Financial services firm Wells Fargo & Co (WFC: Quote) Tuesday announced a quarterly common stock dividend of $0.25 per share, up 14 percent from the prior quarter.
The dividend is payable March 1, to stockholders of record on February 1. Wells Fargo has about 5.3 billion shares outstanding.
Wells Fargo said the dividend increase for the first quarter of 2013 was part of the company’s 2012 capital plan that the Federal Reserve did not object to in March 2012. Wells Fargo submitted its 2013 Capital Plan on January 4, 2013, and it is currently under review by the Federal Reserve.
Chairman and CEO John Stumpf said, “We remain committed to returning more capital to our shareholders. We requested an increase in capital distributions in our 2013 Capital Plan as compared to our 2012 plan, subject to review and non-objection by the Federal Reserve Board.”
WFC closed up 0.3 percent on Tuesday at $35.04.
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by RTT Staff Writer
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