The FINANCIAL — Wells Fargo & Company on July 25 announced a quarterly common stock dividend of $0.39 per share, payable Sept. 1, 2017 to stockholders of record on August 4, 2017, as approved today by the Wells Fargo board of directors.
The third-quarter dividend represents an increase of $.01 per share, or 3 percent, from the prior quarter. Wells Fargo has approximately 5.0 billion shares outstanding.
The dividend increase is part of the company’s 2017 Capital Plan, which was submitted to the Federal Reserve as part of the recently concluded Comprehensive Capital Analysis and Review (CCAR). In June, the Federal Reserve announced it had no objection to Well Fargo’s 2017 Capital Plan, which covers the four-quarter period from the third quarter of 2017 through the second quarter of 2018. The plan also includes up to $11.5 billion of common stock repurchases for the same four-quarter period. For the previous four quarters ended second quarter 2017, the Company repurchased $8.3 billion of common stock. Quarterly common stock repurchases are subject to management discretion, according to Wells Fargo.