Charlie, with the Board’s approval, has already spent $20 Billion of the bank’s capital on buying back WFC stock this year alone. (That tells you where our leadership’s goals are: offshoring American jobs, laying off American workers, not meaningfully improving our 1980’s technology, not investing in talent, not investing in the long-term health and stability of the bank, very little investment and movement towards improving WFC’s compliance and oversight…). BUT, they will happily spend billions on manipulating the stock price higher to mislead the public into thinking “Gee! Good things must be happening at Wells Fargo.”
The stock price is the only issue our leadership cares about and that is where their priority is. And that is how they make their biggest payouts personally.
CFO Mike Santomassimo just indicated (publicly) the bank will continue buying back corporate shares. Both the street and our leadership knows the ONLY way to get the stock price up is to start back in on the corporate buyback program.
My point/advice is to look at the company’s 5 year chart as for as when to sell. Not advising to buy at these prices at all, but If you are holding on the stock - I would always sell in the $50 to $55 range. Yes-it might go higher, but it will comes back down and you can buy back it back in at cheaper prices.
Our executives and leaders are doing exactly this. They get their executive stock and they quietly sell in to strength. They have their pre-planned 10b-51s in place to sell as the stock moves up in to certain price ranges. This helps to protect them against allegations of selling on inside information. Or selling their personal stock, while they’re out singing the praises of the bank. Our executives know WFC stock is not a long-term hold and they are selling when the stock gets in to certain higher price ranges.
You should do the same.