Wells Fargo and Company (WFC)

[lbow]

WFC is the Cramer pound the table stock......will move up from here...Will buy MRGE when it hits 10 cents ish....imho...not advice

[mick]

$WFC Wells Fargo and Comp (WFC)
26.26 ? -0.09 (-0.34%)
Volume: 39,357,026 @07/24/20 7:59:51 PM EDT
Bid Ask Day's Range
- - 26.2 - 26.85
WFC Detailed Quote

[Saving Grace]

I have no faith in Cramer who is merely a talking head.

I also have no faith in Wells Fargo for having no faith Cramer begin to promote the stock to entice market players and investors to buy a security.

It boils right down to the truth. The banking industry is in serious trouble where the fiat system petrol dollar is being phased out. Iran has already rejected the petrol dollar as currency when trading oil because the petrol dollar no longer has worth. Since Henry Kissenger developed the fiat system petrol dollar, oil has had to trade with the petrol dollar world wide. It has since lost it's luster and value.

The Fiat system paper moon is coming down while our Treasury converts and transitions back to sound money, meaning the gold standard. Banks will have to fall to complete the cycle and erase all debt to begin again. This is why gold is up to $1900oz.

It's all central banks not just WFC and it's going to get a lot worse before it gets better.

Peace

[conix]

I understand the junk bond debt.

WFC is cheap here because it has hair on it.

Cramer at the Lunch Hour segment today got pushed into what his number one pick for Capital Appreciation in the banking sector. His answer?


WFC

He sees JPM as "best of breed" in banking. But for the highest probability of the highest total return his pick is WFC.

[Saving Grace]

How about the added debt from junk notes? The unsecured notes are unsecured for a reason. They're junk that doesn't have to be paid back after they crash.

The notes are unsecured obligations of Wells Fargo, and all payments on the notes are subject to the credit risk of Wells Fargo. If Wells Fargo defaults on its obligations, you could lose some or all of your investment. The notes are not savings accounts, deposits or other obligations of a depository institution and are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency.
Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these notes or passed upon the accuracy or adequacy of this pricing supplement or the accompanying prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

[conix]

That news has been out and the stock price has already factored that dividend cut in. Once there is more clarity on the economy a portion the loan losses provisions get recaptured in the financials.

[Saving Grace]

WFC cut the dividend by 80%.

https://www.bloomberg.com/news/articles/2020-06-29/wells-fargo-plans-to-cut-dividend-after-fed-seeks-more-tests

[conix]

Two Year time Horizon?



WFC will be over $38 with two dividend increases from the current $0.10 a quarter.

Total Return will be VERY attractive. WFC is a capital appreciation play now.




Disclosure: My last purchase was at $23.74

[buby89]

Yup

[blindjohn]

Back to $35 in no time

[Saving Grace]

They are going insolvent, not up and why the dividend and employees are being cut. We are going back to the gold standard and dumping the Central Banking, heavily manipulated fiat system and petrol dollar.

We currently have two economy's running side by side while our supply chains are being refigured, excluding China and the Central Banks.

Manipulated Central Banks are soon to be a thing of the past while home town credit unions and National Banks return to glory.

[bigee]

Two reasons why it's going up. 90 percent cut on dividends and they going to fire employees. Crazy

[Saving Grace]

Worst quarter ever and price goes up? Manipulation!

[Saving Grace]

It's a manipulated scam bank selling worthless toxic notes just like the others. Central Banks are crashing.

[ClayTrader]

* * $WFC Video Chart 07-14-2020 * *

Link to Video - click here to watch the technical chart video

[jhdf51]

LOL..That does not help me at all...with a tired share price.

[Prudent Capitalist]

Agree. and, as pointed out by several analysts on CNBC and elsewhere ths am, Wells Fargo was hurt more from COVID in Q2 than the other banks as they had strong trading revenue and profits to offset the serious drop in the overall consumer and commercial banking business all of the big banks were hit by the last quarter.

[jhdf51]

85% dividend cut. Well that hurts for sure.

JHD

[conix]

OK-- now it about time for the Fed to revoke the asset growth lid on WFC

[Deetew]

About $1.7 billion will be saved by slashing the dividend.

[whytestocks]

News: $WFC Report: Wells Fargo to Cut Thousands of Jobs Later This Year

The biggest of the big four U.S. banks in terms of employee count might soon lose its leading position. According to a report from Bloomberg Law, Wells Fargo (NYSE: WFC)  is gearing up to cut "thousands" of jobs starting in the next few months. The lender has been devising ways to cut ...

Find out more WFC - Report: Wells Fargo to Cut Thousands of Jobs Later This Year

[whytestocks]

News: $WFC 3 Things Wells Fargo Stock Bulls Need to Happen Soon

The banking industry has been under pressure during the COVID-19 pandemic, as low interest rates to stimulate the broader economy have hurt the industry's ability to grow profits. Wells Fargo (NYSE: WFC) , in particular, has suffered as a result, in part because it faces restrictions that oth...

In case you are interested WFC - 3 Things Wells Fargo Stock Bulls Need to Happen Soon

[conix]

Congrats on your WFC short, maverick.

Should be interesting to see when the Fed lifts the asset growth cap. The Fed needs strong banks during this time. And WFC is about to cut thousands of jobs.

IMO, we are getting close to a sell off--and a short covering.

[maverick one]

Like my short - it’s all green. Why only play one side of equation? Kind of like thinking with only 50% of your brain. Either way - I get more divs to my holdings - I convert them back. Switch hitter. Buffett does not control me, WF, or anyone else. If he’s having a temper tantrum about fake account scandal - then maybe he should do an adult time out- sell off and move on. LOL. I’m up today. Warren who? He’ll be in a wheelchair drooling soon enough- bye bye warren the midget. I’ll be eating in Santa Barbara tonight - he’s in Omaha? Ok LOL- whatever.

[maverick one]

He’s nothing more than a speculator who looks out for himself- I can care less if he leaves- I’ve been a long term shareholder for many many years and will be far after he’s either buried in Omaha or sells off. He’s no spring chicken and care less what he does. Wish he would dump the rest and exit WF. Besides - it’s nice to short this and play both sides. I never have followed the coke bottle glasses nerd midget and never will. I have my own brain and I can give a crap about his company or what he does. I hope he goes BK before he croaks.

[maverick one]

He did trim some off & he demands way too much - the Omaha midget needs to sell it off and move on. WF does not need him as a shareholder.

[Prudent Capitalist]

Incorrect. Buffett has not sold off or been dumping WF shares. As frequently explained in the BRK annual letter, BRK has to frequently lighten up on WF shares as WF buys back more stock in order to keep BRK's % ownership in WF under 10%, so that BRK is not declared a bank holding company with all of the extra red tape and regulatory requirements that brings. And with WF continuously buying back lots of stock that requires BRK to continue to lighten its holdings, which continue to remain in the 8.5 - 10% ownership range in WF. As of the last annual report BRK still held 345,688,918 shares in Wells Fargo.

[Saving Grace]

Buffett is dumping because he knows Central Banks and the Fiat paper moon system is over. Banks are over extended and in serious trouble now that the U.S. Treasury took control of the Federal Reserve Bank. The party is over. I recommend to follow Buffett's move as it's only going to get worse. The floor has fallen out of the fiat petrol dollar and we are returning back to the gold standard. Buffett knows best.

[maverick one]

Buffett sold off shares before PPS dove badly. I’ve never honestly followed Buffett nor subscribe to his investments. I have always marched to my own tune and always will. He’s certainly done very well, however, I have my own research and skill set/analytical opinions that originated and has been rooted in MY own value investing since 1977. I really do not care if Buffett believes in his opinion that WF blew it with fake account scandals - that’s his opinion - was it a black eye - yes. But a minor shiner. WF is a solid bank institution and has been around a lot longer, than Buffett has been alive and will go on strongly, long after his passing. Who cares what he thinks or opinions? If he feels that way - in his opinions - perhaps he should sell all of his WF holdings- and do the rest of us WF strong long shareholders a favor so we can avoid any further neg publicity connected to his opinions. We don’t need him or Berkshire here. I’ll gladly continue to acquire. Please sell buffet, we’ll be happy to buy your shares and hold for next 4 decades. IMO - he’s always sort of been out for his own interests - Since he first started - but I have mine and I don’t buy or sell based on whatever he does. Who cares? People follow him around, kissing his derrière like a blind puppy dog - blaze your own paths and think and invest for ourselves / that’s what he does. WF is a strong strong financial institution and they made a mistake - they’ve owned up to it - but for him to pop off on WF - while he holds more shares- if I ever came across him eye to eye- I’d tell him politely - please leave. Oh the world is ending, the midwestern midget buffet sold some shares LOL- who cares. Don’t let the door hit him in his ass on way out- He should stay in that chic Uber sophisticated city he lives at in Omaha. WF does not need Warren Buffett- never did and never will. They were operating in CA- Wild West days - how long has Buffett been alive? Exactly my point. He’s toward the end of his life span and who cares if he’s in with us at WF or not.

