Wells Fargo Buys $1.4B Portfolio - Analyst Blog
2011年8月11日 - 11:00PM
Zacks
Wells Fargo & Co. (WFC) is said to have won
a bid for a $1.4 billion U.S. commercial real estate loan portfolio
of the Bank of Ireland (IRE), according to a Wall
Street Journal report.
The portfolio consists of 25 loans, performing in nature and
mainly backed by commercial real estate in New York, Boston and
Washington. The loans were sold near their face value. The
portfolio sale is a part of Bank of Ireland’s deleveraging
efforts.
In May, Wells Fargo also struck a deal in partnership with
Blackstone Group LP to purchase around $1 billion in commercial
mortgages from Allied Irish Banks Plc. (AIB).
Strategic acquisitions have been part of Wells Fargo’s endeavor
to strengthen its business model, expand its capabilities and
diversify its footprint. These have been the driving force of
its growth in recent years. The Wachovia acquisition and the demise
of some smaller players helped it garner a larger share in the
mortgage market. With cross-selling as its key strength, Wells
Fargo’s diverse geographic and business mix provides a solid
leverage for consistent earnings growth.
Capital ratios are strong, and dividend as well as share buyback
initiatives inspire investors’ confidence in the stock. Yet, we
believe that a substantial improvement in revenue will remain
elusive. In addition, regulatory issues also pose as headwinds to
the company’s top line.
Wells Fargo currently retains its Zacks #3 Rank, which
translates into a short-term Hold rating. Also, considering the
fundamentals, we are maintaining a long-term Neutral recommendation
on the stock.
ALLIED IRISH BK (AIB): Free Stock Analysis Report
IRELAND BK-ADR (IRE): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
Zacks Investment Research
Allied Irish (NYSE:AIB)
過去 株価チャート
から 4 2024 まで 5 2024
Allied Irish (NYSE:AIB)
過去 株価チャート
から 5 2023 まで 5 2024
Real-Time news about Apollo Investment Corp. 6.625% Senior Notes Due 2042 (ニューヨーク証券取引所): 0 recent articles
その他のAllied Irishニュース記事