| Requested Date | 12/31/2008 |
|---|---|
| Last Trade (split adjusted) | 5.54 |
| Open | 5.66 |
| Intraday High | 5.98 |
| Intraday Low | 5.54 |
Is Wachovia a good dividend stock?
Sitting on my desk in front of me, as I type this article, is an analyst report by Morningstar for Wachovia dated December 31st, 2007. This is the bank that was built almost entirely on the foundation of R.J. Reynolds Tobacco in Winston-Salem . At the time, Wachovia common stock had closed at $38.03 and was paying a very rich 6.31% dividend yield.
How much money did Wachovia make in 2007?
In the six years before the report was issued, Wachovia had earned a cumulative $36.053 billion in after-tax profit, increasing from $3.579 billion in 2002 to $8.562 billion in 2007 and earnings per share had increased from $2.60 to $4.46 in the same span.
Will institutional investors derail the sale of Wachovia stock?
However, institutional investors such as mutual funds and pension funds controlled 73 percent of Wachovia's stock; individual stockholders would have had to garner a significant amount of support from institutional shareholders to derail the sale.
Is Wachovia Securities still in Charlotte?
However, Charlotte remained as the headquarters for the combined company's East Coast banking operations, and Wachovia Securities remained in Charlotte. Three members of the Wachovia board joined the Wells Fargo board.
Is WFC a good stock to buy?
The financial health and growth prospects of WFC, demonstrate its potential to underperform the market. It currently has a Growth Score of D. Recent price changes and earnings estimate revisions indicate this would not be a good stock for momentum investors with a Momentum Score of F.
What happened to Wachovia bank stock?
In Less Than a Year, the Entire Bank Was Nearly Wiped Out. Within 10 months, shares of Wachovia were to be sold sold for $1 each, representing a near total-wipeout for equity owners. Had you bought the stock, it would have been utterly worthless to you for all intents and purposes.
How much did Wachovia sell for?
On Monday, Citigroup agreed to buy Wachovia's banking operations for $2.16 billion in a deal orchestrated by the federal government. That deal, which had been approved by the boards of both companies, was still subject to approval by Wachovia's shareholders and regulators.
What was Wells Fargo highest stock price?
The all-time high Wells Fargo stock closing price was 65.93 on January 26, 2018.
How many times has Wells Fargo stock split?
Wells Fargo and (WFC) has 6 splits in our Wells Fargo and stock split history database.
Does China own Wells Fargo bank?
The top ranked bank brand is Industrial and Commercial Bank of China (ICBC), a state-owned Chinese bank with a brand value of $47.83 billion in 2016, a 32% improvement compared with 2015's brand value. Wells Fargo & Co....Powered by.PluginsBlock | ActiveFirst ImpressionFirst ImpressionView Policy90 more rows•Feb 2, 2017
Who owns Wachovia bank now?
Wells FargoWachovia / Parent organizationWells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and internationally. Wikipedia
Who owns Wells Fargo?
The bank is even backed by America's most beloved investor, Warren Buffett. The legendary billionaire owns $100 million of Wells Fargo (WFC) stock in his personal account, according to FactSet. His firm Berkshire Hathaway (BRKA) is the bank's biggest shareholder, holding nearly 10% of the stock.
Who bought SunTrust bank?
BB&TThe $66 billion merger of SunTrust and BB&T that gave Charlotte its second bank headquarters in 2019 is finally coming to a close. After two years, the bank is finally switching all the signs to its new name on its branches, ATMs, credit cards and website.
What was Wells Fargo stock price in 2008?
Information about the stock price history of the former Wachovia is not available through this source....Wachovia Stock Historical Price Lookup.Requested Date12/31/2008Last Trade (split adjusted)5.54Open5.66Intraday High5.98Intraday Low5.542 more rows
How many shares does Wells Fargo have?
Wells Fargo shares outstanding for the quarter ending March 31, 2022 were 3.869B, a 7.24% decline year-over-year. Wells Fargo 2021 shares outstanding were 4.096B, a 0.92% decline from 2020. Wells Fargo 2020 shares outstanding were 4.134B, a 6.58% decline from 2019.
When did Wells Fargo go public?
Wells Fargo (1852–1998)Final company logoWells Fargo's headquarters complex in San Francisco, CaliforniaTypePublicTraded asNYSE: WFC S&P 100 component S&P 500 componentIndustryFinancial services11 more rows
What company took over Wachovia?
Wells Fargo & CompanyThe Acquisition of Wachovia Corporation by Wells Fargo & Company.
Who owns Wachovia bank now?
