Summary
Wells Fargo & Company (WFC) filed its quarterly report for the period ending September 29, 2022, on October 30, 2022. While the filing provides updates on legal proceedings and risk factors, a significant portion of the disclosed information pertains to share repurchases during the third quarter of 2022. The company repurchased a relatively small number of shares, primarily in connection with its stock purchase plan and deferred compensation plans, indicating a cautious approach to buybacks during this period. Investors should note that the report references detailed financial statements and risk factor discussions, which are crucial for a comprehensive understanding of the company's performance and outlook. The limited share repurchases suggest that management may be prioritizing capital preservation or other strategic uses of capital in the current economic environment.
Financial Highlights
34 data points| Interest Expense | $2.40B |
| Net Income | $3.59B |
| EPS (Basic) | $0.87 |
| EPS (Diluted) | $0.86 |
| Shares Outstanding (Basic) | 3.80B |
| Shares Outstanding (Diluted) | 3.83B |
Key Highlights
- 1WFC's 10-Q filing for the period ending September 29, 2022, was filed on October 30, 2022.
- 2The report incorporates by reference information regarding legal proceedings into Item 1.
- 3Risk factors are detailed in the 'Financial Review – Risk Factors' section and incorporated by reference into Item 1A.
- 4During the third quarter of 2022, WFC repurchased a total of 117,037 shares of its common stock.
- 5These repurchases were primarily limited to the Wells Fargo & Company Stock Purchase Plan and the Company’s deferred compensation plans.
- 6The average price paid per share for repurchases ranged from $41.37 to $44.58 during the quarter.
- 7The company has a remaining authorization to repurchase up to 250,519,092 shares under a plan approved on January 15, 2021.