Latest news with #WellsFargo
Mint
3 hours ago
- Business
- Mint
July 4th, 2025: Are Banks, Stock Market, Post Offices, Retail Stores open or closed for US Independence Day?
The Fourth of July, commemorating the adoption of the Declaration of US Independence in 1776, is a federal holiday celebrated across the country with parades, fireworks, and gatherings. While most Americans enjoy a day off, it also means closures of many essential services. Most major banks—including Bank of America, Wells Fargo, PNC, CitiBank, Truist, JPMorgan Chase, and Capital One—will be closed on Friday (July 4). All USPS post offices will be closed, with no regular mail delivery. Only Priority Mail Express will operate. UPS and FedEx will suspend most pickup and delivery services for the day. If you need urgent delivery, UPS Express Critical remains available 365 days a year. The New York Stock Exchange and Nasdaq will close early at 1 p.m. ET on Thursday (July 3), and remain closed all day on Friday. The US bond market will close early on July 3 and remain shut on July 4. You'll still have plenty of shopping options: Walmart: Open 6 a.m.–11 p.m. Target: Open, hours vary by location Sam's Club: Open, limited hours Home Depot & Lowe's: Open with adjusted closing times Macy's, Kohl's, IKEA, Petco, PetSmart: Open regular hours Burlington and Nordstrom: Hours vary, check locally Most restaurant chains will be open in some capacity. McDonald's, Wendy's, Burger King, Taco Bell, Cracker Barrel, Waffle House: Open, but check hours Starbucks, Dunkin', Chick-fil-A, Jimmy John's, Olive Garden: Hours vary by location—confirm before heading out Whataburger: Open regular hours Confirm hours using apps or store locators before visiting. Expect larger crowds at stores and restaurants that stay open. Plan ahead if you need banking or postal services. Enjoy your Independence Day! Whether you're stocking up on supplies or dining out, knowing what's open will help your holiday go smoothly. US Independence Day is celebrated every year on July 4 to mark the adoption of the Declaration of Independence in 1776, when the 13 American colonies declared their separation from British rule. The holiday is considered the birth of the United States as an independent nation. Americans commemorate the day with fireworks displays, parades, concerts, and family gatherings. Many cities host public celebrations that highlight American history and traditions.
Bloomberg
3 hours ago
- Business
- Bloomberg
Wells Fargo to Ramp Up Buying CLOs After Three-Year Retreat
Wells Fargo & Co. is ramping up buying top-rated collateralized loan obligations, after largely staying away from the $1.3 trillion market following interest rate hikes in 2022, according to people with knowledge of the matter. Wells Fargo has broadly been in talks with managers to buy AAA rated CLO bonds, said the people, who asked not to be identified discussing private information. In the past few months, the bank has already bought into a handful of CLO transactions, which buy and pool buyout debt, some of the people said.
CNBC
4 hours ago
- Business
- CNBC
Position portfolios for policy and geopolitical uncertainties, says Wells Fargo's Scott Wren
Scott Wren, Wells Fargo senior global market strategist and Adam Crisafulli, Vital Knowledge founder, joins 'Closing Bell Overtime' to talk the day's market action.
CNBC
7 hours ago
- Business
- CNBC
2 of our banks just boosted their dividends. Here's how their increases stack up versus our other names
Goldman Sachs and Wells Fargo shares hit record highs Wednesday after the Wall Street banks announced dividend hikes following Tuesday's close. Both join the laundry list of Club holdings to hike their payouts to investors in 2025. After the financial firms passed the Federal Reserve's annual stress test on Friday night, Goldman said Tuesday that it is raising its quarterly dividend payout to $4 a share from $3. That's a 33% increase and the largest among the 15 portfolio names that boosted their dividends so far this year. Meanwhile, Wells Fargo hiked its quarterly payout by 12.5% to 45 cents from 40 cents. The dividend hikes by Goldman and Wells – along with the other Club stocks that boosted their distributions in the first six months of the year – are generally positive signs for investors. A dividend increase requires a company to distribute more profit to shareholders. It typically means management has a strong enough conviction in cash flow to support the bigger payout over time. Case in point: Shares of Goldman and Wells Fargo jumped nearly 1.5% and 1%, respectively, Wednesday. This follows 13 other Club holdings raising their dividends earlier this year. After Goldman, Danaher had the biggest dividend hike on a percentage basis at 18.5%. The company announced in February that it would raise its quarterly payout to 32 cents a share from 27 cents. Eaton, Texas Roadhouse and Costco also boosted their contributions to shareholders in recent months by double-digit percentages. Here's a full list of the Club holdings that raised dividends in 2025, including those not mentioned earlier like Home Depot, Meta Platforms, Linde, Apple, BlackRock, Salesforce, Coterra and DuPont. Currently, the vast majority of our Club holdings – 27 out of 30 – pay out dividends. The only three that do not are Amazon, CrowdStrike and Palo Alto Networks. For its part, Nvidia's is miniscule, at only 1 cent a share. Of course, dividends are only one factor to consider when deciding whether to invest in a stock. For most of our names, their annualized yields are fairly small in the grand scheme of things. Consider Meta Platforms , which last year began to pay a dividend for the first time in its history. In February of this year, the social media giant boosted its quarterly dividend to 52 cents a share from 50 cents, which translates to an annualized yield of 0.29%, as of Tuesday's close. Still, the stock is trading near record highs on Wednesday. Shares of the Facebook parent are up 22% year to date, versus the tech-heavy Nasdaq Composite's roughly 5.5% advance. However, when there's steady dividend growth alongside share price appreciation, it can improve total returns over time. That is true even for stocks typically not coveted for their large payouts, such as Texas Roadhouse, which supports a 1.44% yield. Over the past 10 years, the stock is up around 404% on a price return basis — and 494% on a total return basis. Indeed, to capture the benefits of compound interest, we strongly recommend members reinvest their dividends . So, who is next? We're expecting that additional portfolio companies will announce dividend hikes in 2025. Eli Lilly raised its dividend by 15% last December, which was the seventh consecutive annual increase of that magnitude. We hope to see this again in the second half of the year. Meanwhile, Microsoft and Honeywell have in recent years announced dividend increases in the month of September. And while Capital One did not raise its dividend like its portfolio banking peers Tuesday, management is expected to announce some updated return of capital to shareholders later this year. In fact, Truist analysts said Monday that the credit card issuer has $15 billion of excess capital. That's roughly 11% of the company's market capitalization. Still, Jim Cramer believes the company will also invest back in the business. "I think [CEO] Richard Fairbank can take some of that capital and really make it into the rival of American Express ," Jim said during Wednesday's Morning Meeting . This follows Capital One's big acquisition of Discover Financial — which was a key reason why the Club initiated a position in the financial stock, which is on pace for its 10th straight day of gains. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Yahoo
