|Bid||52.67 x 2300|
|Ask||52.68 x 4100|
|Day's range||52.17 - 52.79|
|52-week range||49.27 - 66.31|
|PE ratio (TTM)||12.57|
|Earnings date||13 Jul 2018|
|Forward dividend & yield||1.56 (3.07%)|
|1y target est||63.00|
Apr.23 -- Mike Mayo, Wells Fargo Securities senior bank analyst, says the bank earnings results validate his bullish take on the sector. He speaks with Vonnie Quinn on "Bloomberg Markets."
SIG analyst Jack Micenko on Monday cut his estimates for per-share earnings for Wells Fargo & Co. in the wake of the Friday announcement that the bank would pay $1 billion in fines after years of customer misdeeds. Wells shares have lost 13% for the year to date, while the S&P 500 is roughly flat.
Following Wells Fargo’s $200-billion low-carbon commitment announced last week, its Renewable Energy and Environmental Finance unit today announced the completion of $70 million in tax-equity funding for the Pacific Plains wind projects, including facilities in Indiana, Nebraska, and California.
WASHINGTON/BOSTON (Reuters) - Wells Fargo & Co's (WFC.N) disclosure of how its chief executive's pay compares to the rest of its workforce has drawn criticism from some company employees ahead of the scandal-plagued bank's annual shareholder meeting. Separately, a worker advocacy group said it plans to raise pay issues on Tuesday at the shareholder meeting in Des Moines, Iowa. Wells Fargo CEO Tim Sloan earned $17.6 million for 2017, according to its proxy filing, an estimated 291 times the median of the annual total compensation of all the bank's workers.
ETF inflows maintained the strong momentum last week amid solid corporate earnings growth. According to FactSet, US-listed ETFs attracted $11 billion worth of inflows, which takes the year-to-date inflows to $82.1 billion. The smart recovery in global stocks inspired investors to put $7.9 billion into equities (JPM) (WFC) (C)—$6.8 billion was in US equities, while the remaining was in international equities. US fixed-income ETFs added $2.2 billion, while international fixed-income ETFs garnered $458 million. The benchmark ten-year Treasury yield rose to 3% compared to 2. ...
"I am especially pleased that we were able to work closely and effectively with our colleagues at the OCC, and I appreciate the key role they played in the negotiations," said Bureau Acting Director Mick Mulvaney. Not for the infamous fake accounts -- the CFPB and OCC fined Wells Fargo, $100 million and $35 million respectively, for those back in 2016 -- but for requiring auto-loan borrowers to pay for Wells Fargo's insurance on their cars even when the borrowers already had their own insurance, and for charging mortgage borrowers to extend interest-rate locks even when the need for an extension was Wells Fargo's fault. It is all a bit less sexy than the fake accounts, which had the public-relations advantages of being ridiculous and having a catchy name.
Charles Schwab (SCHW) has a price-to-earnings ratio of 20.80x on an NTM (next-12-month) basis, which implies a premium valuation, as the average for competitors is 11.30x. Morgan Stanley (MS), Wells Fargo (WFC), and Raymond James Financial (RJF) have price-to-earnings ratios of 11.26x, 10.55x, and 12.10x, respectively, on an NTM basis.
Charles Schwab’s (SCHW) total expenses excluding interest amounted to $1.4 billion in 1Q18, which implies a rise sequentially and YoY (year-over-year). Charles Schwab’s compensation and benefits expenses amounted to $770 million in 1Q18 compared to $711 million in 4Q17, which implies an 8% increase. Charles Schwab incurred professional services expenses amounting to $156 million in 1Q18, while in 1Q17, it incurred $133 million, a rise of 17%.
Charles Schwab (SCHW) ended 1Q18 with total client assets amounting to $3.3 trillion, a fall compared to 4Q17 but a rise on a year-over-year basis. In 1Q18, the company posted total proprietary mutual funds amounting to $228.4 billion, while in 4Q17, the figure stood at $246.1 billion. This decline was mainly because of a fall in money market funds from $163.6 billion in 4Q17 to $145 billion in 1Q18.
