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Wells Fargo announces $30 billion buyback, shares rise

July 25, 2023


Wells Fargo shares popped Tuesday after the bank said it would buy back $30 billion in stock.

The company also said its board of directors approved a previously announced dividend increase, to 35 cents per share from the previous 30 cents. The sum is payable on Sept. 1 to shareholders of record on Aug. 4.

Wells Fargo’s stock rose more than 3% in extended trading Tuesday.

The moves come after the bank beat second-quarter earnings and revenue expectations, driven by a 29% increase in net interest income. A flurry of rate increases by the Federal Reserve since last year has boosted key financial institutions — as borrowers face a larger interest burden.

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