Wells Fargo & Company (NYSE: WFC) announced an additional authorization to buy 50 million shares of the Company’s common stock.
The buyback will cover the dilution caused by the stock acquisition of Greater Bay Bancorp, expected by the end of this year.
Wells Fargo & Company is a diversified financial services company with $540 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally.
PAYOUT YIELD ANALYSIS
At $33 per share, the 50 million share repurchase will just cover the dilution caused by the $1.5 billion acquisition. As a result, we are projecting no change in the Total Payout of $1.57 over the next 4 quarters. At $33, the Total Payout Yield would be 4.8%.
- Payout Yield Staff