Wells Fargo Co Stock Price, News & Analysis

Wells Fargo (NYSE: WFC) declared dividends on eight series of preferred stock, with payments scheduled for March 15, 2023. Highlights include:

• $18.75 per share for Series L, 7.50% noncumulative perpetual convertible, liquidation preference $1,000.
• $365.63 per share for Series Q, 5.85% fixed-to-floating noncumulative perpetual, liquidation preference $25,000.
• $414.06 per share for Series R, 6.625% fixed-to-floating noncumulative perpetual, liquidation preference $25,000.
• Other dividends include Series Y at $351.56, Series Z at $296.88, Series AA at $293.75, Series CC at $273.44, and Series DD at $265.63.

All dividends are payable to holders of record as of February 28, 2023.

Wells Fargo's 2023 Construction Industry Forecast reveals cautious optimism among nonresidential contractors and distributors despite ongoing economic challenges. Key concerns identified include the availability of skilled workers, rising interest rates, and supply chain disruptions. A significant 82% of surveyed businesses report inflation impact, while 59% cite increased material costs affecting profitability. Approximately 50% of contractors plan to rent the same amount of heavy construction equipment, contingent on improved job backlogs and costs. The forecast reflects a belief in economic recovery among industry leaders, despite a divide in expectations for non-residential construction activity in 2023.

Choice Hotels International (NYSE: CHH) has partnered with Wells Fargo and Mastercard to launch a cobranded credit card program, set to debut in spring 2023. Existing cardmembers will transition to the new program in May 2023, benefiting from enhanced rewards, including 5x points on stays at participating hotels, and additional features like automatic Gold Elite Membership. The card aims to simplify point accumulation for rewards redeemable at over 7,500 hotels across various brands. This initiative is expected to attract more customers and enhance loyalty within the Choice Privileges program.

Wells Fargo announced significant support for veteran entrepreneurs through its Veteran Loan Fund. This initiative aims to provide affordable capital and resources to veterans starting their businesses. U.S. Army veteran Xiaobo Guan, who struggled with his car wash business due to outdated equipment, benefited from this program. With a $3.5 million loan and a $1.5 million grant from Wells Fargo, the fund enables community development financial institutions to offer veterans low-interest loans and technical assistance. Since its inception, over $18 million in loans have been dispersed, aiding in job retention and creation for veterans.

Wells Fargo (NYSE: WFC) announced that Chief Financial Officer Mike Santomassimo will deliver a presentation at the Credit Suisse Financial Services Forum on Tuesday, Feb. 14, 2023, at 8:35 a.m. ET. The event will be webcast live, with a replay available for three months post-presentation. As a financial services leader with approximately $1.9 trillion in assets, Wells Fargo serves a significant portion of U.S. households and small businesses, and focuses on various banking and investment services.

To view the live webcast, visit Wells Fargo Investor Relations.

Wells Fargo has announced a $50 million grant to the NAACP, marking the largest donation the civil rights organization has received from a corporation. The funding aims to strengthen local units and branches, enhancing their capacity to support communities and develop strategic partnerships. Additionally, it will aid in establishing a new national headquarters for the NAACP. CEO Charlie Scharf emphasized the importance of this grant in promoting equity and economic opportunities for Black Americans. Wells Fargo's relationship with the NAACP spans over 20 years, focusing on various programs and initiatives.

Wells Fargo (NYSE: WFC) announced its expected earnings release dates and conference call information for 2023 and 2024. The financial results will be released at approximately 7 a.m. Eastern time, with live conference calls at 10 a.m. Eastern time on the following dates:

• Q1 2023 – April 14, 2023
• Q2 2023 – July 14, 2023
• Q3 2023 – October 13, 2023
• Q4 2023 – January 12, 2024
• Q1 2024 – April 12, 2024
• Q2 2024 – July 12, 2024
• Q3 2024 – October 11, 2024
• Q4 2024 – January 15, 2025

Wells Fargo announced a quarterly dividend of $0.30 per share, payable on March 1, 2023, to stockholders of record on February 3, 2023. This decision reflects the company's ongoing commitment to returning value to its shareholders. With approximately $1.9 trillion in assets, Wells Fargo serves a significant portion of U.S. households and small businesses. The company, ranked No. 41 on Fortune’s 2022 list of America’s largest corporations, emphasizes its focus on sustainable practices and social impact, including housing affordability and small business support.