Wells Fargo & Co. 7.50% Non-Cumulative Perpetual Convertible Class A Preferred (WFCPRL)



Wells Fargo & Co., formerly Wachovia Corp. 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L, liquidation preference $1000 per share, not redeemable at any time, and with no stated maturity. See exhibit 4.7 of the 8-K filed with the SEC on 12/30/2008 for further details on the current provisions of this preferred after the merger of Wachovia into Wells Fargo. Non-cumulative distributions of 7.50% ($75.00) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which will be the last day of the month prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by the preferred are eligible for the 15% tax rate on dividends under normal holding restrictions and are also eligible for the dividends received deduction for corporate holders (see page S-40 of the prospectus for further information). The preferred shares were originally convertible any time at the holder's option into 32.0513 common shares of Wachovia Corp. (NYSE: WB), an initial conversion price of $31.20 per common share. After the merger of Wachovia into Wells Fargo, the preferred is now convertible into 6.3814 shares of Wells Fargo & Co. (NYSE: WFC) common stock, an initial conversion price of $156.71 (calculated) per common share. See exhibit 4.7 of the 8-K filed with the SEC on 12/30/2008 for further details on the current conversion provisions of this preferred. On or after 3/15/2013, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, cause the preferred shares to be converted into common shares at the then prevailing conversion price. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company.January 1, 2009 -- Wells Fargo & Company (NYSE: WFC) said today it has completed its merger with Wachovia Corporation, effective December 31, 2008, creating North America's most extensive distribution system for financial services with 11,000 stores, 12,260 ATMs, wellsfargo.com and Wells Fargo PhoneBankSM. Beginning today, Wells Fargo and Wachovia customers have free use of all of the company's combined ATMs. At closing, Wells Fargo acquired all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. Wachovia shareholders received 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock they owned. Shares of each outstanding series of Wachovia preferred stock were converted into shares (or fractional shares) of a corresponding series Wells Fargo preferred stock having substantially the same rights and preferences. As a result of the transaction, Wells Fargo acquired all of Wachovia Corporation and its businesses and obligations, including all of its banking deposits.

Data as of 2020-07-04
Market Cap5.23 Billion Shares Outstanding4.025 Million Avg 30-day Volume8.157 Thousand
P/E Ratio Dividend Yield5.69 EPS
Price/Sales0.072 Price cash flow ratio Price free cash flow ratio0.5
Book Value0.0 Price to Tangible Book Alpha0.0
Short Interest Ratio % Short Interest to Float R-squared0.165919
BETA0.321213 52-week High/Low1575.18 / 1012.1 Stddev0.033581
View SEC Filings from WFCPRL instead.
Q1 2020 All Institutions Hedge Funds 1
Filers who had this stock in their top 10: 12 7 (0.46%)
13F Filers holding this stock: 202 44 (2.88%)
Aggregate 13F shares on 03/31/2020: 3.083 Million 573.096 Thousand
Aggregate 13F shares on 12/31/2019: 2.355 Million 536.627 Thousand
Percent change: 30.92% 6.80%
Funds creating new positions: 19 2
Funds Adding to an existing position: 65 18
Funds closing out their position: 21 5
Funds reducing their position: 47 13
1 hedge funds as identified by whalewisdom.com through public filings.

Funds Holding WFCPRL (via 13F filings)

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Insider Name Type Last Reported Shares Held Last Reported Date Filings in past year

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Reporting Owners Transaction Date Transaction Code Shares Share Price Acquired or Disposed Shares Owned Following Transaction Combined shares owned after filing Direct/Indirect Ownership 10b-5
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Transaction Code Definitions
Code Definition
A Grant, award or other acquisition pursuant to Rule 16b-3(d)
C Conversion of derivative security
D Disposition to the issuer of issuer equity securities pursuant to Rule 16b-3(e)
E Expiration of short derivative position
F Payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3
G Bona fide gift
H Expiration (or cancellation) of long derivative position with value received
I Discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities
J Other acquisition or disposition
L Small acquisition under Rule 16a-6
M Exercise or conversion of derivative security exempted pursuant to Rule 16b-3
O Exercise of out-of-the-money derivative security
P Open market or private purchase of non-derivative or derivative security
S Open market or private sale of non-derivative or derivative security
U Disposition pursuant to a tender of shares in a change of control transaction
W Acquisition or disposition by will or the laws of descent and distribution
X Exercise of in-the-money or at-the-money derivative security
Z Deposit into or withdrawal from voting trust

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