WASHINGTON -- Philanthropist Walter Annenberg said he had acquired a 5.3% stake in Wells Fargo & Co.
In a filing with the Securities and Exchange Commission, Mr. Annenber said the stake, 2.8 million common shares, was purchased for $196.5 million.
The purchases were made for investment, he said.
The latest transactions include the purchase of 288,500 shares by Mr. Annenberg, the Moses Annenberg Trust, and the Annenberg Fund between July 10 and Wednesday for $69 to $76.125 a share. Wells shares were trading Thursday at about $69.