SAN FRANCISCO (dpa-AFX) - Wells Fargo & Company (WFC) Tuesday announced quarterly dividend of $0.40 per share and also authorized a new stock buyback program of up to $40 billion.
The Board of directors approved a quarterly common stock dividend of $0.40 per share, payable June 1, 2025, to stockholders of record on May 9, 2025.
The Wells Fargo board of directors also authorized a new common stock repurchase program of up to $40 billion to take effect upon the completion of the current repurchase program.
'Our balance sheet and capital levels remain strong and we have returned a significant amount of capital to shareholders over the past five years, including reducing our average common shares outstanding by 22% since 2019,' said CEO Charlie Scharf. 'At the same time, we have been investing to drive more organic growth and improve the earnings capacity in each of our businesses which allows us to maintain a competitive, sustainable dividend and return excess capital to our shareholders through repurchases.'
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