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Wells Fargo To Double Dividend

Wells Fargo & Co. (WFC) said that it expects to increase its third quarter 2021 common stock dividend to $0.20 per share from $0.10 per share. It plans to repurchase about $18 billion of common shares beginning third quarter 2021 through second quarter 2022.

Wells Fargo said that it has completed the 2021 Comprehensive Capital Analysis and Review (CCAR) stress test process. The company expects its stress capital buffer (SCB) to be 3.1%, which represents a percentage amount of incremental capital the company must hold above its minimum regulatory capital requirements.

The Federal Reserve Board has indicated that it will publish the company's final SCB by August 31, 2021.

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