Wells Fargo Rises on TARP Payback Plan - TheStreet



) -- Investors cheered

Wells Fargo's

(WFC) - Get Report

stock offering to repay bailout funds, sending its stock higher on Tuesday morning while the rest of the market was down.

In recent trading, Wells Fargo's stock was up 3.1% at $26.29, while the

Dow Jones Industrial Average

and S&P 500 Index were down marginally.

Wells Fargo said Tuesday morning that it had priced 426 million shares at $25 apiece, raising $10.65 billion. The bank will use those funds, along with internal capital, employee compensation through new stock issuance, and asset sales to repay $25 billion it received from the Troubled Asset Relief Program.

Wells is the last major bank to repay TARP. Its move comes immediately after


(C) - Get Report

agreement to raise $20 billion to repay its slice of TARP and

Bank of America's

(BAC) - Get Report

completion of a $19.29 billion capital raise to repay $45 billion in bailout funds.

JPMorgan Chase

(JPM) - Get Report


Goldman Sachs

(GS) - Get Report


Morgan Stanley

(MS) - Get Report

raised capital and repaid TARP several months ago. Those stocks were all down 1% to 2% in morning trading on Tuesday.

-- Written by Lauren Tara LaCapra in New York


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