10-QPeriod: Q2 FY2021

WELLS FARGO & COMPANY/MN Quarterly Report for Q2 Ended Jun 30, 2021

Filed July 28, 2021For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

Wells Fargo & Company/MN (WFC) filed its 10-Q for the period ending June 29, 2021, on July 27, 2021. While the filing primarily points to other sections for comprehensive details on Legal Proceedings and Risk Factors, it notably discloses significant share repurchases during the second quarter of 2021. The company bought back over 35.3 million shares of common stock, indicating a commitment to returning capital to shareholders. These repurchases were conducted under previously authorized programs, demonstrating ongoing capital management strategy. Investors should note that the full context for legal and risk factors should be sought in the referenced sections of the report for a complete understanding of the company's operational landscape. This quarterly report provides limited new operational or financial performance data directly within the provided excerpts, emphasizing the importance of cross-referencing to other sections. However, the substantial share repurchase activity signals management's confidence in the company's valuation and its capital allocation priorities. Investors seeking detailed financial metrics, revenue trends, or profitability figures will need to consult the full financial statements and management discussion and analysis within the complete 10-Q filing.

Financial Highlights

35 data points
Beta

Net Income

$6.04B

EPS (Diluted)

$1.38

Total Assets

$1.95T

Cash & Equivalents

$274.17B

Free Cash Flow

-$8.06B

Financial Statements
Beta
Interest Expense$893.00M
Net Income$6.04B
EPS (Basic)$1.39
EPS (Diluted)$1.38
Shares Outstanding (Basic)4.12B
Shares Outstanding (Diluted)4.16B

Key Highlights

  • 1Wells Fargo repurchased 35,323,781 shares of common stock during the quarter ended June 30, 2021.
  • 2The share repurchases were executed under existing authorizations, with the company having approximately 614.7 million shares available for repurchase as of the end of June 2021.
  • 3The weighted average price paid for repurchased shares varied by month, ranging from $43.08 in June to $46.11 in May.
  • 4The company's filings for Legal Proceedings and Risk Factors are incorporated by reference to other specific sections within the report (Note 13 and the 'Financial Review – Risk Factors' section, respectively).
  • 5The report lists various exhibits, including the Restated Certificate of Incorporation and Preferability Letters from KPMG LLP, with others incorporated by reference from previous filings.

Frequently Asked Questions

The filing states that 35,323,781 shares were repurchased. To calculate the total value, one would multiply this number by the weighted average price paid per share across the quarter. For instance, using the approximate mid-point of the weighted average prices ($43.08 to $46.11), the total value would be in the range of $1.5 to $1.6 billion.

This excerpt of the 10-Q does not provide the details of legal proceedings or risk factors. It explicitly states that information for Item 1 (Legal Proceedings) is found in Note 13 (Legal Actions) and for Item 1A (Risk Factors) is found in the 'Financial Review – Risk Factors' section of the full report, both of which are incorporated by reference.

The share repurchase authorizations mentioned do not expire unless modified or revoked by the Board of Directors.

As of June 30, 2021, Wells Fargo had approximately 614,706,333 shares that may yet be repurchased under the current authorizations.