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Actionable news in WFC: WELLS FARGO & CO.,

Wells Fargo: Still Not Cheap

Summary

WFC remains in limbo as Warren Buffett refused to speak out.

Shares still aren’t cheap.

And activists are still pushing for change.

Wells Fargo (NYSE:WFC) is stuck in the mid-$40s. And it'll likely remain there until either Warren Buffett steps up and buys more shares or the company makes a more meaningful move to appease investors - activist investors included. As I've noted in the past, the WFC corporate culture is torted and will remain so until we see another major shakeup in the top ranks.

Warren Buffett, top WFC shareholder, has said that he thinks the problem is much bigger than Stumpf and that reigns true. CEO John Stumpf has stepped down from WFC, and his other board roles - at Chevron (NYSE:CVX) and Target (NYSE:TGT). WFC put COO Tim Sloan as CEO - not bringing in someone from the outside as would've been ideal.

WFC has been the major big bank outperformer over the last few years, thanks to its stronghold in the home financing market. The 15% fall in the stock for 2016 has been a minor setback and still not...


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