"Wells Fargo & Company (WFC) today announced a quarterly common stock dividend of $.25 per share, an increase of three cents, or 14 percent, per share from the prior quarter. The dividend is payable March 1, 2013, to stockholders of record on February 1, 2013, as approved today by the Wells Fargo board of directors. Wells Fargo has approximately 5.3 billion shares outstanding.
This dividend increase for the first quarter of 2013 was part of the company’s 2012 Capital Plan that the Federal Reserve did not object to in March, 2012. Wells Fargo submitted its 2013 Capital Plan on January 4, 2013, and it is currently under review by the Federal Reserve.
“The dividend increase approved by our board today was included in our 2012 Capital Plan and reflected the confidence we have in our company’s performance,” Chairman and CEO John Stumpf said. “We remain committed to returning more capital to our shareholders. We requested an increase in capital distributions in our 2013 Capital Plan as compared to our 2012 plan, subject to review and non-objection by the Federal Reserve Board".
Another increase? "4:50PM Wells Fargo receives Federal Reserve approval of its capital plan; to increase dividend 20% to $0.30 per share, increase common stock repurchase in 2013 (WFC) 36.97 +0.20 : Co announced today that the Federal Reserve Board (FRB) has not objected to the Company's 2013 Capital Plan under the recently concluded Comprehensive Capital Analysis and Review (CCAR) of the nation's largest banks. The Company confirmed that its 2013 Capital Plan includes a proposed dividend rate of $0.30 per share for the second quarter of 2013 (prior quarter's dividend was $0.25), subject to consideration and approval by its Board of Directors at its regularly scheduled meeting in April. The plan also includes a proposed increase in common stock repurchase activity for 2013 compared with 2012".
Bought more WFC at 35.6/sh and I'm also suspending all put sells in my personal accounts until we see a market correction which raises option premiums. Until then, I'll continue to add to my equity holdings as options expire which frees up cash.