Summary
Wells Fargo & Company (WFC) filed its quarterly report for the period ending March 30, 2023. While the filing does not provide a full financial statement breakdown, it highlights significant share repurchase activity during the first quarter of 2023. The company repurchased a total of 86.4 million shares of common stock, demonstrating a commitment to returning capital to shareholders. Investors should note that this report incorporates by reference information from other sections, including legal proceedings and risk factors, which are crucial for a comprehensive understanding of the company's operational and financial landscape. The ongoing share repurchase program, authorized up to 500 million shares, suggests management's confidence in the company's valuation and future prospects.
Financial Highlights
34 data points| Interest Expense | $6.02B |
| Net Income | $4.99B |
| EPS (Basic) | $1.24 |
| EPS (Diluted) | $1.23 |
| Shares Outstanding (Basic) | 3.79B |
| Shares Outstanding (Diluted) | 3.82B |
Key Highlights
- 1Wells Fargo repurchased 86,385,560 shares of common stock during the first quarter of 2023.
- 2The share repurchases were conducted under an existing authorization of up to 500 million shares, approved in January 2021 and with no expiration date.
- 3The weighted average price paid per share for repurchases varied by month, ranging from $44.47 in January to $47.47 in February.
- 4The remaining authorization for share repurchases stood at 164,004,274 shares as of March 31, 2023.
- 5This filing incorporates by reference details on legal proceedings and risk factors into the report.
- 6The company continues to hold its Restated Certificate of Incorporation and By-Laws, as previously filed.