Wells Fargo & Co (WFC) announced today that the Federal Reserve Board (FRB) has not objected to the company’s 2015 Capital Plan under the recently concluded Comprehensive Capital Analysis and Review (CCAR) of the nation’s largest banks. Wells Fargo proposed raising the dividend by 7.1% from the quarterly $0.35 to $0.375 per share, subject to consideration and approval by its Board of Directors at its regularly scheduled meeting in April.
From the press release statement:
“We are pleased to receive the Federal Reserve Board’s non-objection to our capital plan to increase our common stock dividend and continue our strong share repurchase activity,” said Chairman and CEO John Stumpf. “This result again demonstrates the benefit of our diversified business model and conservative risk discipline, which have positioned us well to return capital to shareholders within our targeted range while maintaining strong capital levels.”
My portfolio consists of 41 shares of WFC and increases my annual dividend from $57.40 to $61.50, an increase of $4.10.
Further reading: I just completed a dividend stock analysis of Wells Fargo earlier this week and the stock appears under-to-fairly valued. Click here to read the details.