Wells Fargo Adds 350 Million Shares to Buyback Authorization
27 January 2016 - 9:50AM
Dow Jones News
Wells Fargo & Co. said its board approved the repurchase of
an additional 350 million shares of the San Francisco-based bank's
stock.
At Tuesday's close of $48.26 a share, the new allotment is worth
$16.89 billion.
The lender, which recently had 5.1 billion shares outstanding,
said the board also held its dividend steady at 37.5 cents a
share.
The company recently had a market capitalization of $242.69
billion, according to FactSet.
Wells Fargo recently reported its fourth-quarter profit was flat
compared with the year-ago period, but revenue grew as the bank
increased its assets 6%.
The San Francisco lender, the largest U.S. bank by market value,
continued to wrestle with a slump in oil prices. But growth in
other assets—partly due to acquisitions from General Electric Co.'s
finance arm—pushed Wells Fargo's t otal balance sheet past
Citigroup Inc.'s to make it the third-largest in the U.S. at the
end of 2015, behind J.P. Morgan Chase & Co. and Bank of America
Corp.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
January 26, 2016 17:35 ET (22:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Bank of America (NYSE:BAC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bank of America (NYSE:BAC)
Historical Stock Chart
From Apr 2023 to Apr 2024