Form 4: Wells Fargo Executive Reports Disposal of Preferred Shares Due to Redemption

Fernando Rivas, a Senior Executive Vice President at Wells Fargo, reported the disposal of Preferred Shares, Series S, due to a call for redemption by the issuer.

Summary

• On June 17, 2024, Fernando Rivas, a Senior Executive Vice President at Wells Fargo & Company, filed a Form 4 to report changes in beneficial ownership.
• The filing indicates the disposal of 28 Preferred Shares, Series S, at a price of $25, due to the shares being called for redemption by Wells Fargo.
• The depository shares each representing a 1/1,000th interest in a share of Wells Fargo & Company 5.90% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series S, were called for redemption by the issuer at a price equal to their face value.
• The filing also lists indirect ownership of other preferred shares through a spouse: 39 Preferred Shares, Series BB, 100 Preferred Shares, Series EE and 46 Preferred Shares, Series U.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing related to a routine corporate action (redemption of preferred shares). It doesn't inherently indicate positive or negative sentiment.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Redemption of preferred shares is a common corporate action.

Stakeholder Impact

• Shareholders holding the redeemed Series S preferred shares received face value for their shares.

Key Dates