Wells Fargo Declares Preferred Dividends

Financial services giant Wells Fargo  (NYSE: WFC  )  announced yesterday dividends on five series of its preferred stock, all payable on June 17 to the holders of record at the close of business on May 31.

The two series of preferred stock having a liquidation preference of $1,000 along with their payouts are as follows:

  • 8.00% Series J -- $20.00 per share
  • 7.50% Series L -- $18.75 per share
The three series of preferred stock having a liquidation preference of $25,000 along with their payouts are as follows:
  • 5.20% Series N -- $325.00 per share
  • 5.125% Series O -- $320.31 per share
  • 5.25% Series P -- $306.25 per share

Based on Wells Fargo's second-quarter dividend of $0.30 for each share of common stock, which was announced last month and represented a 20% increase over its prior payout of $0.25 per share (itself increased more than 13% over the dividend payment before that), the dividend for non-preferred shares annualizes to $1.20 per share, yielding 3% at Wells Fargo's most recent closing price on May 20.

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