SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today announced a quarterly common stock dividend of $0.51 per share, payable Sept. 1, 2019 to stockholders of record on Aug. 9, 2019, as approved today by the Wells Fargo board of directors. The third-quarter dividend represents an increase of $0.06 per share, or 13 percent, from the prior quarter. The dividend increase is part of the company’s 2019 Capital Plan, which was submitted to the Federal Reserve as part of the recently concluded Comprehensive Capital Analysis and Review (CCAR). In June, the Fed announced it had no objection to Wells Fargo’s 2019 Capital Plan, which covers the four-quarter period from third quarter of 2019 through second quarter of 2020. The plan also includes up to $23.1 billion of gross common stock repurchases for the same four-quarter period. Quarterly common stock repurchases are subject to management discretion.
The Wells Fargo board of directors also increased the company’s authority to repurchase common stock by an additional 350 million shares. Wells Fargo has approximately 4.4 billion shares outstanding.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,600 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations.