Tuesday, October 25, 2011

Wells Fargo announces fourth-quarter dividend

Wells Fargo announced today a fourth-quarter dividend of 12 cents per share, the same level it has been all year.

The dividend will be payable on Dec. 1 to stockholders of record on Nov. 4. The company has about 5.3 billion shares outstanding, meaning about $635 million will be paid out.

Wells has declared quarterly dividends of 12 cents each quarter this year. Last year, the quarterly dividend was 5 cents per share. In 2009, the quarterly dividend fell from 34 cents in the first quarter to 5 cents in the second.

For comparison, Bank of America's quarterly dividend has been 1 cent since the first quarter of 2009. The Federal Reserve rejected its request for a dividend increase earlier this year.