Charles Schwab (SCHW) posted earnings per share (or EPS) of $0.55 in 1Q18, which exceeded expectations by $0.02. Brokerages (XLF) have benefitted from market volatility, as it prompts customers to increase trading activity.
Wells Fargo said its $1 billion regulatory settlement was prompting it to revise its first-quarter profit downward by $800 million, cutting its per-share earnings to 96 cents a share from the initially ...
Meanwhile, it is planning to ask the OCC for an extension of a deadline to satisfy an enforcement action related to anti-money-laundering controls, according to people familiar with the matter. Wells Fargo’s wholesale business, which works with larger corporate customers, has been having problems for months satisfying a November 2015 consent order from the OCC. If Wells Fargo misses a June 30 deadline from the OCC to satisfy that order’s requirements, it could result in another enforcement action against the bank, these people said.
Wells Fargo & Co.’s struggle to shore up money-laundering controls in its division serving companies may prove awkward for Chief Executive Officer Tim Sloan as he faces shareholders Tuesday. Now, Wells Fargo plans to ask the OCC to extend a June 30 deadline to make good on the pledge, the Wall Street Journal reported Sunday, citing unidentified people familiar with the matter. A Wells Fargo spokesman declined to comment, and an OCC spokesman didn’t immediately respond to a message seeking comment Sunday.
Unlike many of the scandals that have triggered billion-dollar penalties, the problems that triggered a 10-figure federal government settlement for Wells Fargo don’t appear to have colorful emails or trader ...
Bank of America Corp (BAC.N) has spent $1 billion on its digital banking services in the last six years and launched its lineup of techy mortgage products last week. Bank of America's app automatically fills in a customer's address, employment history and other information that the bank already has, cutting out hundreds of boxes customers would otherwise have to fill. Quicken Loans was the first to gain traction with digital home loans following its 2016 Rocket Mortgage launch.
JPM says revenue is higher by $303 million but Citi, Bank of America are less forthcomingReutersJP Morgan CEO Jamie Dimon speaks at a Remain in the EU campaign event attended by Britain's Chancellor of the Exchequer George Osborne (not shown) at JP Morgan's corporate centre in Bournemouth, southern Britain, June 3, 2016. As new accounting standards for recognizing revenue take effect in the first quarter of 2018, big banks are taking decidedly different tacks in explaining how some revenues would be reported going forward, and why they are higher or lower than what investors may have expected. The biggest commercial and investment banks have already explained how new rules for reporting revenue, effective for most public companies on Jan 1, would impact results.
The $1 billion fine imposed by the Consumer Financial Protection Bureau, and first since Mick Mulvaney took over the agency, ranks as the second-highest in the history of the agency.
For years, Republican lawmakers and regulators have groused about big corporate fines, arguing that they mostly punish blameless shareholders, not the executives who are responsible for misconduct. Then President Donald Trump tweeted his ire about Wells Fargo & Co. and -- at least in the case of the embattled bank -- the GOP is singing a different tune. Watchdogs appointed by Trump -- including a conservative former congressman -- announced Friday that Wells Fargo would pay $1 billion to settle allegations that its auto-lending and mortgage businesses abused consumers.
Wells Fargo agreed to pay $1 billion to settle federal claims of misconduct in its auto and mortgage lending businesses. The fine is the largest against a bank so far in the Trump administration.
The $1 billion that Wells Fargo must pay to settle lending abuses is not high enough, securities attorney Andrew Stoltmann says.
The nation's six big Wall Street banks posted record, or near record, profits in the first quarter, and they can thank one person in particular: President Donald Trump. While higher interest rates allowed ...
Big U.S. banks are racing to launch websites and mobile apps to make getting a mortgage faster and easier, investments that may have modest near-term payoffs as home lending activity slows. Bank of America Corp (BAC.N) has spent $1 billion on its digital banking services in the last six years and launched its lineup of techy mortgage products last week. Wells Fargo & Co (WFC.N) rolled out its website and app service during the first quarter, and JPMorgan Chase & Co (JPM.N), which is investing $1.4 billion in technology in 2018, plans to launch its offering later this year.
Wells Fargo will pay $1 billion to federal regulators to settle charges tied to misconduct at its mortgage and auto lending business, the latest punishment levied against the banking giant for widespread ...