Summary
Wells Fargo & Company (WFC) filed its quarterly report for the period ending September 29, 2021, on October 31, 2021. While the provided excerpt does not contain detailed financial statements, it highlights the company's commitment to shareholder returns through share repurchases. During the third quarter of 2021, Wells Fargo repurchased a significant number of shares, totaling over 114 million, indicating management's confidence in the company's valuation and a strategy to potentially boost earnings per share. Investors should note that the report incorporates information by reference from other sections and filings, particularly concerning legal proceedings and risk factors. This suggests that ongoing legal matters and identified risks remain important considerations for understanding the company's overall financial health and operational environment. The substantial share repurchase program, authorized by the Board of Directors, suggests a focus on capital allocation and returning value to shareholders.
Financial Highlights
35 data points| Interest Expense | $925.00M |
| Net Income | $5.12B |
| EPS (Basic) | $1.18 |
| EPS (Diluted) | $1.17 |
| Shares Outstanding (Basic) | 4.06B |
| Shares Outstanding (Diluted) | 4.09B |
Key Highlights
- 1Wells Fargo repurchased over 114 million shares of its common stock during the third quarter of 2021.
- 2The share repurchases were executed under a broad authorization from the Board of Directors, totaling up to 850 million shares announced in 2019 and 2021.
- 3The weighted average price paid per share for repurchases ranged from $44.76 in July to $47.85 in August.
- 4As of the end of September 2021, approximately 500.5 million shares remained available for repurchase under the existing authorizations.
- 5Information regarding legal proceedings is incorporated by reference from Note 13 to the Financial Statements.
- 6Risk factors are detailed within the "Financial Review – Risk Factors" section of the report, also incorporated by reference.