Senior Wells Fargo (NYSE: WFC) Executive Sells $5 Million in Shares
ByA Wells Fargo (NYSE: WFC) Senior Executive Vice President (David Carroll) sold 168,00 Wells Fargo shares at an average price of $28.88 each on March 8th and 9th indicating that the bank’s stock may have hit some form of ceiling.
After the sale Carroll now holds 41,560 shares directly and 501,930 options to purchase the stock. Carroll’s stake of the company represents a fraction of 1% of the bank’s outstanding shares. Carroll’s sale of stock comes just a few days after exercising options for 266,667 shares at a price of $13.05 each. After covering the exercise fees, Carroll had 174,597 shares, but after the most recent sale, only 6,597 of those remained in his possession. The options became exercisable on February 24th.
Wells Fargo’s stock has risen more than 140% during the last 12 months, far outpacing the 58% gain seen by the S&P 500. Other banks have also seen rapid growth. Bank of America’s stock improved by 241% and JP Morgan Chase’s stock rose by 118% during the same period.
Carroll joined Wells Fargo from Wachovia after having founded Wachovia’s predecessor in 1979. He currently heads Wells Fargo’s wealth-management business, brokerage services and retirement services.
Carroll was granted 800,000 stock options in February 2009 as part of his contract. One-third of those options are vested to him each year in 2010, 2011 and 2012.
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