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Jan. 25, 2022, 1:58 p.m. EST

Wells Fargo to raise dividend by 25%

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By Tomi Kilgore

Shares of Wells Fargo & Co. /zigman2/quotes/203790192/composite WFC -1.21% rose 0.4% in afternoon trading Tuesday, after the bank said it will raise its quarterly dividend by 25%. For shareholders of record on Feb. 4, the bank will pay out on March 1 a dividend of 25 cents a share, up from 20 cents in the previous quarter. Based on current stock prices, the new annual dividend rate implies a dividend yield of 1.87%, compared with the yield for the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -0.21% of 1.66% and the implied yield for the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.81% of 1.42%. "As I've said before, returning capital to shareholders is a priority and today's dividend increase reflects that," said Chief Executive Charlie Scharf. "We've made significant changes across the company which have improved our financial performance and I'm pleased that we are now in a position to increase the dividend." The stock has gained 5.8% over the past three months, while the financial ETF has declined 5.3% and the S&P 500 has lost 4.3%.

/zigman2/quotes/203790192/composite
US : U.S.: NYSE
$ 43.29
-0.53 -1.21%
Volume: 24.00M
May 24, 2022 4:03p
P/E Ratio
9.00
Dividend Yield
2.31%
Market Cap
$166.09 billion
Rev. per Employee
$344,663
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 33.92
-0.07 -0.21%
Volume: 77.87M
May 24, 2022 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,941.48
-32.27 -0.81%
Volume: 2.44B
May 24, 2022 4:55p
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