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MarketScreener Homepage  >  Equities  >  Nyse  >  Wells Fargo & Company    WFC

WELLS FARGO & COMPANY

(WFC)
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Value of U.S. commercial property slashed by 27%, Financial Times reports

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09/27/2020 | 02:11pm EDT

NEW YORK, Sept 27 (Reuters) - The economic effects of the coronavirus are battering the U.S. commercial-backed securities market, raising the question of the value of hotels, malls, and other buildings that act as collateral for mortgages, according to a report in the Financial Times on Sunday.

Wells Fargo estimates that U.S. properties that have gotten into trouble are being written down by 27% on average, according to the report. (https://on.ft.com/36cE4eE)

Declining appraisal values could hammer portfolio managers that have moved into the commercial mortgage-backed securities market in search for yield at a time when the Federal Reserve has indicated that it will keep benchmark yields near zero until 2023 at the earliest.

(Reporting by David Randall; Editing by Lisa Shumaker)


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Financials (USD)
Sales 2020 72 164 M - -
Net income 2020 1 348 M - -
Net Debt 2020 - - -
P/E ratio 2020 84,8x
Yield 2020 5,37%
Capitalization 93 808 M 93 808 M -
Capi. / Sales 2020 1,30x
Capi. / Sales 2021 1,31x
Nbr of Employees 274 900
Free-Float 75,0%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 29,42 $
Last Close Price 22,70 $
Spread / Highest target 98,2%
Spread / Average Target 29,6%
Spread / Lowest Target 1,32%
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Managers
NameTitle
Charles William Scharf President, Chief Executive Officer & Director
Charles H. Noski Chairman
Scott E. Powell Chief Operating Officer & Senior Executive VP
John Richard Shrewsberry Chief Financial Officer & Senior Executive VP
Saul van Beurden Senior Executive VP & Head-Technology
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