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Wells Fargo (WFC)
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Author Wells Fargo (WFC)
HenryTo
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PostPosted: Wed Jul 16, 2008 8:50 am    Post subject: Wells Fargo (WFC) Reply with quote
Wells Fargo beats estimates and raised the dividend by 10% on higher credit card fees and insurance business:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aY0Tsu7i5bu4&refer=home
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Author Wells Fargo (WFC) Replies
HenryTo
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PostPosted: Fri Mar 06, 2009 11:34 am    Post subject: Reply with quote
Morningstar's notes on Wells Fargo's dividend cut:

Quote:
Wells Fargo WFC has cut its quarterly dividend from $0.34 per share to $0.05, making it the last of the nation's biggest banks to cut under the pressure of the recession and the need to build common tangible equity. We still expect the company to be profitable in 2009, but this cut will allow it to build up its capital base to absorb loan losses and eventually pay back the government's Troubled Asset Relief Program funds. Since this move was anticipated, we are leaving our fair value estimate unchanged.
Jaime Peters, CFA, CPA
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HenryTo
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PostPosted: Wed Jan 28, 2009 10:39 am    Post subject: Reply with quote
Morningstar's first impression of Wells Fargo 4Q earnings:

http://quicktake.morningstar.com/Stocknet/san.aspx?id=273071

Quote:
Wells Fargo WFC reported a $2.55 billion fourth-quarter loss but maintained its dividend. The loss was mostly a result of accounting marks related to the Wachovia merger, including a $3.9 billion provision for loan losses to line up loss-recognition standards across the two companies. Removing the Wachovia-related charges (but not the legacy Wells marks), we estimate Wells Fargo would still have had an unprofitable quarter because of securities write-downs and the need to provision for its own losses. Going forward, however, we expect Wells will report positive earnings, especially since it front-loaded more than $37 billion of loan losses in its purchase accounting marks with Wachovia.
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