Wells Fargo Raises Dividend by a Ha’penny

Wells Fargo (WFC) announced they’re raising their quarterly dividend from 37.5 cents per share to 38 cents per share. That’s right. That’s an increase of 0.5 cents.

The dividend is payable June 1, 2016, to stockholders of record on May 6, 2016, as approved today by the Wells Fargo board of directors. Wells Fargo has approximately 5.1 billion shares outstanding.

This dividend increase for the second quarter of 2016 was part of the company’s 2015 Capital Plan. The Federal Reserve advised Wells Fargo in March 2015 that it had no objection to its 2015 Capital Plan which covers the quarters through the end of June 30, 2016. Wells Fargo submitted its 2016 Capital Plan on April 4, 2016, and it is currently under review by the Federal Reserve.

Going by today’s close, the new dividend gives them a yield of 2.99%.

Posted by on April 26th, 2016 at 4:26 pm


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