[maverick one]

Hey conix - very well could show signs of weakness. Div at .80 still is highly attractive if they opt to bring it down to that.

[Saving Grace]

$WFC on life support, now selling Junk Notes and nobody is buying the scam junk notes.

A major collapse is in the air when all Central Banks start selling junk notes just to stay afloat.

The fiat system is a paper moon illusion that has completely fallen apart with the fiat dollar now just about worthless.

We are transitioning back to the gold standard and the paper moon fiat system will crash and quickly be replaced with a system based on worth and sound money. Central Banking is coming to an end.

[conix]

With the pending dividend cut to the expected .20 quarterly, we probably have more weakness ahead of us.

An 0.80 annual dividend is 4% at $20 a share.

[mick]

Wells Fargo and Comp (WFC)
25.49 ? -0.21 (-0.82%)
Volume: 33,152,215 @06/30/20 3:31:09 PM EDT
Bid Ask Day's Range
- - 25.17 - 25.869
WFC Detailed Quote

[maverick one]

We’re on our way - it’s a gift anything under 28- however - by being patient - I can increase cash divs by waiting on PPS to decline - which I knew it would be dropping. Covid is not going anywhere until vaccine is created. Until then - some stocks will be impacted. I’ve been adding on bottoms - but only on bottoms. I don’t buy into rallies on any stock - at anytime. We could see down the road $20-24 price points, with heavy trading activity. I’m long term - here for the HUGE divs.

[TFMG]

$WFC | #WellsFargo Long Trade


Stress test results due after the close today and
many of the major banks have seen some buyers
stepping in. May be worth the risk.
Possible stop loss @$25.50
Target prices $29-$31 short term
PLEASE GIVE US A LIKE IF YOU FIND OUR CONTENT HELPFUL, THANK YOU.

[buby89]

Going to buy anything under 27

[maverick one]

Can I please have some more in the $24's please LOL. Scooping up for my DIVY port.

[conix]

Options traders bet on Wells Fargo to surge after Fed stress tests

Published Thu, Jun 18 2020

Tyler Bailey

Options traders zeroing in on a big bank

While some options traders are placing bearish bets on JPMorgan as Fed stress tests approach the big banks, another group is taking the opposite side of that bet in Wells Fargo.

The embattled bank is down nearly 50% this year, but traders seem more than willing to bet that the beaten-down name will prove to still be in healthy condition after facing Fed scrutiny.

“We saw more calls trading than puts, outpacing by about 2-to-1; some of that was some short-dated call-buying,” Optimize Advisors CIO Michael Khouw said Wednesday on “Fast Money.”

Khouw spotlighted one trader who was making a bullish bet that will expire July 2 due to the July 4 holiday. That expiration falls exactly one week after those Fed stress tests.

“The July 2 weekly 31-strike calls ... Someone was buying those calls, paying a little over 50 cents for 620 of them, and I think what might be going on there is that trader might be speculating that the news comes out of those stress tests is a little bit better than expected, and you might get a short-term pop,” said Khouw.

Those contracts break even around $31.50, or roughly 14% higher than where Wells Fargo closed Wednesday’s session.

“That’s not a play, necessarily, that the dividends won’t be cut, but it is a play that you could see a short-term pop after we get the results,” said Khouw.

[buby89]

I just know this will be over $30 again soon and i will make money. Period. Good luck.

[Moneypleasee]

With "upcoming" GSE release, I use upcoming very loosely, I would expect that given Berkshire Hathaway's signifigant WFC holdings paired with Warren Buffet's regrets of selling Fannie & Freddie in the 90s we could expect WFC to be a major player in the mortgage purchasing industry. Thoughts?

[buby89]

Well im in now

[NewMoney]

That's not my plan, I'm playing the swings with options. However, it does have a decent dividend of currently 6.44%.

That said, it could be a buy and hold at these levels but that's your call with your money.

[buby89]

Is WFC a buy and hold?

