Mastercard
and
Wells Fargo
shares have rallied with the broader market in recent weeks. A director on both firms’ boards was among the buyers.
Mastercard stock (ticker: MA) is up 8.9% since the
S&P 500
entered correction territory on Oct. 27. Wells Fargo stock (WFC) is up 9.2% in that span. Wells is up 2.5% in 2023, while Mastercard is up 14%.
Wells Fargo reported better-than-expected earnings and revenue last month. Mastercard also topped expectations when it reported results on Oct. 26, with help from rising international travel spending.
Richard K. Davis, who is on both companies’ board of directors, bought shares of each on Nov. 9, according to filings with the Securities and Exchange Commission. Davis paid $390,960 for 1,000 Mastercard shares at an average price of $390.96 a share. He paid another $144,270 for 3,500 Wells Fargo shares at an average price of $41.22. He now owns 9,743 Mastercard shares and 4,244 Wells Fargo shares.
Davis’ purchase marks the first Mastercard open-market stock purchase by an insider since way back in 2020. It’s the first open-market purchase of Wells Fargo common shares by an insider since November of last year. Mastercard and Wells Fargo declined to comment. A Wells Fargo representative declined to comment on Davis’ behalf.
Davis was CEO of
U.S. Bancorp
(USB) from 2007 to 2017. He was also CEO of Make-A-Wish America from January 2019 until his retirement in November of last year.
Write to Connor Smith at [email protected]
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