Wells Fargo & Company Increases Common Stock Dividend and Announces New $30 Billion Common Stock Repurchase Program

Rhea-AI Summary

Wells Fargo (WFC) Announces Dividend Increase and $30 Billion Stock Repurchase Program

Positive

• Increase in quarterly common stock dividend from $0.30 to $0.35 per share
• Authorization of new common stock repurchase program of up to $30 billion
• Strong capital levels and commitment to returning excess capital to shareholders

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) today announced its board of directors approved a quarterly common stock dividend of $0.35 per share, payable Sept. 1, 2023, to stockholders of record on Aug. 4, 2023. The third quarter dividend represents an increase of $0.05 per share from the prior quarter.

Wells Fargo (Photo: Wells Fargo)

The Wells Fargo board of directors also authorized a new common stock repurchase program of up to $30 billion. The program will be executed consistent with the company’s internal capital adequacy framework that considers current market conditions, potential changes to regulatory capital requirements, and other risk factors.

“Our first priority remains investing in our risk and control infrastructure, but we are also investing in providing updated capabilities to our customers and supporting our employees and communities,” said CEO Charlie Scharf. “Even with these significant investments, our capital levels are strong and we expect them to remain so, allowing us to return excess capital to our shareholders.”

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. 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.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

News Release Category: WF-CF

View source version on businesswire.com: https://www.businesswire.com/news/home/20230725290500/en/

Media

Beth Richek, 704-374-2545

beth.richek@wellsfargo.com

Investor Relations

John Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

Source: Wells Fargo & Company

FAQ

What is the dividend per share announced by Wells Fargo?

Wells Fargo announced a quarterly common stock dividend of $0.35 per share.

When will the dividend be payable to stockholders?

The dividend will be payable on Sept. 1, 2023, to stockholders of record on Aug. 4, 2023.

What is the amount of the new common stock repurchase program authorized by Wells Fargo?

Wells Fargo authorized a new common stock repurchase program of up to $30 billion.