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Wells Fargo & Co. (WFC)

  • Jun. 12, 2013, 8:10 PM
    CNBC's Jim Cramer thinks the shrinking number of underwater mortgages and a rising net interest margin are "incredibly" bullish signs for bank stocks. 9.7M properties were underwater in the U.S. during Q1, down from 10.5M in Q412. That's significant, he adds, because when a homeowner goes from underwater to above water on their mortgage, they spend three times as much at the retail level than they would do otherwise. His favorite pick: Wells Fargo (WFC). It's the single greatest play if you think houses are coming out from underwater," Cramer says, because of its "ability to take the collateral and make new loans." (Video).
  • Jun. 12, 2013, 11:19 AM
    Wells Fargo (WFC -0.2%) and U.S. Bancorp (USB -0.2%) are both downgraded to Sell by Atlantic Equities' Richard Staite, who says valuations and earnings expectations are already high, leaving little room for upside surprises. Wells is likely "overearning" relative to normal capacity thanks to previously high (now, not so much) refinance volumes. His top pick is Bank of America (BAC -0.4%), currently "underearning" by as much as 50% thanks to high legal and asset servicing costs.
  • Jun. 11, 2013, 9:33 AM
    Bank (C, BAC, JPM, WFC) overdraft protection raises the eyebrows of the CFPB, which questions how lenders are selling this product and whether fees can really be anticipated and thus avoided. The bureau notes consumers who opt in to such programs end up paying more in costs. "What is ofter marketed as overdraft protection may actually be putting consumers at greater risk." As of yet, no action or fines have been announced.
  • Jun. 6, 2013, 11:38 AM
    Hoping to make the whole thing go away, Wells Fargo (WFC) pays $42M to settle allegations it failed to maintain foreclosed homes in low-income areas with the same rigor with which it kept up properties in wealthier spots.
  • Jun. 6, 2013, 6:50 AM
    National Australia Bank (NABZY.PK) - Oz's largest - and Wells Fargo (WFC) are exploring a joint venture to bring Australian borrowers to the U.S. term loan B (TLB) market, reports Reuters. The TLB market is basically junk bonds, and the lucrative business is currently dominated by global banks such as JPMorgan (JPM) and Bank of America (BAC).
  • Jun. 6, 2013, 2:48 AM
    Working in partnership with the FBI and authorities in over 80 countries, Microsoft's (MSFT) Digital Crimes Unit has launched a successful attack on one of the world's biggest cyber-crime rings. Microsoft forced the closure of at least 1,000 out of an estimated 1,400 malicious networks known as Citadel Botnets, which are believed to have stolen over $500M from accounts at financial companies such as American Express (AXP), PayPal (eBay), HSBC (HBC), JPMorgan (JPM), Royal Bank of Canada (RY) and Wells Fargo (WFC).
  • Jun. 5, 2013, 11:26 AM
    Wells Fargo (WFC -0.6%) is well-positioned for rising interest rates, CFO Tim Sloan tells a DB conference (webcast), as the bank can earn higher returns on its investments. He does allow one negative - a slowdown in mortgage refinancing from which Wells has benefitted maybe more than any other U.S. bank. (Previous: Refinancing index dives). 
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  • Jun. 5, 2013, 7:56 AM
    More on Mortgage applications: The refinance index dove 15% to its lowest level since November 2011 as the average 30-year fixed-rate mortgage jumped 17 bps to 4.07%, the highest in more than a year. The index is now off about 40% in a month. Mortgage REITs (MORT,, REM) certainly face a few issues at the moment, but prepayment risk is no longer one of them. Struggling enough finding growth, the refinancing cash cow benefitting the big banks (WFC, BAC, JPM, C isn't producing at the moment.
  • Jun. 4, 2013, 12:04 PM
    Wells Fargo (WFC) and Bank of America (BAC) have been ordered by Finra to pay more than $3M (not a typo) to customers who suffered losses after being steered into floating-rate funds in 2007 and 2008. Finra is also tacking on its own $2.15M fine. "As investors continue to look for yield in a low-interest rate environment ... firms need to ensure that investment recommendations are consistent with customers' investment objectives."
  • Jun. 3, 2013, 3:53 PM
    If easy credit is necessary to fuel a bubble, then the current frothy housing market - national prices up 10% Y/Y - does not constitue one, according to Wells Fargo (WFC) CFO Tim Sloan. Lenders are maintaining standards, he tells Bloomberg, and the subprime lending in vogue pre-2007 is non-existent today.
  • May 30, 2013, 11:20 AM
    "One of the biggest risks today in our industry is not credit risk, it's interest-rate risk," says Wells Fargo (WFC +0.9%) CEO John Stumpf, speaking at a Bernstein conference. He says his bank has mistakenly (so far) kept a lot of money on the sidelines, waiting for higher rates to emerge at some time. "Sometime hasn't come yet."
  • May 24, 2013, 8:33 AM
    What's Fannie Mae (FNMA.OB) up to? It's snatching profits away from banks as it increasingly purchases loans directly from lenders, cutting out those used to making good money by packaging mortgages into securities. "We don't play this big of a role because we want to," modestly says CEO Tim Mayopoulos. "(We have) no goal relative to market share, except to reduce it," says another spokesman. The lenders (JPM, WFC) seeing profits vanish aren't so sure.
  • May 17, 2013, 2:59 PM
    Wells Fargo (WFC) and Citigroup (C) have halted the vast majority of foreclosure sales in numerous states following the release of new standards from the OCC, reports the American Banker. Harkening back to the days of the robo-signing scandal, Wells' foreclosure sales across 5 westerns states dropped to fewer than 10 per day in April from more than 300 previously. JPMorgan (JPM) also slowed sales, but has returned to normal activity. BofA (BAC) is proceeding as usual.
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  • May 14, 2013, 10:05 AM
    Commerzbank (CRZBY.PK) is in "intensive" talks to unload the bulk of its €5.7B portfolio of U.K property loans to Wells Fargo (WFC) and P-E fund Lone Star. The disclosure was made in the prospectus for its capital raise launched today. About a month ago it was reported the parties were in exclusive talks for the assets in what could be a sweet deal for the buyers.
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  • May 8, 2013, 10:43 AM
    KeyCorp's (KEY) big move (up 22% YTD vs. 14% for KBE) is unjustified, according to KBW's Chris Mutascio, who's had a Sell on the stock for most of the run. Four other large regionals - WFC, USB, BBT, FITB - are better bargains as they sport lower P/E multiples despite higher ROAs and (for 3 of the 4) far larger ROEs.
  • May 6, 2013, 8:52 AM
    Wells Fargo (WFC) +0.4% premarket as Warren Buffett tells CNBC Berkshire (BRK.A) has been adding to its stake "pretty much every month this year." Over the weekend, NY AG Schneiderman promised new enforcement actions against major financial firms, and expects "very significant liability." (Earlier: Schneiderman and Delaware AG Biden back off BofA).
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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