A growing chorus of analysts and investors were already predicting Wells Fargo would have to reduce its payout this year. All stock quotes on this website should be considered as having a 24-hour delay. Enhance retirement outcomes with helpful tactics. Stock Advisor launched in February of 2002. “This only impacts WFC,” John Heagerty, an analyst at Atlantic Equities, wrote in a note, referring to the company by its stock symbol. Charles Scharf, chief executive officer of Wells Fargo & Co. WFC pays its dividend every quarter. Action Alerts PLUS is a registered trademark of TheStreet, Inc. Cumulative Growth of a $10,000 Investment in Stock Advisor, Wells Fargo Cuts Dividend by 80% @themotleyfool #stocks $WFC. Forward yield 4.32% Payable Sept. 1; for shareholders of record Aug. 9; ex-div Aug. 8. Make short-term dividend income. As almost exclusively a commercial bank (as opposed to an investment bank), Wells Fargo is setting aside more than most in anticipation of loan losses related to the pandemic. Wells Fargo ( NYSE:WFC) has taken a chainsaw to its dividend. So, unless the bank's reserve build is astronomically large in the second quarter, it will still have a positive four-quarter average earnings per share and will therefore be able to pay some level of dividend. By contrast, the wider stock market fell marginally on the day. Dividend stocks making payouts in the next 10 business days and have a history of rebounding in price shortly thereater. October Warren Buffett/Berkshire 44 Equities Disclose 7 Prime Dividend Picks, Warren Buffett In September: 44 Equities Yield 7 Buy-And-Hold Dividend Picks, Blue Chip DRiP Portfolio: August Dividends + Covered Call Income, 48 Billionaire Mid-August Holdings, 27 Pay Dividends, And 4 Are Good To Get. The U.S. recovery engine has been humming along for the better part of... Wells Fargo Corporation (WFC) is an American multinational banking and financial services company founded in 1852 and headquartered in San Francisco, California. Is Wells Fargo a Buy After Third-Quarter Earnings? Average deposits rang in at $1.4 trillion, up $117.7 billion, or 9%, from a year earlier. The time remaining before the next ex-dividend date. It is one of the Big Four banks in the U.S., along with JP Morgan Chase, Citigroup, and Bank of America. The firm has offered the highest dividend yield of the largest U.S. banks in the last 12 months, and paid out $2.1 billion in dividends in the first quarter even as profit tumbled to just $653 million. The cut, however, was entirely expected -- in fact, the bank set that $0.10 in its second quarter earnings release. They’re down 52% this year. Price. They’re down 52% this year. WFC may be affected by interest rate risk, along with risk related to servicing of loans. Returns as of 11/11/2020. We like that. A stock’s Earnings Growth rating evaluates a company’s expected. Wells Fargo posts a deeper-than-expected second-quarter loss and slashes its dividend by a wider-than-expected margin as the coronavirus pandemic slams earnings. In the first quarter, Wells Fargo built its reserves by $3.1 billion, which caused earnings to fall by $0.73 to just $0.01 per share. Is Wells Fargo a Buy After Third-Quarter Earnings? Already struggling with an asset cap mandated by the Federal Reserve, plus a damaged reputation arising from a series of scandals, Wells Fargo had to batten down the hatches in the wake of the coronavirus outbreak. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. Some of the services provided are retail, commercial and corporate banking through banking stores and offices, the Internet and other distribution channels to individuals, businesses and institutions. Wells Fargo posts a deeper-than-expected second-quarter loss and slashes its dividend by a wider-than-expected margin as the coronavirus pandemic slams earnings. WFC’s dividend faced a cut after the financial crisis, but has since been increasing since 2012. We don't yet know how much it will be, and the bank is likely waiting to see how its second-quarter earnings come out before making that determination. See you at the top! Portfolio management news, reports, video and more. Commercial loans, meantime, were down $54.5 billion compared with March 31, "predominantly due to a $54.9 billion decline in commercial and industrial loans driven by repayment of revolving lines that were drawn in March at the outset of the Covid-19 pandemic," the company said. © 2020 TheStreet, Inc. All rights reserved. Build conviction from in-depth coverage of the best dividend stocks. This is not the Great Recession, and the bank has more than enough capital to make it through the tough times. 10 Most Popular Dividend Stocks: Which Offer The Best Safety And Growth? CEO Charles Scharf recently said, "We expect our second-quarter results will include an increase in the allowance for credit losses substantially higher than the increase in the first quarter." When it comes to investing in stocks, no sector quite compares to financials. The relative strength of a dividend stock indicates whether the stock is uptrending or not. The San Francisco-based bank reported a net loss of $2.4 billion, or 66 cents a share, for the second quarter, vs. income of $6.2 billion, or $1.30 a share, in the comparable year-earlier quarter. Market data powered by FactSet and Web Financial Group. Wells Fargo (NYSE:WFC) declares $0.51/share quarterly dividend, 13.3% increase from prior dividend of $0.45. Cumulative Growth of a $10,000 Investment in Stock Advisor, Here's What You Need to Know About Wells Fargo Slashing Its Dividend @themotleyfool #stocks $WFC $BAC $C $JPM. On the brighter side, Wells Fargo did dole out more loans, at least on average. Browse our guide to explore. WFC pays its dividend every quarter. Covid Superspreader Risk Is Linked to Restaurants, Gyms, Hotels, Pfizer Soars as Vaccine Prevents 90% of Covid Cases in Study, Pfizer Vaccine’s Funding Came From Berlin, Not Washington, Deep-Freeze Hurdle Makes Pfizer’s Vaccine One for the Rich, China Vaccine Trial Halted in Brazil After Serious Adverse Event. Before it's here, it's on the Bloomberg Terminal. 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