Wells Fargo Receives No Objection to Its 2016 Capital Plan
June 29 2016 - 4:57PM
Business Wire
Wells Fargo & Company (NYSE:WFC) today announced that the
Federal Reserve Board has not objected to the Company’s 2016
Capital Plan under the recently concluded Comprehensive Capital
Analysis and Review (CCAR) of the nation’s largest banks.
“We are pleased to receive the Federal Reserve Board’s
non-objection to our capital plan and look forward to continuing to
provide strong capital returns to our shareholders,” said Chairman
and CEO John Stumpf. “Our ability to consistently provide
industry-leading capital returns and maintain strong capital
levels, while also being mindful of evolving regulatory capital
expectations, reflects the benefit of our diversified business
model and sound risk management discipline.”
On April 26, 2016, under the prior year’s CCAR submission, the
Company increased its quarterly common stock dividend to $0.38 per
share. As previously stated at its recent Investor Day, Wells Fargo
expects to continue to provide returns within its target net payout
ratio1 range of 55-75%. Any future dividend actions are subject to
consideration and approval by the Company’s Board of Directors.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.8 trillion
in assets. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through 8,800 locations, 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 36 countries to support customers who conduct business
in the global economy. With approximately 269,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 27 on Fortune’s 2016
rankings of America’s largest corporations. Wells Fargo’s vision is
to satisfy our customers’ financial needs and help them succeed
financially.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future regulatory capital levels and possible future capital
actions, including common stock dividends and common stock
repurchases.
Forward-looking statements speak only as of the date made, and
we do not undertake to update them. Actual capital levels and
capital actions may vary materially from the expectations described
in this news release due to a number of factors, including those
described in our reports filed with the Securities and Exchange
Commission and available at www.sec.gov. The amount and timing of
any future common stock dividends or repurchases will depend on the
earnings, cash requirements and financial condition of the Company,
market conditions, capital requirements (including under Basel
capital standards), common stock issuance requirements, applicable
law and regulations (including federal securities laws and federal
banking regulations), and other factors deemed relevant by the
Company’s Board of Directors, and may be subject to regulatory
approval or conditions.
1 Net payout ratio means the ratio of (i) common stock dividends
and share repurchases less issuances and stock compensation-related
items, divided by (ii) net income applicable to common stock.
Dividends and share repurchases are subject to Wells Fargo board
and regulatory approvals, and other considerations. Share issuances
may vary based on business and market conditions, as well as other
factors.
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Wells Fargo & CompanyMediaAncel Martinez,
415-222-3858orInvestorsJim Rowe, 415-396-8216
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