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Wells Fargo & Co. (WFC)

  • Mar. 5, 2013, 7:39 AM
    KeyCorp (KEY), State Street (STT), Goldman Sachs (GS), JPMorgan (JPM), and BB&T (BBT) make RBC's list of best-capitalized banks - those that the Fed this month should allow dividends/buybacks of 75-100% of earnings. WFC, FITB, and MTB are in the middle of the pack and should be allowed payouts of 50-75%. Capital laggards - BAC, C, and COF - may only be allowed payouts of 10-30% of earnings.
  • Mar. 4, 2013, 11:55 AM
    Expect gradual, but not outsized jumps in capital returns from the banks this year, says Goldman (stress tests results are due Thursday, capital return decisions due March 14). Management teams are likely to be conservative in their requests from the Fed as "taking a mulligan" - i.e., resubmitting a plan after being shot down - is not seen as a viable option.
  • Feb. 24, 2013, 4:52 AM
    Federal and state regulators are reportedly investigating the role of major banks in facilitating the activities of online payday lenders that make short-term loans at exorbitant interest rates. The banks, which can earn lucrative overdraft and other fees, allow the lenders to automatically withdraw cash from debtor accounts, even in states where such loans are banned.
  • Feb. 21, 2013, 3:26 PM
    Wells Fargo (WFC +1.3%) is a rare big-cap in the green, with news Warren Buffett added 17.3M shares to Berkshire's stake in the company (total now 439.8M) not hurting. Wells has now surpassed Coca-Cola as Berkshire's largest holding.
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  • Feb. 21, 2013, 8:04 AM
    Loopholes. "We believe that we will continue to be able to invest, and we continue to invest today," in our P-E business, said Wells Fargo (WFC) CFO Tim Sloan recently. By using its own capital and the capital of some employees for deals, Wells is considered to be engaging in "merchant banking," likely to be exempt under Volcker.
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  • Feb. 20, 2013, 6:25 PM
    Morningstar's Ultimate Stock Pickers recently have displayed more breadth than depth in its high-conviction and new-money purchases, even with the increase in investor inflows in early part of 2013. Their newest top 10: TJX, GILD, AIG, BAC, AAPL, DVN, ORCL, WFC, DELL, KO.
  • Feb. 13, 2013, 7:45 AM
    Are more gains in store for the banks after the President last night gave a push to the stalled Menendez-Boxer bill which would streamline the refinancing process for Fannie and Freddie borrowers? BAC +0.9%, C +0.3%, JPM +0.5% premarket (no trades for WFC).
  • Feb. 11, 2013, 4:11 PM
    Wells Fargo (WFC) is nearing the sale of its mortgage servicing rights while retaining customer contact through sub-servicing, suggests Compass Point. The arrangement would be similar to that between Ocwen (OCN) and Home Loan Servicing (HLSS). Cerberus Mortgage's IPO filing on Friday discusses this sort of investment.
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  • Feb. 11, 2013, 8:26 AM
    Wells Fargo (WFC) is upgraded to Buy at Stifel Nicolaus, as valuations have the firm doing a bit of shuffling in its bank ratings. UBS catches an upgrade as well, but Fifth Third Bancorp (FITB) is cut to Hold.
  • Feb. 5, 2013, 12:18 PM
    More on the banks: Wells Fargo (WFC) is a top pick of Mosby's, with an expected return on tangible common equity of 17.4% far above the 9.5% cost of of equity. The bank recently hiked its quarterly dividend to $0.25, and Mosby expects more - a total 2013 dividend payout of $1.20.
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  • Jan. 29, 2013, 12:41 PM
    Why doesn't Buffett (BRK.B) buy back more shares? He can do better elsewhere, writes The Brooklyn Investor, posting the "astonishing" record of book value/share growth in Wells Fargo (WFC) over the past decade. If a fund had this sort of record, investors would be begging to get in, but just because it's a TBTF bank, many refuse to invest.
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  • Jan. 24, 2013, 10:54 AM
    Wells Fargo (WFC) is sued over mishandling the management of a CDO created by now-defunct WestLB, a German state-owned bank. The plaintiff is the German agency created to wind-down the bank's assets, and it blames Wells' mismanagement for causing $160M in losses.
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  • Jan. 22, 2013, 5:24 PM
    Wells Fargo & Company (WFC) declares $0.25/share quarterly dividend, 14% increase from prior dividend of $0.22. Forward yield 2.85%. For shareholders of record Feb. 01. Payable Mar. 01. Ex-div date Jan. 30. (PR)
  • Jan. 22, 2013, 4:38 PM
    Wells Fargo (WFC) ups its quarterly dividend to $0.25/share from $0.22. The yield rises to 2.85%. The increase is part of the capital return plan approved by the Fed last March. This year's capital plan was submitted for Fed review on January 4. (PR)
  • Jan. 18, 2013, 8:49 AM
    A year after losing out in the bidding for RBS' aircraft-leasing unit, Wells Fargo (WFC) is starting its own far-smaller effort, teaming with Ireland's Avolon to build an initial fleet of 10 jets valued at $500M. Avolon chief Domhnal Slattery speaks of a "void" in the sector due to capital-strapped EU banks pulling out of the business.
  • Jan. 14, 2013, 7:47 AM
    Wells Fargo (WFC) is cut to Hold at Oppenheimer, the firm making a valuation call, and saying there's more upside in names likes Citigroup (C), JPMorgan (JPM), Morgan Stanley (MS), and KKR. Wells -0.5% premarket.
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Company Description
Wells Fargo & Co is a diversified financial services company. It provides retail, corporate and commercial banking services through banking stores and offices, the internet and other distribution channels to individuals, businesses and institutions.
Sector: Financial
Country: United States