Wells Fargo rises after announcing $40 billion stock buyback program

Wall Street giant Wells Fargo's WFC.N shares rise as much as 2.2%; last up 1.3% at $70.30

WFC announces new stock repurchase program of up to $40 billion, which will take effect upon the completion of the current repurchase program

Wall Street expects buyback activity to accelerate through 2025 given subdued loan growth this year and near-record-high capital levels of the banking industry

Bank stocks have also taken a hit this year due to mounting recession fears, creating opportunity for the industry to take advantage of lower valuations

18 of 24 brokerages rate the stock "buy" or higher and 6 "hold"; median PT $77 - data compiled by LSEG

As of last close, WFC shares down 1.2% YTD