Wells Fargo Stock Is Moving Higher After Hours: What's Going On?
Portfolio Pulse from Adam Eckert
Wells Fargo & Co (NYSE:WFC) shares are trading higher after the bank announced a 16.67% increase in its quarterly dividend to 35 cents per share and a new $30 billion stock repurchase program. The dividend will be payable on Sept. 1 to shareholders of record on Aug. 4. The bank's CEO, Charlie Scharf, stated that despite significant investments, the bank's capital levels remain strong, allowing for the return of excess capital to shareholders.
July 25, 2023 | 9:14 pm
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POSITIVE IMPACT
Wells Fargo's announcement of a dividend increase and a new stock repurchase program is likely to have a positive impact on its stock in the short term.
The increase in dividend and the announcement of a new stock repurchase program are positive signals for investors, indicating the company's strong financial position and its commitment to return capital to shareholders. This is likely to increase investor confidence in the stock, leading to a potential increase in its price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100