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Wells Fargo & Co. (WFC)

  • 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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  • Jan. 11, 2013, 10:53 AM
    Wells Fargo (WFC) will indeed request permission from the Fed for a bigger capital return in 2013, says CFO Tim Sloan on the conference call. Q4 repurchases (42M shares) were not returns as they were done mostly to offset employee stock awards. A theme of the call: The bank has too much money and nowhere to profitably invest it. One popular way - mortgage lending - looks to be slowing, with $125B issued in Q4, down from $139B in Q3. Shares -1.6%, with the rest of the banks following. (earnings)
  • Jan. 11, 2013, 10:30 AM
    More on Wells Fargo (WFC) Q4 earnings: The bank's share of this week's foreclosure settlement is $766M, mostly reserved for in Q4. The settlement will save the bank $125M/quarter going forward as it ends a foreclosure review program. The conference call is underway, with the Q&A about to begin. Earnings supplement.
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  • Jan. 11, 2013, 8:19 AM
    More on Wells Fargo (WFC) Q4 earnings: The margin squeeze continues with net interest income of $249M, -2% Y/Y thanks to a 10 bp decline to 3.56% in net interest margins. Net charge-offs of 1.05% of loans vs. 1.21 in Q3 were higher than otherwise thanks to just-issued OCC guidance. Tier 1 common equity ratio of 8.18% under Basel III. 42M shares repurchased in Q4. Shares -0.8% premarket. (PR)
  • Jan. 11, 2013, 8:05 AM
    Wells Fargo & Company (WFC): Q4 EPS of $0.91 beats by $0.02. Revenue of $21.9B (+7% Y/Y) beats by $600M. (PR)
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  • Jan. 11, 2013, 12:05 AM
    Notable earnings before Friday’s open: WFC
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  • Jan. 10, 2013, 5:30 PM
    Notable earnings before Friday’s open: WFC
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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