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Wells Fargo & Company Declares Cash Dividends on Preferred Stock
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
dividends
Rhea-AI Summary
Wells Fargo & Company (NYSE: WFC) announced quarterly cash dividends on six series of preferred stock.
The dividends include $18.75 per share for the 7.50% noncumulative perpetual convertible class A preferred stock, Series L; $351.56 per share for the 5.625% noncumulative perpetual class A preferred stock, Series Y; $296.88 per share for the 4.75% noncumulative perpetual class A preferred stock, Series Z; $293.75 per share for the 4.70% noncumulative perpetual class A preferred stock, Series AA; $273.44 per share for the 4.375% noncumulative perpetual class A preferred stock, Series CC; and $265.63 per share for the 4.25% noncumulative perpetual class A preferred stock, Series DD.
These dividends are all payable on June 17, 2024, to holders of record as of May 31, 2024.
Wells Fargo is a leading financial services company with approximately $1.9 trillion in assets, ranked No. 47 on Fortune's 2023 rankings of America's largest corporations.
Positive
Quarterly dividends declared on six series of preferred stock show financial stability.
Wells Fargo has substantial assets, approximately $1.9 trillion.
Ranked No. 47 on Fortune's 2023 list of America's largest corporations.
Consistent dividend payments could attract income-focused investors.
Negative
Dividends are noncumulative, which may be less attractive to some investors.
Specific dividend amounts per share are relatively modest compared to stock price.
The dividends' payable date and record date may not align with some investors' timelines.
SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo & Company (NYSE: WFC) today announced dividends on six series of preferred stock.
Wells Fargo Bank branch located in the Wells Fargo Center (Photo: Wells Fargo)
A quarterly cash dividend of $18.75 per share was declared on its 7.50% noncumulative perpetual convertible class A preferred stock, Series L, liquidation preference $1,000 per share, which is traded on the New York Stock Exchange under the symbol “WFCPrL”. The Series L dividend is payable on June 17, 2024, to holders of record as of the close of business on May 31, 2024.
A quarterly cash dividend of $351.56 per share was declared on its 5.625% noncumulative perpetual class A preferred stock, Series Y, liquidation preference $25,000 per share. This dividend equals $0.35156 per depositary share, each representing a 1/1,000 interest in a share of Series Y preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrY”. The Series Y dividend is payable on June 17, 2024, to holders of record as of the close of business on May 31, 2024.
A quarterly cash dividend of $296.88 per share was declared on its 4.75% noncumulative perpetual class A preferred stock, Series Z, liquidation preference $25,000 per share. This dividend equals $0.29688 per depositary share, each representing a 1/1,000 interest in a share of Series Z preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrZ”. The Series Z dividend is payable on June 17, 2024, to holders of record as of the close of business on May 31, 2024.
A quarterly cash dividend of $293.75 per share was declared on its 4.70% noncumulative perpetual class A preferred stock, Series AA, liquidation preference $25,000 per share. This dividend equals $0.29375 per depositary share, each representing a 1/1,000 interest in a share of Series AA preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrA”. The Series AA dividend is payable on June 17, 2024, to holders of record as of the close of business on May 31, 2024.
A quarterly cash dividend of $273.44 per share was declared on its 4.375% noncumulative perpetual class A preferred stock, Series CC, liquidation preference $25,000 per share. This dividend equals $0.27344 per depositary share, each representing a 1/1,000 interest in a share of Series CC preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrC”. The Series CC dividend is payable on June 17, 2024, to holders of record as of the close of business on May 31, 2024.
A quarterly cash dividend of $265.63 per share was declared on its 4.25% noncumulative perpetual class A preferred stock, Series DD, liquidation preference $25,000 per share. This dividend equals $0.26563 per depositary share, each representing a 1/1,000 interest in a share of Series DD preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrD”. The Series DD dividend is payable on June 17, 2024, to holders of record as of the close of business on May 31, 2024.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
What dividends did Wells Fargo announce for its preferred stock?
Wells Fargo declared quarterly cash dividends on six series of preferred stock, including Series L, Series Y, Series Z, Series AA, Series CC, and Series DD.
When are the Wells Fargo preferred stock dividends payable?
The dividends are payable on June 17, 2024.
Who is eligible for the Wells Fargo preferred stock dividends?
Holders of record as of the close of business on May 31, 2024, are eligible for the dividends.
What is the dividend amount for Wells Fargo's Series L preferred stock?
The Series L preferred stock dividend is $18.75 per share.
What is the dividend amount for Wells Fargo's Series Y preferred stock?
The Series Y preferred stock dividend is $351.56 per share.
What is the dividend amount for Wells Fargo's Series Z preferred stock?
The Series Z preferred stock dividend is $296.88 per share.
What is the dividend amount for Wells Fargo's Series AA preferred stock?
The Series AA preferred stock dividend is $293.75 per share.
What is the dividend amount for Wells Fargo's Series CC preferred stock?
The Series CC preferred stock dividend is $273.44 per share.
What is the dividend amount for Wells Fargo's Series DD preferred stock?
The Series DD preferred stock dividend is $265.63 per share.
What is the significance of Wells Fargo declaring dividends on preferred stock?
Declaring dividends indicates financial stability and can attract income-focused investors.
