Summary
Wells Fargo & Company (WFC) filed its second quarter 2024 10-Q on August 1, 2024. The filing highlights the company's continued commitment to returning capital to shareholders through significant share repurchases during the quarter, totaling over 100 million shares. These repurchases were executed under a substantial authorization, indicating management's confidence in the company's financial health and its ability to generate excess capital. Investors should note the absence of new director or officer trading plans, aligning with the company's stated policies.
Financial Highlights
34 data pointsBeta
Financial Statements
Beta
| Interest Expense | $10.96B |
| Net Income | $4.91B |
| EPS (Basic) | $1.35 |
| EPS (Diluted) | $1.33 |
| Shares Outstanding (Basic) | 3.45B |
| Shares Outstanding (Diluted) | 3.49B |
Key Highlights
- 1Total of 100,539,202 shares of common stock repurchased in Q2 2024, demonstrating a strong capital return program.
- 2Share repurchases were conducted under a $30 billion authorization announced in July 2023, with significant capacity remaining ($14.7 billion as of June 30, 2024).
- 3The weighted average price paid per share for repurchases ranged from $57.59 to $60.85 during the quarter, reflecting market conditions.
- 4No new Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers during the quarter, indicating consistent trading policies.
- 5The report incorporates by reference information regarding legal proceedings and risk factors into relevant sections, directing investors to detailed disclosures.
- 6Key exhibits include the Restated Certificate of Incorporation and the amended Wells Fargo Bonus Plan, providing insight into corporate governance and executive compensation.