WFC was down about 10% yesterday and continued its decline today. So I thought it was a good time to sell a put.
If I do get put the shares, I'll be buying @ $47.30. Seems like a pretty good deal in a rising rate environment.
I bought shares back in September 2016 after the bank account scandal and added to my position in May 2017. I've done ok so far...even with the recent share price drop. I hold it in my TFSA so i get dinged with a 15% dividend withholding tax. On the bright side, there is no capital gains tax.