Wells Fargo stock gains on dividend hike & $30B buyback program

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Wells Fargo stock gains on dividend hike & $30B buyback program
Credit: © Reuters.

Wells Fargo (WFC) shares gained more than 3% after-hours following the company’s announced dividend hike and a new share repurchase program.

The company increased its quarterly dividend by 16.7% to $0.35 per share, or $1.4 annualized, for an annual yield of 3.1%. The dividend will be payable on September 1, 2023, to stockholders of record on August 4, 2023, with an ex-dividend date of August 3, 2023.

Furthermore, the company’s board of directors authorized a new common stock repurchase program of up to $30 billion.

According to CEO Charlie Scharf, even with significant investments in the company’s risk and control infrastructure, as well as updated capabilities for customers and employees, Wells Fargo’s capital levels are strong and are expected to remain so, allowing it to return excess capital to shareholders.

By Davit Kirakosyan

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