Wells Fargo Chairman Buys Stock (WFC)

Posted: March 5, 2009 at 2:38 pm

money-stack-image12The chairman of the board of directors of Wells Fargo & Co. (NYSE: WFC) has just used today’s weakness to buy stock.  Richard Kovacevich spent $805,000 to purchase 100,000 shares of Wells Fargo common stock at an average of $8.05 per share.  He owns about 2.365 million shares.  Wells Fargo shares are off of the lows, but the stock is still down 14% at $8.28 at a new 52-week low if this closes under $8.81.  Its 52-week high is $44.75.  As a reminder, this is one of Warren Buffett’s larger positions of stock.

Jon C. Ogg
March 5, 2009

Read more: Banking, Insider Activity
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