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WFC

Wells Fargo & Company New York Stock Exchange
$31.94
Open: $0.00 High: $0.00 Low: $0.00 Close: $0.00
Range: 0 - 0
Volume: 0
Market: Closed
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WFC
Wells Fargo & Company 420 Montgomery Street San Francisco CA, 94163 http://www.wellsfargo.com
Wells Fargo & Co operates as one of the largest banks in the United States. Its business operations are split into three segments: Community banking; Wholesale banking; and Wealth and Investment Management.
  • CEO: Timothy Sloan
  • Employees: 264,500
  • Sector: Financial Services
  • Industry: Banks
WFC News
Latest news about the WFC
  • Wells Fargo Slips 8% On Weaker-Than-Expected 4Q Revenues

    Shares of Wells Fargo fell 7.8% on Friday after the banking giant reported revenues of $17.93 billion that fell short of analysts’ expectations of $18.13 billion. Moreover, the figure compared unfavorably to the year-ago period's revenues of $19.86 billion. Wells Fargo's (WFC) lower revenues reflect declines across all of its business segments. Meanwhile, the company’s earnings per share of $0.64 topped the Street's estimate of $0.60. The bottom-line result also marked a 6.7% improvement from the year-ago quarter’s earnings of $0.60 per share, reflecting lower noninterest expenses. (See WFC stock analysis on TipRanks). In response, Oppenheimer analyst Chris Kotowski reiterated a Hold rating on the stock. Kotowski wrote, “We think it was a solid quarter, in particular the "core" expense control showed signs of discipline. Asset quality trends were also stable. While NPAs (Non-Performing Assets) ticked up slightly from 0.89% in 3Q20 to 1.00%, NCOs (Net Charge Offs) trended down from 0.29% to 0.26% QoQ—a solid outcome in this environment.” Overall, the consensus among analysts is a Moderate Buy based on 9 Buys and 6 Holds. The average analyst price target of $34.17 implies upside potential of about 6.7% to current levels. Shares have plunged 33.7% in one year. However, TipRanks’ Hedge Fund Trading Activity tool shows that confidence in WFC is currently Very Negative as 34 hedge funds decreased their cumulative holdings in WFC by 40.8 million shares in the last quarter. Related News:Citibank To Redeem Notes Worth $2.55B In January; Street Sees 9% UpsideBancorpSouth Buys FNS For $108MJPMorgan On The Hunt For Asset Management Businesses – Report More recent articles from Smarter Analyst: JPMorgan's 4Q Profit Beats Analysts' Estimates Citigroup Sinks 7% On 4Q Revenue Miss Dada Group Partners Up With More Than 20 Supermarket Chains Honeywell To Help Vaccinate 1M Frontline Workers

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  • Is Wells Fargo Stock A Buy As Warren Buffett Continues To Cut Stake?

    Wells Fargo has been mired in regulatory issues, and now faces the coronavirus crisis. Is the stock a buy right now?

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  • RBC's Gerard Cassidy on his biggest takeaways from bank earnings

    Gerard Cassidy, of RBC Capital Markets, joined Yahoo Finance Live to breakdown today's big bank earnings.

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  • US STOCKS-Wall Street closes lower as banks, energy shares tumble

    Wall Street's main indexes finished lower on Friday, weighed down by big U.S. banks after their earnings reports, while the energy fell sharply due to a regulatory probe into Exxon Mobil Corp. The S&P 500 banks index lost ground as shares of Wells Fargo & Co, JPMorgan Chase & Co and Citigroup Inc tumbled even though they had posted better-than-expected fourth-quarter profits.

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  • JPMorgan Beats On Trading, Investment Banking; Citigroup, Wells Fargo Mixed

    JPMorgan beat Q4 forecasts, while Citigroup and Wells Fargo reported mixed results, amid hopes that the financial sector can begin digging out from a tough year.

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  • Stock Market Today: New Stimulus Plan Fails to Stimulate Stocks

    Did Wall Street just "sell the news"? Stocks decline a day after Biden unveils $1.9 trillion "American Rescue Plan."

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  • Big banks lean on conservative projections for 2021 amid stimulus talk

    JPMorgan Chase, Citigroup, and Wells Fargo reported that they had pulled back almost $5 billion in loan loss reserves, but said stimulus talks would weigh on further reserve release.

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  • JPM, Citigroup, Wells Fargo kick off earnings season

    CFRA Research Director Ken Leon joined Yahoo Finance Live to break down the recent earnings of JPM, Citigroup and Wells Fargo and what this means as the banks kick off earnings season.

