Wells Fargo & Company (WFC) has shown strong performance lately, reaching a new 1-year high and touching all-time highs as analysts continue to raise price targets. Various investors and groups, including Empowered Funds LLC, RIA Advisory Group LLC, CIBC Asset Management Inc, and more, have increased their stakes in the company. However, WFC's office building loans could lead to potential losses of up to $3 billion.
Analysts predict a key catalyst for WFC early next year, which is a significant reason behind its support. Trump's victory could pave the way for WFC to shed its asset cap, which has resulted in a loss of billions of dollars in profits. BofA has added WFC to its US 1 List, and a positive re-rating for the stock is predicted following the asset cap removal.
WFC has declared dividends on its preferred stocks several times, with some series details also being released. Analysts give WFC an average 'Hold' rating. The bank has also reduced its prime lending rate to 7.75%. Q3 earnings beat forecasts and estimates, and despite a Q2 net interest income drag, the stock was upgraded ahead of earnings announcements. However, the company's net interest income has fallen short, causing shares to slump, while insider selling of stock raises questions. Overall, the narrative surrounding WFC is largely positive, with certain cautionary points regarding potential asset losses and net interest income.
Wells Fargo WFC News Analytics from Fri, 12 Apr 2024 07:00:00 GMT to Sat, 16 Nov 2024 22:14:59 GMT - Rating 6 - Innovation -2 - Information 5 - Rumor -2