[NewMoney]

Passed through that tax bracket, moving into the next one. ROFL. OMG I’m gonna pay huge taxes next year which will be fine.

[NewMoney]

Banking calls putting me in a new tax bracket. August calls. Sweet.

[bschless]

Best Dividend Bank Stock

https://afterfurtherreviewonline.wordpress.com/2020/06/03/wells-fargo-company-wfc-27-40/

[TheIceCreamMan]

Weeeee!!!

$WFC$

[NewMoney]

My August WFC calls bought well OTM will go ITM looks like. Sweet. Have BAC also same situation.

LOVE IT when OTM becomes ITM.

[mick]

$WFC, CAR LOANS ARE RISKY

REE;
Wells Fargo, worried about defaults, stops making loans to most independent car dealerships

Published Tue, Jun 2 20201

Wells Fargo, one of the biggest lenders for new and used car purchases in the U.S., sent letters to hundreds of independent auto dealerships last month telling them that the San Francisco-based company was dropping them as a customer, according to people with knowledge of the situation.
A Wells Fargo spokeswoman confirmed that the bank, which only makes auto loans through car dealerships, will no longer accept loan applications from most independent shops. Independent dealerships typically sell used cars, unlike franchise dealerships that focus on new vehicles from specific manufacturers.
The bank had “an obligation to review our business practices in light of the economic uncertainty presented by COVID-19 and have let the majority of our independent dealer customers know that we will suspend accepting applications from them,” Natalie Brown, the spokeswoman, said in an email.
Before the pandemic took hold, Wells Fargo was growing its auto lending business. Auto loan origination at the bank climbed 19% in the first quarter to $6.5 billion.



Wells Fargo is tapping the brakes on its auto loan business, CNBC has learned exclusively.

The bank, one of the biggest lenders for new and used car purchases in the U.S., sent letters to hundreds of independent auto dealerships last month telling them that the San Francisco-based company was dropping them as a customer, according to people with knowledge of the situation.

A Wells Fargo spokeswoman confirmed that the bank, which only makes auto loans through car dealerships, will no longer accept loan applications from most independent shops. Independent dealerships typically sell used cars, unlike franchise dealerships that focus on new vehicles from specific manufacturers.

The bank had “an obligation to review our business practices in light of the economic uncertainty presented by COVID-19 and have let the majority of our independent dealer customers know that we will suspend accepting applications from them,” Natalie Brown, the spokeswoman, said in an email. “The independent dealers we will continue doing business with are those with deep, long-standing relationships with Wells Fargo.”

The move follows Wells Fargo’s retrenchment from parts of the mortgage market as the coronavirus pandemic took hold in the U.S. The bank is operating under a dozen consent orders tied to its 2016 fake accounts scandal, and one of those orders, from the Federal Reserve, limits the bank’s ability to grow its balance sheet until it fixes compliance shortcomings.

That limitation stung Wells Fargo after the pandemic drove commercial clients to take billions of dollars in credit lines and loans, moves that strained the firm’s regulatory asset cap. CEO Charlie Scharf, a former acolyte of JPMorgan Chase CEO Jamie Dimon who joined in October to clean up the mess, noted last week in a conference call that the constraint “hasn’t been easy” on the bank.

“We’ve had to take substantial actions to get down below the cap,” Scharf said. “We’ve obviously not been able to grow. We’ve been there to serve customers who are longstanding customers who have committed facilities with us. But there are a bunch of things that we haven’t been able to do because the asset cap.”


Still, the move was more related to concern about the credit quality of loans made by independent dealerships rather than the asset cap, according to a person with knowledge of the bank’s operations.

Before the pandemic took hold, Wells Fargo had actually been growing its auto lending business. The company revamped the unit in 2018 after paying a $1 billion fine to the Consumer Financial Protection Bureau for selling customers unnecessary auto insurance.

Since then, the company has steadily expanded the auto loans it held to $48.6 billion at the end of March, the bank’s second biggest category of consumer loans after mortgages. Auto loan origination climbed 19% in the first quarter to $6.5 billion, “reflecting our renewed emphasis on growing auto loans following the restructuring” of that business, the bank said in April.

Independent shops make up less than 10% of the 11,000 dealers Wells Fargo uses to sell auto loans, according to the person with knowledge of bank operations.

