Key Stats for Wells Fargo Stock
- Price change for Wells Fargo stock in last 6 months: 2%
- $WFC Stock Price as of Oct. 23: $82
- 52-Week High: $98
- $WFC Stock Price Target: $97
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What Happened?
Six more companies will not let their shares be tokenized on a new trading platform, including Wells Fargo (WFC), Arm Holdings, and Intuit.
Reuters saw the regulatory document that lists them. The platform is a joint venture backed by crypto exchange OKX and Intercontinental Exchange.
In total, 22 companies have now objected, and the document does not say why. Sixteen are listed on Nasdaq, including Microsoft and Alphabet, while the rest are listed on the New York Stock Exchange.
Tokenization turns a stock into a digital token that trades on a blockchain. Backers say it could allow 24/7 trading and instant settlement, while OKX and ICE had planned to tokenize 63 stocks.
Under the SEC’s new innovation exemption, platforms must tell companies before listing tokenized versions of their stock.
They cannot go ahead if the company objects, as the exemption also requires tokenized stocks to carry the same rights as regular shares, including dividends and voting.
Wells Fargo and Intuit declined to comment, and Arm did not immediately respond.
The venture’s co-chairman, Andrew Cuomo, said a “wait and see” approach is natural for companies.
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What the Market Is Telling Us About Wells Fargo Stock
The objection looks like a cautious move, not a rejection of the technology. Wells Fargo stock is tied to a bank that is building its own tokenization products.
On its Q3 call, the bank said it launched tokenized deposits on its own blockchain platform last month. It also said it is working with 20 other institutions on a stablecoin company set to issue in the first half of 2027.
So the bank is backing the idea, just on its own terms, which may explain why it wants control over its own shares.
The core business is doing well. Earnings per share were $1.87, up 13%, and return on tangible common equity was 16.3%. Revenue rose 2%, while average loans and deposits each grew 11%.
Management also raised the dividend to $0.50 per share and bought back $2.5 billion of stock. Credit looked solid, with a net charge-off ratio of 38 basis points.
There are weak spots. Markets revenue slowed late in the quarter, and noninterest income fell 1%, even as management pointed to risks from higher rates and inflation.
For Wells Fargo stock, this story is small. It does not change earnings. Still, anyone following Wells Fargo stock may want to watch how the bank handles tokenization.
The wider fight also shows that big issuers are slow to join these new platforms.
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So what is Wells Fargo stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
