Wells Fargo (WFC) Stock Lower, Buffett Denies Call for 'Radical' Changes - TheStreet

NEW YORK (TheStreet) -- Shares of Wells Fargo (WFC) - Get Report  were retreating in late-morning trading on Thursday as Warren Buffett denied a report claiming that he wants "radical transformation" at the San Francisco-based bank. 

An analyst from Seabreeze Partners Management said earlier today that Buffett "expressed his extreme dissatisfaction" to the bank's board, according to CNBC.

Buffett's Omaha-based Berkshire Hathaway (BRK.B) controls the largest stake in Wells Fargo with about 9.51% of shares outstanding. 

Buffett had previously said that he wouldn't comment on the illegal account openings before November, CNBC reports. 

Wells Fargo has come under fire after the Consumer Financial Protection Bureau fined the company $185 million for opening 2 million customer accounts illegally. 

The company's CEO John Stumpf is testifying before the House Financial Services Committee today. Last week, he testified before the Senate Finance Committee. 

(Wells Fargo is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of Cramer's holdings with a free trial.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

The team rates Wells Fargo as a Buy with a ratings score of B. This is driven by a few notable strengths, which it believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and attractive valuation levels. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: WFC

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