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  • US STOCKS-Wall Street drops as big banks fall after results

    Wall Street's main indexes dropped on Friday, with the biggest drag coming from big U.S. banks after their earnings reports while the energy sector was also weighed down by a regulatory probe into Exxon Mobil Corp . The S&P 500 banks index was down 2.8% as shares of Wells Fargo & Co, JPMorgan Chase & Co and Citigroup Inc tumbled even though they had posted better-than-expected fourth-quarter profits.

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  • Wells Fargo's Shares Slide on Disappointing 4th-Quarter Revenue

    Bank's earnings surpass projections

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  • Analyzing Wells Fargo's Unusual Options Activity

    Wells Fargo (NYSE:WFC) shares experienced unusual options activity on Friday. The stock price moved down to $32.62 following the option alert. * Sentiment: NEUTRAL * Option Type: SWEEP * Trade Type: CALL * Expiration Date: 2021-01-22 * Strike Price: $32.00 * Volume: 3707 * Open Interest: 2745Three Indications Of Unusual Options Activity Exceptionally large volume (compared to historical averages) is one reason for which options market activity can be considered unusual. The volume of options activity refers to the number of contracts traded over a given time period. The number of unsettled contracts that have been traded, but not yet closed, is called open interest. These contracts are not yet closed because a buyer has not purchased the contract, or a seller has not sold it.The trading of a contract with an expiration date in the distant future is another sign of unusual activity. Generally, additional time until a contract expires increases the potential for it to reach its strike price and grow its time value. Time value is important in this context because it represents the difference between the strike price and the value of the underlying asset."Out of the money" contracts are unusual because they are purchased with a strike price far from the underlying asset price. "Out of the money" occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. Buyers and sellers try to take advantage of a large profit margin in these instances because they are expecting the value of the underlying asset to change dramatically in the future.Bullish And Bearish Sentiments Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price.Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity.Using These Options Strategies Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.For more information to understand options alerts, visit https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alertsSee more from Benzinga * Click here for options trades from Benzinga * A Look Into Wells Fargo's Price Over Earnings * Wells Fargo: Q4 Earnings Insights(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Wells Fargo - When to Buy the Dip After Earnings Stumble

    Wells Fargo is falling more than its peers after reporting earnings. Is there an opportunity to buy the stock? Let's look at the charts.

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  • Black Americans suffered the most under Trump-era consumer-protection agency, study finds

    Settlements paid by auto lenders, credit reporting bureaus, mortgage providers and other consumer finance companies to Black and lower-income communities dwindled over the past four years when the Consumer Financial Protection Bureau was asked to intervene, researchers find

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  • Wells Fargo Shares Slide as Bank Sees Long Road on Costs

    (Bloomberg) -- Wells Fargo & Co. shares slid the most in six months as the bank said low interest rates and asset sales will weigh on revenue this year and it’s embarking on a long process to cut costs.The lender, which still is operating under a regulatory cap on growth, said net interest income will likely fall in 2021, while rival JPMorgan Chase & Co. predicted a rebound. Wells Fargo’s leaders said they will sell off some units to improve the company’s focus and have more than 250 separate expense initiatives that will take three to four years.The bank’s stock slipped as much as 8.2%, the biggest intraday decline since July, as Chief Executive Officer Charlie Scharf gave investors the widest-ranging look at his strategy for a firm that has suffered years of underperformance. The lender posted a smaller drop in fourth-quarter costs than analysts expected as it took charges of more than $1 billion for restructuring and addressing old account scandals.“We made significant progress in 2020 in identifying efficiency opportunities across our businesses and we started executing on these initiatives,” Chief Financial Officer Mike Santomassimo said on a conference call Friday. “This is just the beginning of a multiyear process.”Wells Fargo said expenses this year are likely to total roughly $53 billion, excluding restructuring charges and business exits, down from $54 billion excluding customer-remediation and restructuring charges in 2020. The firm cut its headcount by 6,400 in the fourth quarter.Scharf has repeatedly lamented Wells Fargo’s high costs, pledging to eventually shave $10 billion off annual expenses. Non-interest costs fell 5.2% in the fourth quarter to $14.8 billion, roughly half the decline analysts predicted.Scharf said Friday the company has a “clear line of sight” to a 10% return on tangible common equity, a key measure of profitability, and expects to get to 15% over the longer term. The bank had a 1.3% return in 2020.“Our results continued to be impacted by the unprecedented operating environment and the required work to put our substantial legacy issues behind us,” Scharf said in a statement Friday. “With a more consistent broad-based recovery and as we continue to press forward with our agenda, we expect you will see that this franchise is capable of much more.”Shares fell 6% to $32.66 at 12:17 p.m. in New York. The stock has dropped 33% in the past 12 months, compared with a 3.1% decline for the KBW Bank Index.Quarterly results were hurt by a $321 million charge related to customer remediation and $781 million of restructuring charges. Still, net income rose to $2.99 billion, better than the $2.9 billion analysts expected, as the bank released credit-loss reserves tied to the sale of its student-loan portfolio.Reserve ReleasesScharf joined Wells Fargo in late 2019 with a mission of moving the firm past a series of scandals that began with the 2016 revelation that employees opened millions of fake accounts. The lender remains under a Federal Reserve-imposed asset cap limiting it from expanding its balance sheet beyond $1.95 trillion, its end-of-2017 level. Friday also marks the bank’s first time reporting with restructured business lines after Scharf broke three units into five.Wells Fargo released $763 million of loan-loss reserves for the three months through Dec. 31. Scharf said last month that credit performance has been “far better than what we would have expected,” but cautioned that much remains uncertain. The firm now has $19.7 billion set aside for soured loans, 2.2% of its total loan book.Non-accrual loans jumped 8.8% from the third quarter due to increases in the bank’s commercial real estate, residential mortgage and lease-financing portfolios, countered by a decrease in commercial and industrial.The firm said it would restart stock buybacks after the Fed last month gave banks the green light to resume repurchasing shares following a second round of 2020 stress tests. Wells Fargo’s board approved a repurchase increase of 500 million shares, bringing the total authorized buyback amount to 667 million.NII SinksNet interest income, Wells Fargo’s largest source of revenue, sank to the lowest level in more than a decade as the impact of low rates continues to bite into the earnings. The firm earned $9.3 billion in net interest income for the quarter, compared with the $9.4 billion analysts expected. The bank said Friday that 2021 net interest income will be flat to down 4% from the annualized fourth-quarter level, which was $36.8 billion.Also in Wells Fargo’s fourth-quarter results:Revenue fell 10% to $17.9 billion, missing analysts’ estimates of $18.1 billion.The bank’s efficiency ratio, a measure of profitability, worsened to 83% from 81% in the third quarter.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Yahoo U: Bank profitability

