Looks like they spent a little under 2 billion in buybacks this past quarter. Reducing shares outstanding by 44 million. Which seems kinda light when they allocated about 7.5 billion per quarter. X dividend is set for Nov 3rd I see as well announced yesterday. I also see schwab and Mckenzie upped there holdings substantially in latest filing 10-25-23.
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Tell us something we don't know.
Share buybacks artificially inflate EPS (earnings per share) but eventually lead to companies having share to give to inept executives who have stock options as part of their compensation. It’s as simple as that.
Charlie and Gordon Gekko are cooking something big.
TBH this is how corporate buybacks work at all companies. Announce a huge splashy number to grab headlines, and then proceed to repurchase only a fraction of it. The $30 billion figure seems especially egregious tho
#wellsfargo shitshow
When are people gonna start talking about the buybacks doing nothing to support the stock price. Stock has down substantially under Shart while competitors up. Clearly the buyback are onl\y taking shares off the table only to put them back on the table via new grants to Shart, OC, and BOD. So it’s a wash. And us, the stock holders and employees getting screwed. Want to do something productive with that buyback cash, then allocate it to dividend, either recurrent or special. That’s truly giving capital back to where it should go.
Wells Fargo has to keep reducing the number of outstanding shares in order to keep the stock price from revealing the failures of our C-Suite. It’s all smoke and mirrors meant to conceal the fact that Wells Fargo is a dying brand. They have reduced the # of outstanding shares by 30% in last 10 years.
Wells Fargo Annual Shares Outstanding
(Millions of Shares)
- 3,699
2022 3,837
2021 4,096
2020 4,134
2019 4,425
2018 4,838
2017 5,017
2016 5,108
2015 5,210
2014 5,320
I wouldn't be surprised if there has been insider trading going on since Charlie came on board.