Wells Fargo Boosts Stock Buyback Program by $6.9 Billion

Wells Fargo & Co. (WFC), the biggest U.S. home lender, increased its stock buyback program by 200 million shares, valued at about $6.9 billion based on yesterday’s closing price.

The new authorization was disclosed in a statement today by the San Francisco-based bank, which has about 5.3 billion shares outstanding. Wells Fargo fell as much as 2.5 percent today and then erased some of the loss after the announcement, trading at $34.10 for a drop of 1.2 percent as of 2:05 p.m. in New York.

Chief Executive Officer John Stumpf, 59, has taken market share and reaped higher fees in U.S. mortgages, where the bank accounted for 1 in 3 home loans at midyear. While the company reported record third-quarter profit, margins have been under pressure as older, higher-yielding investments expire.

Read Full Article from Bloomberg

- Posted: 2012-10-23 15:52:10

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