Wells FargoWachovia / Parent organizationWells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and internationally. Wikipedia
What happened to First Union stock?
First Union merges In 2008, Wells Fargo & Company acquired Wachovia Corporation, including First Union.
Who did Wachovia buy out?
The acquisition of 1st United Bankcorp in Florida, combined with mergers with Central Fidelity Banks, Inc., and Jefferson Bankshares, Inc., in Virginia, gave Wachovia a retail network of more than 800 banking offices and 1,100 automated teller machines throughout Virginia, North Carolina, South Carolina, Georgia, and ...
How much did Wachovia make in 2007?
In the six years before the report was issued, Wachovia had earned a cumulative $36.053 billion in after-tax profit, increasing from $3.579 billion in 2002 to $8.562 billion in 2007 and earnings per share had increased from $2.60 to $4.46 in the same span. The company’s stock was trading at 8.6 times earnings, representing a 60% discount to ...
What happened to Wachovia in 2006?
Wachovia has been hurt badly by its 2006 purchase of Golden West Financial, a California lender specializing in so-called pay-option mortgages. And the bank also faced mounting losses on loans made to home builders and commercial real estate developers.
Why did Citigroup back down from Wells Fargo?
Citigroup was furious but it is rumored that regulators forced them to back down with the FDIC wanting the Wells Fargo merger to be approved because not only would stockholders get more money, it removed the FDIC from the picture entirely due to the strength of Well’s balance sheet.
Did Citigroup fund Wachovia?
From this point on, Citigroup provided the funding for Wachovia to survive day-to-day. But Wachovia was secretly meeting with Wells Fargo, who offered almost 7x as much money to the stockholders (still a fraction of book value, though, and rightfully so given the mounting losses). Citigroup was furious but it is rumored that regulators forced them to back down with the FDIC wanting the Wells Fargo merger to be approved because not only would stockholders get more money, it removed the FDIC from the picture entirely due to the strength of Well’s balance sheet.
Does Citigroup have a financial guarantee on Wachovia?
In the end, the government agreed to provide Citigroup with a financial guarantee on Wachovia’s most risky assets. It is similar to the deal that the Federal Reserve established with JPMorgan Chase’s emergency takeover of Bear Stearns.
Is $60 book value intrinsic value?
It merely shows you historical accounting cost. If a company has $80 in assets and $20 in debts, the $60 book value isn’t necessarily a gauge for intrinsic value because the $60 could be in worthless fabrics that are no longer in style or they could be solid gold bricks.
Did Wells Fargo buy Wachovia?
In a sense, Wells Fargo was able to use these tax breaks to get Wachovia for free.
Why did Wachovia stock drop?
However, its stock price plunged 27 percent on September 26 due to the seizure of Washington Mutual the previous night. On the same day, several businesses and institutional depositors withdrew money from their accounts in order to drop their balances below the $100,000 insured by the Federal Deposit Insurance Corporation (FDIC) – an event known in banking circles as a "silent run." Ultimately, Wachovia lost a total of $5 billion in deposits that day—about one percent of the bank's total deposits. The large outflow of deposits attracted the attention of the Office of the Comptroller of the Currency, which regulates national banks. Federal regulators pressured Wachovia to put itself up for sale over the weekend. Had Wachovia failed, it would have been a severe drain on the FDIC's insurance fund due to its size (it operated one of the largest branch networks on the East Coast).
When was Wachovia acquired?
Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one ...
What happened to Wachovia in 2007?
A May 2007 New York Times article described Wachovia's negligence in screening and taking action against companies linked with identity theft. With stolen identities, the companies used unsigned checks to remove funds from personal Wachovia bank accounts. In total, Wachovia accepted $142 million in unsigned checks from "companies that made unauthorized withdrawals from thousands of accounts", collecting millions of dollars in fees from them. According to Pat Meehan, a U.S. attorney for Eastern District of Pennsylvania, Wachovia received "thousands of warnings that it was processing fraudulent checks, but ignored them".
How much did Wachovia lose in 2008?
However, in the second quarter of 2008, Wachovia reported a much larger than anticipated $8.9 billion loss. On June 2, 2008, Wachovia chief executive officer Ken Thompson was forced to retire.
When did Wells Fargo buy Wachovia?
The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years.
When did Wachovia buy back Bank One?
After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA. Wachovia paid Bank One a $350 million termination fee . On September 4, 2001, First Union and Wachovia officially merged.
When did Wachovia sell its credit card portfolio?
Another problem concerned each bank's credit card division. In April 2001, Wachovia agreed to sell its $8 billion credit card portfolio to Bank One. The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division.
