. EST, the Dow Jones Industrial Average(DJINDICES: ^DJI) climbed 46 points to 28,953. However, the S&P 500(SNPINDEX: ^GSPC) lost 5 points to 3,283, and the Nasdaq Composite(NASDAQINDEX: ^IXIC) fell 26 points to 9,247. Shares of Wells Fargo were down 4% after the San Francisco-based banking giant released its fourth-quarter financial results. For those hoping for a long-awaited turnaround, Wells Fargo's report was just the latest in a series of disappointments. CEO Charlie Scharf tried to maintain a positive attitude, noting his confidence that he'll be able to restore the bank's regulatory reputation through more urgent compliance efforts. Yet Scharf also noted that Wells' cost structure is currently too expensive, and he sees further work needed in order to boost growth.

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Wall Street falters as tech retreats, Wells Fargo slides

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Wall Street falters as tech retreats, Wells Fargo slides | NASDAQ. Jan 14 (Reuters) - U.S. stocks pulled back from record levels on Tuesday, as technology stocks handed back gains made on hopes of a preliminary U.S.-China trade deal and Wells Fargo slid in a mixed start to big banks' quarterly earnings. Kicking off fourth-quarter earnings season, the largest U.S. bank JPMorgan Chase & Co JPM.N rose 2.1% after reporting a better-than-expected profit as strength in its trading and underwriting businesses offset weakness in consumer banking. Wells Fargo & Co WFC.N dropped 2.7% after reporting a 55% slump in profit, as it set aside $1.5 billion toward legal expenses, while Citigroup Inc C.N rose 1.9% as it topped Wall Street profit estimates.

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Wells Fargo Earnings: How Did the Bank Do With a New CEO?

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Wells Fargo Earnings: How Did the Bank Do With a New CEO? Plus, the bank's third quarter and other recent results left much to be desired. However, a new CEO was finally brought in this past October, a move that many experts said was necessary for the bank to truly move forward. The top-line revenue and bottom-line earnings figures rarely tell the full story of how any company is doing, but it's certainly a discouraging sign when these numbers are disappointing. And that appears to be the case with Wells Fargo in the fourth quarter. Revenue of $19.86 billion failed to live up to estimates as well, and was a significant decline from $21 billion in the same quarter a year ago. What's more, this is the adjusted earnings figure; if you include the bank's litigation expenses, EPS drops to just $0.60. For the full year 2019, Wells Fargo generated $4.05 in earnings per share, a decline of 5.4% from 2018.

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Wells Fargo quarterly profit slumps 55%

WFC

(Reuters) - Wells Fargo & Co (WFC.N) reported a 55% fall in quarterly profit on Tuesday, as it struggled to grow in a lower interest rate environment and saw a surge in cost stemming from the regulatory fallout of a series of sales scandals. Net income applicable to common stock fell to $2.55 billion, or 60 cents per share, in the fourth-quarter ended Dec. 31, from $5.71 billion, or $1.21 per share, a year earlier. Analysts had expected a profit of $1.12 per share, according to Refinitiv data, but it was not immediately clear if the numbers were comparable. Wells Fargo has been operating under intense scrutiny since revealing in 2016 a sales scandal that has led to billions of dollars in fines and penalties and an unprecedented growth restriction on its balance sheet by the Federal Reserve.

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