Wells Fargo & Co. announced on July 25 that its board of directors approved a quarterly common stock dividend of $0.35 per share, which is scheduled for payment on Sept. 1, and to stockholders of record on Aug. 4.
“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,” Wells Fargo CEO Charlie Scharf said in a news release.
The dividend marked a $0.05 increase per share compared to the previous quarter, and the Wells Fargo board of directors also authorized a new common stock repurchase program of up to $30 billion, which will be implemented in accordance with the company’s internal capital adequacy framework, considering current market conditions, regulatory capital requirements, and other risk factors, the release said.
“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,” Scharf added in the release.
According to its website, Wells Fargo 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 serves as a leading middle market banking provider in the U.S, the release added. The company provides a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through its four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management, the company reported.
The release noted that Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In addition, 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,” according to Wells Fargo Stories.
