Wells Fargo Co Stock Price, News & Analysis

Calvert Impact has launched Access by Calvert Impact, a national initiative to provide small businesses with better access to credit, backed by a $140 million warehouse credit facility from Goldman Sachs Alternatives' Urban Investment Group. This program leverages funds from the State Small Business Credit Initiative and private investments to support community lenders in New York, New Jersey, Nevada, and Washington. Designed to assist socially and economically disadvantaged business owners, Access aims to alleviate longstanding liquidity issues in the community development financial institutions (CDFI) sector. Supported by grants from Citi Foundation and Wells Fargo Foundation, the program sells aggregated business loans on the secondary market to generate new capital. More than 80% of supported businesses identify as SEDI (socially and economically disadvantaged individuals). Calvert Impact will continue to expand this program across the US.

Expedia Group, Wells Fargo, and Mastercard have announced a multi-year partnership to launch two new co-branded credit cards: the One Key™ Card and One Key+™ Card. These cards are designed to enhance Expedia Group's One Key™ loyalty program by offering rewards, tier upgrades, and travel perks. Cardholders can earn OneKeyCash™, which can be used for bookings on Expedia, Hotels.com, and Vrbo. The One Key Card offers $400 in OneKeyCash for a $1,000 spend in three months, while the One Key+ Card offers $600 for a $3,000 spend. Both cards provide instant tier upgrades, travel protections, and no foreign transaction fees. The cards will be available later this summer, with existing Hotels.com cardholders transitioning to the no-annual-fee One Key Card in September.

Expedia Group has partnered with Wells Fargo and Mastercard to launch two new co-branded credit cards: One Key Card and One Key+ Card. These cards are designed to enhance Expedia's One Key loyalty program, offering U.S. travelers increased flexibility, savings, and perks.

The One Key Cards will allow users to earn OneKeyCash rewards, which can be used across Expedia, Hotels.com, and Vrbo for booking hotels, vacation rentals, car rentals, activities, and flights.

One Key+ Card holders will enjoy benefits such as earning $600 in OneKeyCash after spending $3,000 in the first three months, earning 3% in OneKeyCash on various purchases, and an annual fee of $99. One Key Card holders can earn $400 in OneKeyCash after spending $1,000 in the first three months, also earning 3% on similar purchases but with no annual fee.

Both cards offer tier upgrades, with One Key+ Card holders achieving Gold tier benefits and One Key Card holders reaching Silver tier benefits.

Applications for the new cards will start nationwide later this summer, with existing Hotels.com cardholders transitioning to the new program by September.

Wells Fargo (NYSE: WFC) has announced its second quarter 2024 financial results. The report is accessible on their investor relations webpage and the SEC’s website. A conference call to discuss the results is scheduled for July 12, 2024, at 10:00 a.m. Eastern. The call can be accessed via provided phone numbers or online, with a replay available until July 26, 2024.

Wells Fargo (NYSE: WFC) will announce its second quarter 2024 earnings results on Friday, July 12, 2024, at approximately 7:00 a.m. Eastern time. The results will be available on the company's Investor Relations website and the SEC website. A live conference call will follow at 10:00 a.m. Eastern time, accessible via phone and online.

The earnings report, along with multimedia content, can be viewed online. Replays of the conference call will be available until July 26, 2024.

Star Mountain Capital, an investment firm with over $4.0 billion in assets under management, has appointed Scott Couto as Senior Advisor. Couto brings over 30 years of experience in asset management, including roles at Columbia Threadneedle Investments and Fidelity Investments. At Columbia Threadneedle, he oversaw $650 billion in assets as Head of North America, and at Fidelity, he managed $580 billion in client assets. Star Mountain focuses on private loans, equity investments, and secondary LP interests in U.S. lower middle-market businesses. Couto’s expertise in strategic leadership, risk management, and client relations aligns with Star Mountain's goal of generating low-market-correlated returns.

The Watts-Willowbrook Church of Christ, also known as The Brook, in Compton, CA, has commissioned a new 12-kW rooftop solar system with an upcoming battery storage installation. This project, in collaboration with RE-volv and California Interfaith Power & Light (CIPL), aims to provide critical services during power outages, heatwaves, and unhealthy air quality days, while saving the church $184,033 on electricity costs over the next 20 years. The initiative is supported by the Wells Fargo Foundation and benefits from the Inflation Reduction Act's direct pay provision, which offers tax-exempt organizations 30% or more cashback on solar systems. The project is expected to prevent the emission of 646,378 pounds of CO2, equivalent to the carbon sequestered by 350 acres of trees annually. The church will also serve as an educational hub for clean energy in the community.

Wells Fargo (NYSE: WFC) has completed the 2024 Comprehensive Capital Analysis and Review (CCAR) stress test process. The company expects its stress capital buffer (SCB) to be 3.8%, with the Federal Reserve Board publishing the final SCB by August 31, 2024.

Wells Fargo plans to increase its Q3 2024 dividend by 14% to $0.40 per share, pending board approval in July. The company also has the capacity to repurchase common stock over the next four quarters, subject to market conditions and regulatory requirements.

CEO Charlie Scharf emphasized the bank's strong capital position and commitment to returning excess capital to shareholders while serving customer needs.

In honor of National Homeownership Month, the Wells Fargo Foundation awarded $500,000 in grants to five Washington, D.C.-area nonprofits to aid housing counseling and services for potential homebuyers. The grants aim to address systemic barriers to housing and support generational wealth through homeownership. Each nonprofit, including Building Bridges Across the River, Manna, Latino Economic Development Center, Centro de Apoyo Familiar, and DC Affordable Law Firm, received $100,000. These funds will support various initiatives such as closing cost assistance, savings match and debt reduction programs, and estate planning services. This collaborative effort demonstrates Wells Fargo's commitment to increasing housing affordability and supporting homeownership in the Greater Washington, D.C., area.