The dividend wagon continues to roll on for Wells Fargo (NYSE:WFC). The powerful bank has declared a quarterly distribution of $0.30 per share, to be paid on September 1 to shareholders of record as of August 9. That amount matches the firm's previous distribution, which was paid at the beginning of last month. Prior to that, Wells Fargo was less magnanimous by a nickel, handing out $0.25 per share.
At the moment, the bank has roughly 5.3 billion shares outstanding, thus its total payout for the distribution will be around $1.6 billion.
The just-declared dividend annualizes to $1.20 per share. That yields 2.7% at Wells Fargo's most recent closing stock price of $44.57.
Fool contributor Eric Volkman has no position in Wells Fargo. The Motley Fool recommends and owns shares of Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.