Wells Fargo Stock

July 21st Earnings Announcement

Wells Fargo Stock — Mon, 12 Jul 2010 13:30:06 +0000

On July 21, 2010, Wells Fargo stock will have its quarterly earnings report. This review of the first half of 2010 will come on the heels of a flat 2010 for Wells Fargo. The stock remains up nearly 20% over the last year, but that was more of a post-crash bounce and 2010 has been much more neutral. Analysts are looking for around $0.50 per share earnings for the quarter with revenues over $21 billion. It’s hard to imagine WFC not hitting those numbers, but its also hard to imagine they will do anything to get investors really excited. Many believe the weak fundamentals and system remain, but those problems are obfuscated by the free money being given away at the Fed which makes profits very difficult not to achieve.

Banks to Make Up Lost Fees

Wells Fargo Stock — Wed, 23 Jun 2010 19:16:40 +0000

Despite new financial regulation on fees, like on overdrafts, banks are coming up with new ways to recoup that revenue. Wells Fargo stock investors should begin recovering these fees to increase revenue as well. One of the immediate decisions Wells Fargo will be enacting is eliminating its free checking program. This is one of many ways that the bank hopes to recoup the over $1 billion in lost fees from government regulations. Other fees may be coming down the pipe for consumers, but the bank will have to walk a careful balance and only follow practices similar to its peers so as to not alienate customers.

Wachovia Name To Begin Disappearance

Wells Fargo Stock — Wed, 16 Jun 2010 15:11:54 +0000

Wachovia bank is a name known by many. It’s one of the United States better known bank brands. That name, however, will slowly disappear from banks and sports arenas. Wells Fargo stock purchased the large bank during the financial crisis of 2008-2009. Much of the less cosmetic changes have already occurred at Wachovia banks. Most significantly, the high customer service, personal branch feel transition is already occurring. Much of this has meant the hiring or more people to assist customers in branches. The name change, however, has not. That will begin to change in many places this year. While California has already transitioned, Texas and Kansas will next month. Those areas will be followed by conversations in Alabama, Mississippi, Tennessee, Georgia.

Appaloosa Management Under Probe for Shorting

Wells Fargo Stock — Mon, 05 Apr 2010 00:11:21 +0000

Appaloosa Management is under SEC investigation for its shorting of the Wells Fargo stock prior to a secondary offering that it participated in. Appaloosa is a hedge fund run by David Tepper. The rule under investigation has to do with covering outstanding short positions with cheaper secondary offering shares. Palmyra Capital Advisors have already been fined $400,000 for a short-secondary cover scheme that they participated in. This rule is relatively new, with the SEC taking a closer look at such transactions beginning in 2007. The Wells Fargo stock secondary offering in question was significant because it was the offering that raised the money to complete the bank’s acquisition of Wachovia Corporation.

Wells Fargo News Headlines (end of 2009)

Wells Fargo Stock — Sun, 27 Dec 2009 23:58:54 +0000

Here is an update of the busy new times in November/December that Wells Fargo had:

Wells Fargo Repays TARP Funds to US Government
December 23, 2009
Wells Fargo & Company reported that it took back the $25 billion of series D preferred stock issued to the US government via the Troubled Asset Relief Program’s (TARP) Capital Purchase Program.

Wells Fargo & Prudential Financial Agree to Purchase Price For Noncontrolling Interest
December 15, 2009
WFC will pay $4.5 billion to obtain Prudential Financial’s noncontrolling interest. This is in Prudential’s retail brokerage joint venture, which already includes Wells Fargo Advisors.

Wells Fargo Stock Offering Raises $12.25 Billion
December 15, 2009
Wells Fargo & Company announced that those institutions underwriting the public offering of 426 million shares of common stock fully exercised their option to buy 63.9 million additional shares. The shares were offered at $25.00

Wells Fargo & Co. Buys Insurance Companies In Florida And Washington
December 8, 2009
Wells Fargo announced that it acquired iLeader Risk Management Solutions (Tampa, Florida) and Orca Bay Benefits (Mercer Island, Washington).

Wells Fargo & Co. Declares Cash Dividends On Preferred Stock
November 19, 2009
Wells Fargo declared dividends on two preferred series of stock. A quarterly cash dividend of $20 per share on its 8 percent non-cumulative perpetual class A preferred stock, Series J, liquidation preference $1,000 per share.

Wells Fargo Company Management

Wells Fargo Stock — Sun, 27 Dec 2009 23:49:18 +0000

John Stumpf Chairman of the Board, President, Chief Executive Officer
Howard Atkins Chief Financial Officer, Senior Executive Vice President
James Strother Executive Vice President, General Counsel
Richard Levy Executive Vice President, Controller
Julie White Executive Vice President – Human Resources
Patricia Callahan Executive Vice President – Office of Transition
David Hoyt Senior Executive Vice President – Wholesale Banking
Carrie Tolstedt Senior Executive Vice President – Community Banking
Michael Loughlin Executive Vice President, Chief Credit and Risk Officer
Kevin Rhein Executive Vice President – Card Services and Consumer Lending
David Carroll Senior Executive Vice President – Wealth Management, Brokerage and Retirement Services
Oscar Suris Executive Vice President, Head – Corporate Communications
Philip Quigley Lead Director

Directors
McCormick, Richard
Milligan, Cynthia
Engel, Susan
Rice, Donald
Runstad, Judith
Swenson, Susan
Hernandez, Enrique
Sanger, Stephen
Dean, Llyod
Moore, Nicholas
Chen, John
Baker, John
James, Donald
McDonald, Mackey
Steel, Robert

Wells Fargo (NYSE: WFC) Information

Wells Fargo Stock — Sun, 27 Dec 2009 23:43:04 +0000

Wells Fargo & Company is a public company based in the United States and traded on the New York Stock Exchange (NYSE) under the stock symbol WFC. Officially the company serves as a financial holding company and a banking holding company. As of 2009 it is a +$100 billion market cap company, making it one of the largest financial institutions in the United States. Some of its largest businesses are wholesale banking and mortgage related services. It also has a large business in consumer finance. The company added a huge piece in the consumer, retail banking field with the purchase of Wachovia Corporation at the end of 2008. This makes community banking one of Wells Fargo’s largest divisions. Wells Fargo Financial, its auto loan and consumer finance division, is its smallest unit, something that is no surprise given the current economic climate.

Through the financial crisis, Wells Fargo remained a dividend earning stock, though the company cut its dividend to investors during 2009 to 5 cents per quarter, generally making the yield less than 1 percent depending on the stock price quote in 2009.

Since it began being publicly traded in 1978, the stock has return nearly 3000%. The company currently operates in 39 states and the District of Columbia, making it a near national American institution.