Wells Fargo has been under a cloud for years. That sounds too nice. It's been under a blanket... a horse blanket. Or, should I say dog blanket, given the dog that this stock has been.
But... with the hire of highly respected Charles Scharf, former Chairman and CEO of Bank of New York Mellon, and after dealing with the law suits and regulation, it felt to me this morning that WFC is finally, truly emerging again.
Just after the opening, with the stock trading down to $48.9, I bought the WFC January 1/15/21 expiration, $45 strike calls, at an average price of $6.76.
Wells is a real company, with a real leader, in a real business, with real (Warren Buffet) sponsorship and a solid and attractive 4.15% dividend. And, I love dogs; our yellow lab Valcor was a beautiful creature! :-)
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