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.