Wells Fargo & Company (NYSE:WFC) announced late Tuesday that its board of directors has authorized a new common share repurchase program of up to $30 billion.
The financial services company also revealed that it will increase its quarterly dividend by 17% to $0.35 per share, payable on September 1, 2023, to shareholders of record on August 4, 2023.
The moves come more than a week after Wells Fargo reported second-quarter 2023 earnings and revenue that surpassed expectations, boosted by a 29% increase in net interest income.
The company has about $1.9 trillion in assets, providing a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance.
Shares of Wells Fargo rose 3% in pre-market trading on Wednesday and have gained 9% year to date.
Contact Sean at sean@proactiveinvestors.com