WELLS FARGO & CO. $50 (New York symbol
WFC; Conservative Growth and Income Portfolios,
Finance sector; Shares outstanding: 5.3 billion;
Market cap: $265.0 billion; Price-to-sales ratio: 3.2;
Dividend yield: 2.8%; TSINetwork Rating: Average; www.wellsfargo.com) saw its revenue fall 3.0% in the
first quarter of 2014, to $20.6 billion from $21.3
billion a year ago. Interest rates have crept up, which
has dampened demand for new mortgages and led
fewer homeowners to refinance.
However, the bank continues to do a good job of
screening potential borrowers. As a result, it has been
setting aside less money to cover bad loans. In the
latest quarter, Wells Fargo’s loan-loss provisions fell
73.3%, to $325 million from $1.2 billion. The bank is
also cutting jobs at its mortgage business in response to
slowing demand.
Thanks to these measures, its earnings in the latest
quarter rose 14.0%, to $5.9 billion, or $1.05 a share. It
earned $5.2 billion, or $0.92 a share, a year earlier.
Thanks to these measures, its earnings in the latest
quarter rose 14.0%, to $5.9 billion, or $1.05 a share. It
earned $5.2 billion, or $0.92 a share, a year earlier.
Wells Fargo will likely earn
$4.05 a share in 2014, and the
stock trades at 12.3 times that
forecast.
The bank also raised its quarterly
dividend by 16.7% to $0.35
a share. The new annual rate of
$1.40 yields 2.8%.
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We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
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We are continuously in the process of improving our sites and services. If any new features or policies require a change to this current policy, we will post a clear notice of this change on pages of our site where the privacy policy appears. The principle behind this privacy policy is to collect information with your knowledge and consent.
What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
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Does TSI Network Use the Information It Receives?
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