JPMorgan, others to issue credit cards to applicants with no credit, WSJ reports » 06:3605/1305/13/21
JPM, WFC, USB
JPMorgan Chase (JPM),…
JPMorgan Chase (JPM), Wells Fargo (WFC), U.S. Bancorp (USB), and other banks will start to factor information from an applicants' accounts at other financial institutions to increase their chances of being approved for a credit card, Peter Rudegeair and AnnaMaria Andriotis of The Wall Street Journal report, citing people familiar with the matter. The pilot program will launch sometime this year and is part of a government-backed initiative to help those who are financially responsible, but have lacked opportunities to borrow or develop a credit score. Reference Link
Sonoco announces agreement with Wells Fargo to repurchase $150M of its shares » 06:4905/1105/11/21
Sonoco (SON) announced an…
Sonoco (SON) announced an agreement to repurchase $150M of its outstanding common shares in an accelerated share repurchase transaction with Wells Fargo Bank (WFC), using available cash on hand. Under the ASR agreement, Sonoco will pay $150M in exchange for an initial delivery of approximately 1.75 shares. The final number of shares to be repurchased under the ASR will be based on the Company's volume-weighted average share price during the repurchase period, less a discount and subject to adjustments. The final settlement of the ASR transaction is expected to occur no later than the Q3. The ASR is being undertaken under the recently announced $350M share repurchase authorization approved by the Board of Directors on April 20.
Sachem Capital appoints William Haydon as Chief Investment Officer » 08:2105/1005/10/21
Sachem Capital (SACH)…
Sachem Capital (SACH) announced that William Haydon has been appointed Chief Investment Officer and Director of Investor Relations earlier this month. In this new role, Haydon is responsible for managing the company's liquid reserves and securities portfolio, as well as Sachem's underwriting team. Haydon is a senior finance and capital markets executive with over 25 years of experience in financial services and investment banking. Prior to joining Sachem Capital in 2021, he served as a Portfolio Manager and Branch Manager at Wells Fargo Advisors (WFC) Financial Network from 2011.
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Wells Fargo discloses CFPB investigation into consumer deposit account practices » 12:5305/0605/06/21
In its 10-Q filing last…
In its 10-Q filing last night, Wells Fargo disclosed: "The [Consumer Financial Protection Bureau, or] CFPB is conducting an investigation into whether customers were unduly harmed by the Company's historical practices associated with the freezing (and, in many cases, closing) of consumer deposit accounts after the Company detected suspected fraudulent activity (by third parties or account holders) that affected those accounts. The CFPB is also investigating certain of the Company's past disclosures to customers regarding the minimum qualifying debit card usage required for customers to receive a waiver of monthly service fees on certain consumer deposit accounts."
Unusual call flow in option market yesterday » 07:3505/0605/06/21
Notable call activity was…
Notable call activity was cited Wednesday in Wells Fargo (WFC).
Walker & Dunlop price target raised to $130 from $70 at JMP Securities » 06:2105/0605/06/21
WD, JPM, WFC
JMP Securities analyst…
JMP Securities analyst Steven Delaney raised the firm's price target on Walker & Dunlop (WD) to $130 from $70 and keeps an Outperform rating on the shares ahead of its Q1 results today. The company's growth across business lines is continuing at a "staggering pace" with plenty of room left, the analyst tells investors in a research note. Delaney further cites Walker & Dunlop passing JPMorgan (JPM) and Wells Fargo (WFC) to become the largest multifamily lender in the U.S. in 2020.
Call spread in Wells Fargo on Cboe rolls short position to higher strike » 13:3005/0505/05/21
Call spread in Wells…
Call spread in Wells Fargo on Cboe rolls short position to higher strike. Shares up 20c at midsession, near $45.94 with a notable spread early in the day in the Cboe complex order book where 10k May 7th 43.5/46 call spreads were bought for $2. Cboe open/close file data confirms the initiator was a customer closing a short position in the 43.5 strike and opening a new write at the $46 strike, and market-makers took the other side of the trade. Trade history shows the 43.5s were sold to open in late April at lower levels in a roll from April 30th weeklys.
Wells Fargo price target raised to $47 from $41.50 at JPMorgan » 07:3705/0305/03/21
JPMorgan analyst Vivek…
JPMorgan analyst Vivek Juneja raised the firm's price target on Wells Fargo to $47 from $41.50 and keeps a Neutral rating on the shares. Consumer spending is likely to continue to pick up as seen by step up in spending data over the past three months, Juneja tells investors in a research note. The analyst continues to recommend large banks stocks and expects outperformance as the economy recovers.
Unusual call flow in option market yesterday » 07:3504/2904/29/21
Notable call activity was…
Notable call activity was cited Wednesday in Wells Fargo (WFC) and Harley Davidson (HOG).
Large 3-way call spread in Wells Fargo adjusts position » 13:1004/2804/28/21
Large 3-way call spread…
Large 3-way call spread in Wells Fargo adjusts position. With shares flat at midsession near $45.12 a large spread printed on NYSE Arca where a customer sold 19K June 52.c at 23c, bought 34k Jun 47.5 calls for $1.00 and sold 15k jun 42.5 calls for $3.45. Net premium collected is about $2.2M and the package appears to take gains on part of the June 42/47.5 call spread that was opened on April 7th when shares were nearly $5 lower, while opening a new short leg at the 52.5 strike, currently 16.5% otm.