Dividend Growth Forum

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Added to ADM and WFC

Added to CM

What's the attraction to WFC? So many other big banks that seem to be cheap enough but don't have WFC "issues". I see a lot of you are starting or adding to WFC lately and that is why I ask.

Sold a $150 BABA put yesterday. $300+ plus premium so a 147 entry if it happens. A reverse spin on "avoid US stocks with China exposure". BABA is not overly affected by a loss of US revenue, and I have no other foreign stocks in the port at this time.

(05-24-2019, 08:48 AM)fenders53 Wrote: [ -> ]What's the attraction to WFC? So many other big banks that seem to be cheap enough but don't have WFC "issues". I see a lot of you are starting or adding to WFC lately and that is why I ask.

To me it is primarily to average down the cost of shares already own. Also, even with my yesterday's purchase, WFC represents very small portion of my portfolio (0.5%). Nice dividend helps in the mean time.

@fenders

I sold something for you! Actually, no...but I did sell today....I sold my Kontoor (ktb) and bought more MO

the reason is nothing more then I just don't feel like doing my due diligence on ktb in order to justify adding more shares

(05-24-2019, 08:48 AM)fenders53 Wrote: [ -> ]What's the attraction to WFC? So many other big banks that seem to be cheap enough but don't have WFC "issues". I see a lot of you are starting or adding to WFC lately and that is why I ask.

Sold a $150 BABA put yesterday. $300+ plus premium so a 147 entry if it happens. A reverse spin on "avoid US stocks with China exposure". BABA is not overly affected by a loss of US revenue, and I have no other foreign stocks in the port at this time.

Dollar cost averaging and it's yeilding 4%. Numbers are comparable to other few banks I have been looking at and they all are yielding < 3% as if now. It's one of the biggest lander where I live and they are pretty strict in landing atleast in this area( I have been hearing stories where banks have been landing loosely in certain parts, not comparable to 2008 crisis but compared to where I live).

WFC past issues aren't a concern to me right now. They have been running agressive campaigns to get high value individuals.

What banks you have in mind ?

I was just curious. JPM and BAC are the only banks I follow much. MET is my only largish financial position. I have small positions in a couple loan shark mutual funds. I owned WFC decades ago. They got into some shenanigans and the stock was flat for a long time. They just aren't on my watch list. The yield does sound good though.

I'm not a huge fan of WFC as well. When a bank has to give away free money to bring in new costumers that's never a good sign. And when a bank cant be trusted, Wall Street will always see them as crooked. There are just too many other banks I would own over this one like BAC, TD, MTB, JPM and PNC to name a few. The WFC yield isn't worth the hassle. But that's just me.

(05-25-2019, 11:30 AM)divmenow Wrote: [ -> ]I'm not a huge fan of WFC as well. When a bank has to give away free money to bring in new costumers that's never a good sign. And when a bank cant be trusted, Wall Street will always see them as crooked. There are just too many other banks I would own over this one like BAC, TD, MTB, JPM and PNC to name a few. The WFC yield isn't worth the hassle. But that's just me.

Giving away money comes down to new customer cquisition cost for a $500k annual account for the bank. If the cost is $1000 and giving away $500 bonus brings them a $500k annual account with direct deposit for next few years that might not be as bad.

I am okay holding them for next 10-15 years as long as they don't cut the div. If they have another issue come up(not too serious issue) and price fall, I might buy more.

I just had to buy more MO here!

Added to LEG this morning.

Bought some UPS

MikeWa

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fenders53

MikeWa

rayray

vbin

fenders53

divmenow

vbin

stockguru

Otter

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