Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, February 28, 2020

Article Excerpt

WELLS FARGO & CO., $40.85, New York symbol WFC, is our #1 Income Buy for 2020. The bank last raised its quarterly dividend with the September 2019 payment. Investors now receive $0.51 a share, up 13.3% from $0.45. The new annual rate of $2.04 yields you a high 5.0%. Wells Fargo has now agreed to settle criminal charges related to the 2016 discovery that the bank’s employees opened over 3.5 million unauthorized accounts to meet sales targets. In the wake of that scandal, Wells Fargo fired 5,000 employees involved in the scandal and tightened up its oversight procedures. Under the terms of the settlement, the bank will pay a fine of $3 billion. To put that in context, it earned $2.87 billion, or $0.60 a share, in the fourth quarter of 2019. The settlement will likely prompt the U.S. Federal Reserve to lift a cap on the size of the bank’s total assets. That would cut investors’ risk. Wells Fargo recent coverage: February 2020 issue …

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.