By Stephen Nakrosis
Wells Fargo & Co.’s board approved an increase to the company’s quarterly common stock dividend and authorized a new share buyback program.
The new dividend of 35 cents per share will be payable on Sept. 1 to shareholders of record of Aug. 4, the company said. Last month, following the completion of the Federal Reserve’s stress test process, the company said it expected to raise its quarterly stock dividend to 35 cents per share from 30 cents.
The board also authorized a new common stock repurchase program for up to $30 billion, Wells Fargo said.
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