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Directors Buying Wells Fargo & Company Stocks

February 21, 2009 | About:
GuruFocus Data shows that several Board of Director members have been buying Wells Fargo & Company (NYSE:WFC) stocks lately.

On January 29, 2009, Director Judith M. Runstad bought a total of 31,600 shares at around $19.83 per share. Twenty days later, on February 19, she bought 10,000 shares at $12.5 per share.

On January 29, 2009, Director Stephen W.Sanger bought 4,000 shares at $19.9 per share.

On February 18, 2009, Director Cynthia Milligan bought 10,000 shares at $12.5 per share. Two days later, on February 20, she bought another 10,000 share at $10 per share.

On February 20, 2009, Director Michael W Wright bought a total of 42,500 shares at around $10.81 per share.

Wells Fargo & Company stock has been in free fall since the beginning of the week, lost 35% for its value from February 13 close to February 20 close. For 2009 year-to-date, the company lost 63%. From the peak of $40 it made in September 2009, it lost about 73%

GuruFocus reported Warren Buffett bought 2.2 millions share for his personal investment account during the fourth quarter of 2008. Up to now, Warren Buffett has stated he only keeps government bond besides his investment in Berkshire Hathaway Inc. (BRK-A) in his personal account.

On January 28, the bank reported its fourth quarter 2008 results. It posted a net loss of $2.55 billion, or 79 cents a share, compared with prior-year net income of $1.36 billion, or 41 cents a share. The results included $1.20 a share in charges related to credit reserve builds, a write-down on aged loans and merger costs. Revenue decreased 3.8% to $9.82 billion.

Wells Fargo completed its merger with Wachovia on Dec. 31, 2008, however, the year end results do not include those from Wachovia.

Rating: 4.8/5 (9 votes)


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