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Wells Fargo increases buyback authorization

SAN FRANCISCO (AP) -- Wells Fargo & Co.'s board has authorized the company to buy back an additional 200 million shares of stock.

The nation's largest mortgage lender currently has about 5.3 billion outstanding shares.

The San Francisco-based bank also declared a quarterly dividend of 22 cents per share. Wells Fargo said Tuesday that the dividend will be paid on Dec. 1 to shareholders of record on Nov. 9.

The company's stock fell 62 cents to $33.88 in afternoon trading on day when the markets declined broadly on weak corporate earnings reports.