    Yahoo Finance’s Brian Cheung breaks down how banks make money in this weeks Yahoo U.

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  • Wells Fargo Stock Drops as Revenue Disappoints

    The bank’s efficiency ratio, which has been higher than its peers’, climbed sequentially as well as year over year. Lower figures indicate that operating expenses account for a smaller share of revenue.

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  • Wells Fargo Shares Plunge as Q4 Revenue Disappoints

    The United States’ fourth-largest bank Wells Fargo’s profit modestly beat consensus estimates for the fourth quarter, but its revenue fell short of market expectations, sending its shares down over 7% on Friday.

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  • I'm Not Selling My Wells Fargo, I Plan to Add, But Must Be Patient

    Why am I even in the name? Basically, for a belief that CEO Charles Scharf is the right leader to turn this bank around.

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  • Wells Fargo (WFC) Q4 Earnings Beat, Stock Falls on Lower Revenues

    Wells Fargo's (WFC) Q4 results reflect solid mortgage activity, reduced net interest income, along with lower provisions and expenses.

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  • Big Bank Stocks News: Why JPM, C and WFC Are Moving Today

    Bank stocks are on the move Friday as some of the biggest players in the market release their earnings reports for the fourth quarter of 2020. Source: Shutterstock Let’s start off with JPMorgan Chase (NYSE:JPM). Earnings per share came in at $3.79. That beats out analysts’ estimates of $2.62 per share for the period. Revenue for the quarter sitting at $29.2 billion. This is better than Wall Street’s estimate of $28.7 billion. Net income of $12.14 billion is up 42% year-over-year from $8.52 billion. Now, let’s take a look at what Q4 brought for Citigroup (NYSE:C).InvestorPlace - Stock Market News, Stock Advice & Trading Tips The company reported EPS of $2.08. That’s above analysts’ estimates of $1.34 per share. Its revenue reached $16.5 billion. This has it missing Wall Street’s estimate of $16.71 billion for the quarter. Its net income of $4.63 billion is down 7% from $4.98 billion in the same period of the year prior. 9 Stocks That Investors Think Are the Next Amazon Finally, this is what Wells Fargo (NYSE:WFC) reported in its fourth quarter of 2020. EPS for the quarter comes in at 64 cents. That’s better than analysts’ EPS estimate of 60 cents. Revenue in the most recent quarter is $17.93 billion. That’s a miss next to Wall Street’s revenue estimate of $18.13 billion. Net income of $2.99 billion is up 4% YoY from $2.87 billion. While JPMorgan Chase did well today, it looks like the mixed results from Citigroup and Wells Fargo are likely dragging it down. As a result, each of these bank stocks is seeing their shares dip lower today. JPM stock was down 2.3%, C stock was down 5.1% and WFC stock was down 7.5% as of Friday morning. On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner It doesn’t matter if you have $500 in savings or $5 million. Do this now. The post Big Bank Stocks News: Why JPM, C and WFC Are Moving Today appeared first on InvestorPlace.

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