Wells Fargo Declares Dividends on Preferred Stocks, Shares Rise Slightly
Wells Fargo & Company (WFC) shares are trading slightly higher on Friday, continuing a positive trend for the company. The stock has seen a remarkable 71% gain over the past year, driven by investor confidence in the potential benefits of the Trump administration’s economic policies.
The recent uptick in WFC’s stock price is attributed to the anticipation of a favorable environment for major banks under Trump’s leadership. His tax agenda, including potential expansions to the 2017 Tax Cuts and Jobs Act, could further lower corporate tax rates, directly boosting Wells Fargo’s earnings.
Today, Wells Fargo announced quarterly dividends on several of its preferred stock series. These dividends are payable on December 16, 2024, and shareholders must be on record by November 29th to qualify. Here’s a breakdown of the dividends declared:
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Series L:
A quarterly dividend of $18.75 per share on its 7.50% noncumulative perpetual convertible Class A preferred stock, Series L. This stock has a liquidation preference of $1,000 per share and trades on the New York Stock Exchange under the symbol “WFCPrL”.*
Series Y:
A dividend of $0.35156 per depositary share, with a liquidation preference of $25,000 per share.*
Series Z:
A dividend of $0.29688 per depositary share, with a liquidation preference of $25,000 per share.*
Series AA:
A dividend of $0.29375 per depositary share, with a liquidation preference of $25,000 per share.*
Series CC:
A dividend of $0.27344 per depositary share, with a liquidation preference of $25,000 per share.*
Series DD:
A dividend of $0.26563 per depositary share, with a liquidation preference of $25,000 per share.Investors seeking exposure to Wells Fargo stock can utilize ETFs like the Invesco KBW Bank ETF (KBWB) and the First Trust Nasdaq Bank ETF (FTXO). The slight increase in WFC share prices reflects the positive sentiment surrounding the company and its dividend announcements.
