BUZZ-Wells Fargo rises after announcing $40 billion stock buyback program

Reuters04-29
BUZZ-Wells Fargo rises after announcing $40 billion stock buyback program

** Wall Street giant Wells Fargo's WFC.N shares rise as much as 2.2%; last up 1.3% at $70.30

** WFC announces new stock repurchase program of up to $40 billion, which will take effect upon the completion of the current repurchase program

** Wall Street expects buyback activity to accelerate through 2025 given subdued loan growth this year and near-record-high capital levels of the banking industry

** Bank stocks have also taken a hit this year due to mounting recession fears, creating opportunity for the industry to take advantage of lower valuations

** 18 of 24 brokerages rate the stock "buy" or higher and 6 "hold"; median PT $77 - data compiled by LSEG

** As of last close, WFC shares down 1.2% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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