Wells Fargo & Company Declares Cash Dividends on Preferred Stock

Rhea-AI Summary

Wells Fargo & Company (NYSE: WFC) has announced cash dividends on six series of preferred stock. The dividends, payable on Sept. 16, 2024, to holders of record as of Aug. 30, 2024, include:

• Series L: $18.75 per share (7.50% noncumulative perpetual convertible)
• Series Y: $351.56 per share (5.625% noncumulative perpetual)
• Series Z: $296.88 per share (4.75% noncumulative perpetual)
• Series AA: $293.75 per share (4.70% noncumulative perpetual)
• Series CC: $273.44 per share (4.375% noncumulative perpetual)
• Series DD: $265.63 per share (4.25% noncumulative perpetual)

These dividends reflect Wells Fargo's commitment to shareholder returns.

Positive

• Declaration of dividends on six series of preferred stock, indicating financial stability
• Consistent dividend payments across multiple preferred stock series
• Maintenance of diverse preferred stock offerings, catering to different investor preferences

Negative

• None.

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 Sept. 16, 2024, to holders of record as of the close of business on Aug. 30, 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 Sept. 16, 2024, to holders of record as of the close of business on Aug. 30, 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 Sept. 16, 2024, to holders of record as of the close of business on Aug. 30, 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 Sept. 16, 2024, to holders of record as of the close of business on Aug. 30, 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 Sept. 16, 2024, to holders of record as of the close of business on Aug. 30, 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 Sept. 16, 2024, to holders of record as of the close of business on Aug. 30, 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. 34 on Fortune’s 2024 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.

Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo

News Release Category: WF-CF

View source version on businesswire.com: https://www.businesswire.com/news/home/20240816435117/en/

Media

Beth Richek, 704-374-2545

Beth.Richek@wellsfargo.com

Investor Relations

Tanya Quinn, 415-396-7495

tanya.quinn@wellsfargo.com

Source: Wells Fargo & Company

FAQ

When will Wells Fargo (WFC) pay the declared preferred stock dividends?

Wells Fargo (WFC) will pay the declared preferred stock dividends on September 16, 2024, to holders of record as of the close of business on August 30, 2024.

What is the dividend amount for Wells Fargo's (WFC) Series L preferred stock?

Wells Fargo (WFC) declared a quarterly cash dividend of $18.75 per share on its 7.50% noncumulative perpetual convertible class A preferred stock, Series L.

How many series of preferred stock did Wells Fargo (WFC) declare dividends on?

Wells Fargo (WFC) declared dividends on six series of preferred stock: Series L, Y, Z, AA, CC, and DD.

What is the dividend yield for Wells Fargo's (WFC) Series Y preferred stock?

Wells Fargo's (WFC) Series Y preferred stock has a 5.625% yield, with a quarterly cash dividend of $351.56 per share declared.