Company Of The Day: Wells Fargo & Co
Wells Fargo (NYSE:WFC) said that it would double its Q3 common stock dividend to 20 cents a share, also noting that it plans to buy back about $18 billion in stock over the next four quarters.
The move comes shortly after the bank cleared the Federal Reserve’s Comprehensive Capital Analysis and Review (CCAR) stress test.
Big banks have been emphasizing share repurchases as a means of returning capital to shareholders. Wells Fargo’s planned buybacks are sizable, standing at almost 10% of its current market cap of $190 billion.
See Our Complete Analysis For Wells Fargo
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