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WFC

Wells Fargo & Co.

5/24/2013, 8:36 PM ET

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Friday, May 24, 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. 8 Comments [Financials]
Friday, May 17, 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. 1 Comment [Financials, U.S. Economy]
Tuesday, May 14, 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. Comment! [Financials]
Wednesday, May 8, 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. 3 Comments [Financials]
Monday, May 6, 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). 2 Comments [Financials]
Tuesday, April 30, 3:40 PM The IRS has been authorized by a judge to serve Wells Fargo (WFC) with a John Doe summons as the tax agency seeks data on U.S. citizens with accounts at FirstCaribbean International Bank. Based in Barbados, FCIB has a correspondent account with Wells - common for foreign banks who don't have offices in the States - and Wells is the IRS' way to the account info. 3 Comments [Financials]
Monday, April 29, 10:26 AM Citigroup's (C) reluctance to pare its mortgage assets at fire-sale prices could pay off, says KBW, as it now stands to greatly benefit from rising home prices. It's a flow vs. stock argument as Citi - compared to WFC, JPM, or USB - does a relatively small amount of (now under profit-pressure) mortgage origination volume, but still has loads of questionable paper on its books. Also positioned to benefit is BAC. 3 Comments [Financials]
Tuesday, April 23, 6:34 PM Wells Fargo & Company (WFC) declares $0.30/share quarterly dividend, 20% increase from prior dividend of $0.25. Forward yield 3.23%. For shareholders of record May 10. Payable June 01. Ex-div date May 08. (PR) 1 Comment [Dividends]
Monday, April 22, 1:58 PM Wells Fargo (WFC) moves to add capacity in its mortgage origination operations, breaking ground on a 265K square foot expansion to its mortgage headquarters in Iowa. Wells - which has a 30% share of the lending market - is notably expanding as competitors like JPMorgan pull back and the MBA predicts a sizable lending slowdown this year. Comment! [Financials]
Thursday, April 18, 9:09 AM Wells Fargo (WFC) and Lone Star are in exclusive talks to buy a $6.1B U.K property portfolio from Commerzbank's (CRZBY.PK) Eurohypo unit, reports Reuters, with a deal maybe being struck as soon as May. It may be a sweet deal for the buyers as Commerzbank is selling for what value investors like to call "non-economic" reasons. Comment! [Financials]
Monday, April 15, 12:28 PM The Brown/Vitter bill being rolled out in Congress is essentially Armageddon to the TBTF banks, says Goldman, seeing it as mandating another $1.1T in equity for the banking system. Banks would need 12 years of earnings to build this amount organically, though the bill would give just 5 - say goodbye to lending. Break up the banks? BAC, C, JPM, and WFC all have multiple divisions with more than $400M in assets - the level at which the bill gets tough on lenders. 22 Comments [Financials]
Friday, April 12, 11:24 AM Wells Fargo (WFC) unveils its "neighborhood bank format," a 1K square foot (vs. traditional 3K-4K) "store" for the digital age - paperless, wireless technology, large-screen ATMs. The initial location is set to be opened in D.C. on Monday. "We'll be able to offer person-to-person service ... in settings that previously would have discouraged us from building a store." (PR) Comment! [Financials]
Friday, April 12, 10:17 AM The current environment is not ideal for earnings growth, says Wells Fargo (WFC -1.7%) CEO John Stumpf on the earnings call, touting his bank's diversity of revenue streams. Well, mortgage banking accounted for 26% of noninterest income (presentation) in Q1, and if you listen to Jamie Dimon, there's little business left for the banks to squeeze out of the HARP program. For Wells, mortgage profit of $2.8B in Q1 was off 9% sequentially, off 3% Y/Y. 4 Comments [Financials]
Friday, April 12, 8:15 AM More on Wells Fargo (WFC) Q1 earnings: Loan growth of 4.3% Y/Y. Deposit growth of 6.3%. Net interest margin of 3.48%, down 8 bps Q/Q, down 43 bps from last year. $200M (about $0.04 of EPS) released from credit loss reserves. Bank expects continued releases throughout 2013. Mortgage banking income of $2.8B, off 8.9% Y/Y. Tier 1 capital ratio of 10.38%. Book value/share of $28.27. Shares -1.4% premarket. (PR) Comment! [Financials, Earnings]
Friday, April 12, 8:01 AM Wells Fargo (WFC): Q1 EPS of $0.92 beats by $0.03. Revenue of $21.3B misses by $0.29B. (PR) 1 Comment [Earnings, Breaking News, Financials]
Friday, April 12, 12:05 AM Notable earnings before Friday’s open: JPM, SJR, WFC Comment! [Earnings]

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