Wells Fargo has also been stepping back from parts of the mortgage market since the pandemic began this year. The bank told mortgage personnel that it was “temporarily” halting all new home equity lines of credit after April 30, CNBC first reported.

When analysts asked CFO John Shrewsberry in April why the bank was pulling back from the market, he said it was “one of the levers that we’re using to manage living under the asset cap” rather than concern about loan defaults.

Successful Trading is the art of minimizing long term risk and maximizing capital allocation.

[conix]

Wells Fargo, worried about defaults, stops making loans to most independent car dealerships

Published Tue, Jun 2 20201

Wells Fargo, one of the biggest lenders for new and used car purchases in the U.S., sent letters to hundreds of independent auto dealerships last month telling them that the San Francisco-based company was dropping them as a customer, according to people with knowledge of the situation.
A Wells Fargo spokeswoman confirmed that the bank, which only makes auto loans through car dealerships, will no longer accept loan applications from most independent shops. Independent dealerships typically sell used cars, unlike franchise dealerships that focus on new vehicles from specific manufacturers.
The bank had “an obligation to review our business practices in light of the economic uncertainty presented by COVID-19 and have let the majority of our independent dealer customers know that we will suspend accepting applications from them,” Natalie Brown, the spokeswoman, said in an email.
Before the pandemic took hold, Wells Fargo was growing its auto lending business. Auto loan origination at the bank climbed 19% in the first quarter to $6.5 billion.



Wells Fargo is tapping the brakes on its auto loan business, CNBC has learned exclusively.

The bank, one of the biggest lenders for new and used car purchases in the U.S., sent letters to hundreds of independent auto dealerships last month telling them that the San Francisco-based company was dropping them as a customer, according to people with knowledge of the situation.

A Wells Fargo spokeswoman confirmed that the bank, which only makes auto loans through car dealerships, will no longer accept loan applications from most independent shops. Independent dealerships typically sell used cars, unlike franchise dealerships that focus on new vehicles from specific manufacturers.

The bank had “an obligation to review our business practices in light of the economic uncertainty presented by COVID-19 and have let the majority of our independent dealer customers know that we will suspend accepting applications from them,” Natalie Brown, the spokeswoman, said in an email. “The independent dealers we will continue doing business with are those with deep, long-standing relationships with Wells Fargo.”

The move follows Wells Fargo’s retrenchment from parts of the mortgage market as the coronavirus pandemic took hold in the U.S. The bank is operating under a dozen consent orders tied to its 2016 fake accounts scandal, and one of those orders, from the Federal Reserve, limits the bank’s ability to grow its balance sheet until it fixes compliance shortcomings.

That limitation stung Wells Fargo after the pandemic drove commercial clients to take billions of dollars in credit lines and loans, moves that strained the firm’s regulatory asset cap. CEO Charlie Scharf, a former acolyte of JPMorgan Chase CEO Jamie Dimon who joined in October to clean up the mess, noted last week in a conference call that the constraint “hasn’t been easy” on the bank.

“We’ve had to take substantial actions to get down below the cap,” Scharf said. “We’ve obviously not been able to grow. We’ve been there to serve customers who are longstanding customers who have committed facilities with us. But there are a bunch of things that we haven’t been able to do because the asset cap.”


Still, the move was more related to concern about the credit quality of loans made by independent dealerships rather than the asset cap, according to a person with knowledge of the bank’s operations.

Before the pandemic took hold, Wells Fargo had actually been growing its auto lending business. The company revamped the unit in 2018 after paying a $1 billion fine to the Consumer Financial Protection Bureau for selling customers unnecessary auto insurance.

Since then, the company has steadily expanded the auto loans it held to $48.6 billion at the end of March, the bank’s second biggest category of consumer loans after mortgages. Auto loan origination climbed 19% in the first quarter to $6.5 billion, “reflecting our renewed emphasis on growing auto loans following the restructuring” of that business, the bank said in April.

Independent shops make up less than 10% of the 11,000 dealers Wells Fargo uses to sell auto loans, according to the person with knowledge of bank operations.

Wells Fargo has also been stepping back from parts of the mortgage market since the pandemic began this year. The bank told mortgage personnel that it was “temporarily” halting all new home equity lines of credit after April 30, CNBC first reported.

When analysts asked CFO John Shrewsberry in April why the bank was pulling back from the market, he said it was “one of the levers that we’re using to manage living under the asset cap” rather than concern about loan defaults.