"Wells has bought back $5.5 billion of its stock so far this quarter. That's the most the bank has bought back in a single quarter all year... That is a huge sign of confidence from CFO Mike Santomassimo, who said that he's seeing green shoots now that the Fed has removed the asset cap penalty on Wells. I'd be a buyer if we didn't already own so much of it from my charitable trust."
"I want to pound the table on right here and right now, Wells Fargo and Apple."
"It's worth braving today's decline. Don't forget... the incredibly inexpensive Wells Fargo. Buy, Buy, Buy!"
Wells Fargo and AutoZone are presented as especially inexpensive investment opportunities. Wells Fargo has more than doubled in price over the past two years while remaining relatively under-the-radar. The bank repurchased $5.5 billion of stock this quarter, the largest quarterly buyback so far this year, and maintains a three-year average share buyback ratio of about 5.4% annually. WFC trades near 14 times trailing earnings and a little over 12 times forward earnings. The removal of the Federal Reserve asset cap penalty is producing early signs of improvement and supports a value-oriented investment case.
Read at 24/7 Wall St.
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