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May 17, 2022 · Berkshire also made a new purchase of more than 55 million shares in Wells Fargo rival Citigroup during the first quarter, a stake worth about $3 billion as of the end of the quarter.
- What Led to The Sale?
- How Is Wells Fargo Doing?
- Should You Buy Or Exit Wells Fargo?
It's pretty clear that Buffett and Berkshire exited Wells Fargo because of the years of dealing with the fallout of the bank's phony accounts scandal, in which employees at Wells Fargo opened credit card and bank accounts on behalf of thousands of customers without their consent. When the scandal officially came to light around 2016, it rocked the ...
It took the bank a while to get on sound footing, and shares of Wells Fargo fell to below $22 per share during the heart of the pandemic (shares trade around $42 now). However, the bank's hire of Wall Street veteran Charlie Scharf as CEO in 2019 looks to have been a good move. Scharf and his team went to work, diving into the lengthy process of try...
I certainly have all the respect in the world for Buffett and Berkshire, but I am going to respectfully disagree with them when it comes to Wells Fargo because I think the stock is a buy. Trading at less than 130% to its tangible book value, or net worth, and about 10 times forward earnings, the stock looks intriguing. The efficiency initiatives an...
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May 17, 2021 · Berkshire Hathaway Inc (BRKa.N) has sold nearly all of its holdings in Wells Fargo & Co (WFC.N), as Warren Buffett abandoned a more than 31-year-old investment that had been among his most...
Apr 15, 2017 · Current Price. $57.40. Price as of April 5, 2024, 4:00 p.m. ET. Don't read too much into the move. Berkshire Hathaway ( BRK.A 0.45%) ( BRK.B 0.80%) gets a lot of attention from investors, and...
- Dan Caplinger
Why It’s Important: Berkshire's stake in Wells Fargo was 7.8% earlier this year, with over 325 million shares held. The company has slashed its stake in Wells Fargo twice in 2020....
May 17, 2021 · Berkshire had once been the bank’s largest shareholder, owning nearly a tenth of Wells’ stock with its stake eclipsing $30bn in value in January 2018, according to filings with the Securities and...
May 26, 2022 · Wells Fargo ( WFC) was the most conspicuous sale because Berkshire had held a stake all the way back to 1989. Other notable disposals include COVID-19 beneficiaries such as AbbVie ( ABBV) and...
