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4-Traders Homepage  >  Equities  >  Nyse  >  Wells Fargo    WFC

WELLS FARGO (WFC)
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Wells Fargo : Contributes $250,000 for New York Area Housing, Revitalization Efforts

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07/20/2018 | 06:30pm CEST

Local NeighborhoodLIFT grants, down payment assistance will help create about 350 homeowners

Wells Fargo & Company (NYSE:WFC) today announced a total of $250,000 in donations for three local nonprofits to support affordable and safe housing, small business empowerment and health and wellness in the New York area.

“We are passionate about helping individuals, families and communities achieve their goals,” said Fred Bertoldo, Wells Fargo region bank president. “The local initiative grants will help provide affordable and safe housing, provide small businesses with valuable resources and make healthy food options more available to New York area residents. We are excited to see progress in these areas, and we will continue to work together to make lasting change for the better.”

The Wells Fargo grants are intended to support neighborhood revitalization efforts through the Wells Fargo NeighborhoodLIFT® program from the Wells Fargo Foundation.

Wells Fargo NeighborhoodLIFT program local initiative grants will be awarded to the following New York area nonprofits:

  • ACCION will receive $50,000 for the New York area Small Business Financial Education Program to empower 200 businesses with technical assistance and counseling. ACCION staff will work with clients to manage cash flow, understand credit, build a strong funding request and achieve financial self-sufficiency. ACCION partners with governments, local banks and community organizations to design and conduct free workshops and webinars on the topics of access to capital, social media, marketing and more — offering numerous innovative mentorship programs in partnership with corporate partners. Topics are based on client interests, and the events provide both educational value and a network of peers in particular business spaces and industries.
  • Active Citizen Project INC will receive $100,000 for Project EATS (PE) to operate a network of 12 community-based farms in Brooklyn, Manhattan, Queens and Staten Island. The farms provide low-income individuals and families fresh, nutritious, organically grown food at income-appropriate prices in their communities; health and nutritional programs that increase their consumption of healthy food and physical fitness; and farm skills and experience that can lead to job and career opportunities. In addition to the farms, PE programs increase the ability of residents to create, lead and implement practical solutions in their communities that support their wellbeing and ability to thrive. The grant funds will make it possible for Active Citizen Project to acquire and operate two four-season greenhouses to grow and distribute more food to people living on low incomes, as well as provide them with year-round programming.
  • Rebuilding Together NYC will receive $100,000 to perform critical repairs and accessibility modifications to five homes in the Brownsville neighborhood of Brooklyn. For elderly and aging residents, navigating their own homes safely and independently becomes more challenging the longer repairs and accessibility upgrades are deferred. Without proper maintenance, individuals are often forced to move into assisted living facilities, which is costly to the person and to tax-payers. In addition, in an effort to generate supplemental income, many homeowners will rent out units in their property, so the condition of those units must be livable so no income is lost and an affordable housing option is not lost. In addition to executing the work at these homes, Rebuilding Together NYC provides healthy home maintenance training to each homeowner served in the interest of preventing expensive repair needs in the future and supporting the owner’s ability to maintain and stay in the home and community long-term.

About 350 homeowners to be assisted in the New York area

The NeighborhoodLIFT program local initiative grants are part of an effort expanded to the New York City area in November 2017 with a $8.3 million commitment by Wells Fargo to boost local homeownership and revitalize neighborhoods. The NeighborhoodLIFT program has assisted 138 homeowners in the area by offering homebuyer education plus $20,000 down payment assistance grants, with more on the path to becoming homeowners through the program in collaboration with NeighborWorks® America and its network member, Community Housing Development Corporation.

“This is a great opportunity to make a positive difference for our residents and future generations,” said Deborah Smith, Community Affairs manager, Wells Fargo Foundation. “These funds will be utilized to meet important needs in our communities, improving lives for so many. Our focus is, and will remain, on lifting up our residents.”

Since February 2012, LIFT programs have helped create more than 17,900 homeowners in 60 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,050 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 38 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.


© Business Wire 2018
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Financials ($)
Sales 2018 86 619 M
EBIT 2018 30 148 M
Net income 2018 20 640 M
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Yield 2018 2,90%
P/E ratio 2018 13,08
P/E ratio 2019 10,84
Capi. / Sales 2018 3,17x
Capi. / Sales 2019 3,13x
Capitalization 275 B
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Average target price 61,2 $
Spread / Average Target 8,5%
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