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What's Going On With Wells Fargo Stock Tuesday?
2024-08-21 00:53
Wells Fargo & Co (NYSE:WFC) shares are trading slightly lower today. The company agreed to sell the non-agency third-party servicing segment of its Commercial Mortgage Servicing business to Trimont for an undisclosed amount.
Wells Fargo will retain servicing for Agency/GSE loans and loans on its balance sheet. The deal is expected to close in early 2025, pending customary closing conditions.
Kara McShane, Executive Vice President and head of Wells Fargo Commercial Real Estate, said, “This transaction is consistent with Wells Fargo’s strategy of focusing on businesses that are core to our consumer and corporate clients.”
“We remain committed to our market-leading Commercial Real Estate business, and we will continue to serve our clients with a broad suite of lending, advisory and capital markets capabilities while leveraging our franchise to grow our Corporate and Investment Bank.”
The transaction, supported by Värde Partners, will make Trimont the largest loan servicer, overseeing $640 billion in loans in the U.S., about 11% of the U.S. commercial real estate lending market.
“Trimont and Wells Fargo’s Commercial Mortgage Servicing are recognized experts in their respective areas of concentration. The businesses are highly complementary and combining them allows Trimont to provide a unique and comprehensive service offering to the increasingly sophisticated CRE lending market,” said Bill Sexton, CEO of Trimont.
In July, Wells Fargo reported a GAAP EPS of $1.33, beating the consensus of $1.29, and revenue rose 1% to $20.69 billion.
Investors can gain access to the stock via First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and Invesco KBW Bank ETF (NASDAQ:KBWB).
Price Action: WFC shares are down 0.25% at $56.31 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image via Shutterstock
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