8 hours ago
- Business
- Yahoo
In the age of apps and online banking, banks are opening dozens of new branches in Massachusetts — here's why
In the era of mobile apps and digital banking, it's not surprising that several banks are shuttering some of their branches. But now, at least in some markets, a few banks are actually opening brand-new branches. An average of 1,646 branches have closed each year in the U.S. since 2018, according to an analysis of Federal Deposit Insurance Corp. data by Self Financial. California had the most closures, followed by Florida and Illinois. If branch closures were to continue at this rate, the report says there'd be no branches left in the U.S. by 2041. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it The pace picked up in Q1 2025 with a total of 148 branch closures, according to S&P Global Market Intelligence data. That was led by U.S. Bancorp (reporting 50 branch closures) and Wells Fargo & Co. (reporting 23 branch closures). But, despite this overall decline, some banks are actually building new branches or renovating older ones. Indeed, the American Bankers Association says a 'counter trend' has emerged, 'gaining momentum over the past two years to where now many of the nation's largest banks have announced specific plans for widespread branch expansion.' And there's one state where we're seeing dozens of new branch openings. Here's why. Chase plans to open 50 new branches in Massachusetts by 2027, including small towns such as Sudbury (with less than 20,000 people) and Weston (with less than 12,000 people). This is part of a larger expansion the commercial bank announced last year, which involves opening more than 500 new branches and renovating 1,700 locations across the country. 'You don't see it in lower-income neighborhoods,' Eric Rosengren, former president of the Federal Reserve Bank of Boston, told CBS News. 'You see it in wealthy neighborhoods, because even a few wealthy individuals can provide a significant amount of income coming from the wealth management.' That's because many affluent customers still value face-to-face financial advice. Indeed, JPMorganChase is expanding its 'affluent' offering with 14 new J.P. Morgan Financial Centers across four states, for a total of 16 locations — with plans to double that by the end of next year. These centers, based in Massachusetts, California, Florida and New York, are designed to provide a 'uniquely tailored and high-touch experience' to high-net-worth clients. JPMorganChase isn't the only one expanding its offerings. 'Large regional and national banks, such as Chase, Bank of America, Fifth Third, PNC and Huntington, have all announced significant branch expansion efforts in recent years,' according to an industry insight by the American Bankers Association. Bank of America, for example, has plans to open more than 150 new branches across 60 markets by the end of 2027, including 40 this year. While 90% of Bank of America's client interactions take place through digital channels, its branches 'have adapted to focus on meeting spaces where clients can have in-depth conversations about their finances,' according to a release. Last year, about 10 million clients made appointments with its specialists in physical locations. Read more: You don't have to be a millionaire to gain access to . In fact, you can get started with as little as $10 — here's how Opening new branches could be a way for some banks to expand their wealth management offerings in new markets without having to acquire other banks. While Chase is targeting affluent markets, its expansion will also include entry into 'low-to-moderate income and rural communities with little access to traditional banking services,' according to a release. While Self Financial's report predicted that bank branches could become extinct by 2041, its analysis also found that 39% of respondents had the most trust in banks with physical branches. In some cases, physical branches are still very much a necessity. But banking deserts (neighborhoods with no nearby branches) are on the rise, according to the U.S. Bank Branch Closures and Banking Deserts **report. 'Despite the overall trend toward online banking, older, disabled and lower-income communities often rely on in-person banking. For people facing other barriers to banking services, having no bank branches nearby could limit opportunities to foster financial health and build wealth,' according to the report. It also points out that having a personal relationship with your local banker is important for loan and grant applications, fraud prevention and financial guidance. As well, many small businesses still rely on those personal relationships for financing applications. And, despite a common belief that younger generations do all their banking online, a few studies have found that Gen Z still likes to have branch access — even more so than millennials. One study by eMarketer found that, while banking habits vary widely among generations, 'younger consumers were more likely to visit bank branches weekly or more.' Another study by LevLane found that less than 5% of Gen Z fully trust AI-driven banking features, compared to 21% of millennials. While we're seeing an uptick in branch openings, there are still fewer branches than there used to be. In Massachusetts, for example, there are still fewer branches than there were a decade ago (81,405 branches in 2014 vs 68,632 in 2024), reports CBS News. Regardless, it looks like we may not see the death of the bank branch any time soon. This tiny hot Costco item has skyrocketed 74% in price in under 2 years — but now the retail giant is restricting purchases. Here's how to buy the coveted asset in bulk Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
