Wells Fargo Co Stock Price, News & Analysis

Wells Fargo (NYSE: WFC) has declared dividends on 10 series of preferred stock, payable on June 15, 2021. Significant dividends include:

• Series L: $18.75/share
• Series N: $325/share
• Series O: $320.31/share
• Series Q: $365.63/share
• Series R: $414.06/share

Each dividend will be paid to holders of record by May 28, 2021. This demonstrates the company’s commitment to returning value to shareholders amidst its diverse financial services portfolio.

Wells Fargo (NYSE: WFC) CEO of Consumer & Small Business Banking, Mary Mack, unveiled a new organizational structure aimed at enhancing customer experience and efficiency. Key appointments include Kathy Barney for Branch Banking Operations and Ed Kadletz for Deposit Products. The firm aims to focus on affluent, small business, and diverse customer segments while improving employee effectiveness and innovating digital capabilities. The company, with around $1.9 trillion in assets, serves a significant portion of U.S. households and stands firm in its commitment to driving customer value.

Wells Fargo (NYSE: WFC) announced the redemption of 14,000 shares of its Non-Cumulative Perpetual Class A Preferred Stock, Series N, effective June 15, 2021. The redemption price is set at $25,000 per Redeemed Preferred Share and $25 per Redeemed Depositary Share. Following the redemption, no Series N Preferred Stock or Depositary Shares will remain outstanding. This date coincides with a scheduled dividend payment for these shares. All regulatory requirements have been met, and the redemption agent is Equiniti Trust Company.

Wells Fargo (NYSE: WFC) has joined the OneTen coalition, aiming to improve hiring and advancement for Black and African American talent. This initiative seeks to create one million family-sustaining careers over the next decade. The coalition focuses on skills-based hiring and upskilling, matching companies with talent developers. Wells Fargo's actions include increased outreach to diverse communities and integrating diversity metrics into leadership compensation. This partnership represents a commitment to foster a more inclusive corporate culture and community engagement.

Wells Fargo (NYSE: WFC) has appointed Evelyn Varner as head of Advice Enablement for Wealth & Investment Management (WIM). This role aims to enhance collaboration between advisors and clients, focusing on comprehensive, digitally-enabled advice. Varner brings over 16 years of experience from Bank of America/Merrill, where she developed digital planning platforms. She will oversee advisory operations across WIM, including Wells Fargo Advisors and Wells Fargo Private Bank, with a goal to innovate advice experiences and improve service delivery.

Wells Fargo (NYSE: WFC) has committed over $3 million to support COVID-19 relief efforts in India, focusing on enhancing hospital capacity, providing medical equipment, and supporting healthcare workers. The funding will assist various NGOs in cities like Bengaluru, Hyderabad, and Chennai, aiming for impactful deliveries such as portable hospital units and oxygen concentrators. This initiative adds to the company's global COVID-19 philanthropic contributions totaling $225 million since 2020, emphasizing employee support through enhanced benefits during this crisis.

The Wells Fargo Utilities and High Income Fund (ERH) released a shareholder notice detailing its distribution sources, emphasizing that a portion may be a return of capital. This means some money invested could be returned to shareholders, which doesn't necessarily indicate investment performance. The notice includes estimates of net investment income, capital gains, and paid-in capital for the current month and fiscal year-to-date. The fund's managed distribution plan aims for a minimum annual rate of 7.0% based on average net asset value over the past 12 months.

Wells Fargo Asset Management has appointed Harindra de Silva and Dennis Bein as portfolio managers for the Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD), joining current manager Megan Miller. The fund maintains its investment strategy, emphasizing a high level of current income and long-term capital growth. With extensive backgrounds in investment management, de Silva and Bein bring significant expertise to the fund's strategy. This change aims to enhance portfolio management but does not indicate any change in the fund's philosophy.

Wells Fargo (NYSE: WFC) declared a quarterly dividend of $0.10 per share, payable on June 1, 2021 to stockholders of record by May 7, 2021. The decision was approved by the board of directors. The company has approximately 4.1 billion shares outstanding. With assets around $1.9 trillion, Wells Fargo serves a significant portion of U.S. households and businesses, providing a range of financial services across various segments.