Form 4: Wells Fargo Director Steven D. Black Reports Acquisition of Shares and Phantom Stock Units

Wells Fargo & Company Director Steven D. Black reported the acquisition of 137.6987 shares of common stock through a dividend reinvestment program and 1,104.43 phantom stock units as deferred compensation.

Summary

• Steven D. Black, a Director of Wells Fargo & Company (WFC), reported transactions involving the company's securities.
• Acquired 137.6987 shares of Wells Fargo & Company common stock with a $1 2/3 par value through a dividend reinvestment program.
• Acquired 1,104.43 phantom stock units, each representing the right to receive one share of Wells Fargo & Company common stock, as deferred compensation.
• The phantom stock units were acquired at a price of $81.49 per unit.
• Following these transactions, Steven D. Black beneficially owns 52,598.9354 phantom stock units.
• A Power of Attorney was executed on May 11, 2025, authorizing specific individuals to complete and submit SEC filings on behalf of Steven D. Black.

Sentiment

Score: 7

Explanation: The filing indicates a director's continued accumulation of company equity through routine compensation and dividend reinvestment, which is generally viewed positively as it aligns insider interests with shareholders.

Positives

• The acquisition of shares through a dividend reinvestment program indicates continued investment and confidence in the company by a director.
• The acquisition of phantom stock units as deferred compensation aligns the director's long-term interests with shareholder value.

Future Outlook

This Form 4 filing is a disclosure of past transactions and does not contain forward-looking statements or guidance.

Management Comments

• Steven D. Black, through his attorney-in-fact, signed the Form 4.
• Phantom stock units are deferred compensation shares payable in a lump sum or installments based upon the director's election.

Industry Context

Form 4 filings are routine disclosures for insiders of publicly traded companies, detailing changes in their beneficial ownership. This filing indicates ongoing compensation and share ownership for a director at a major financial institution like Wells Fargo & Company.

Corporate Governance

Stakeholder Impact

• Shareholders may view the director's continued accumulation of company equity, even through routine programs, as a positive sign of alignment between management and shareholder interests.

Next Steps

• Steven D. Black will continue to comply with Section 16(a) of the Securities Exchange Act of 1934 by filing Forms 3, 4, and 5 as required for changes in his beneficial ownership of Wells Fargo & Company securities.

Key Dates

Keywords

Wells Fargo, WFC, Steven D. Black, Form 4, SEC filing, insider transaction, director, common stock, phantom stock units, dividend reinvestment program, deferred compensation, corporate governance, power of attorney