Wells Fargo & Company Announces Cash Dividend Declarations Across Six Series of Preferred Stock
Wells Fargo & Company (NYSE: WFC), one of the largest diversified financial services institutions in the United States, has announced a series of dividend declarations on six separate classes of its preferred stock. This move reaffirms the bank’s continued commitment to delivering shareholder value through reliable and timely returns on investment, particularly for its preferred equity holders.
As of the latest board meeting, the company’s Board of Directors authorized quarterly cash dividends on its Series L, Series Y, Series Z, Series AA, Series CC, and Series DD preferred stock. The total dividend payout spans a variety of dividend rates and liquidation preferences, demonstrating Wells Fargo’s diverse preferred stock offerings to meet the needs of different types of investors.
Each dividend is scheduled to be paid on June 16, 2025, with a record date of May 30, 2025. Investors who hold shares of record by the close of business on that day will be eligible to receive their respective payouts.
Series L Preferred Stock – High-Yield Convertible Offering
For its 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L (NYSE: WFCPrL), Wells Fargo declared a quarterly cash dividend of $18.75 per share. This security carries a $1,000 liquidation preference and remains one of the bank’s highest-yielding preferred instruments. Series L offers investors the added optionality of convertibility into common stock, a feature that provides flexibility and potential upside in bullish market environments.
Given its relatively high yield, the Series L preferred stock is typically attractive to income-focused investors seeking stability alongside potential equity conversion. The declared dividend further underscores the value of this instrument within the context of the bank’s capital strategy.
Series Y Preferred Stock – Focused Yield with Strong Liquidity
Wells Fargo also declared a dividend of $351.56 per share on its 5.625% Non-Cumulative Perpetual Class A Preferred Stock, Series Y, which carries a $25,000 liquidation preference. Each depositary share—representing a 1/1,000th interest in a share—will receive a cash dividend of $0.35156. These depositary shares are publicly traded under the symbol “WFCPrY” on the New York Stock Exchange, providing investors with a liquid and accessible way to gain exposure to the preferred stock market.
This class of preferred stock has drawn attention from institutional and retail investors alike due to its balance of yield, liquidity, and the backing of a major financial institution. With this latest dividend declaration, Wells Fargo demonstrates its consistency in rewarding Series Y shareholders amid varying economic cycles.
Series Z Preferred Stock – Steady Performance and Income
The company also announced a quarterly dividend of $296.88 per share on its 4.75% Non-Cumulative Perpetual Class A Preferred Stock, Series Z. Like the Series Y, this series features a $25,000 per share liquidation preference. Correspondingly, each depositary share, traded under the symbol “WFCPrZ”, will receive $0.29688.
This preferred security appeals to investors looking for stable quarterly income, particularly in a low to moderate interest rate environment. The dividend announcement for Series Z supports Wells Fargo’s broader strategy of maintaining shareholder confidence through disciplined financial management and targeted capital allocation.
Series AA Preferred Stock – Enhancing Portfolio Diversification
In the case of the 4.70% Non-Cumulative Perpetual Class A Preferred Stock, Series AA (NYSE: WFCPrA), the declared dividend stands at $293.75 per share. Again, this equates to $0.29375 per depositary share, based on the standard 1/1,000 interest structure.
The Series AA preferred stock is another example of Wells Fargo’s tailored product suite designed to meet varying risk-return profiles of fixed-income investors. Its slightly lower coupon relative to Series Y or Z is offset by its role in portfolio diversification, especially for long-term institutional holders managing interest rate and duration exposure.
Series CC Preferred Stock – Balanced Risk and Return
Wells Fargo’s dividend declaration on its 4.375% Non-Cumulative Perpetual Class A Preferred Stock, Series CC (NYSE: WFCPrC), amounts to $273.44 per full share, translating into $0.27344 per depositary share.
With this issuance, the bank continues to offer reliable yield while managing capital cost-effectively. The Series CC instrument provides a viable middle ground for those seeking dependable income with a relatively modest risk premium in exchange for lower yield compared to higher-coupon preferreds.
Series DD Preferred Stock – Conservative Investment Appeal
Rounding out the announcement, Wells Fargo declared a dividend of $265.63 per share on its 4.25% Non-Cumulative Perpetual Class A Preferred Stock, Series DD. Each depositary share, traded under “WFCPrD”, will receive $0.26563. As with the others, the liquidation preference remains at $25,000 per full share.
This series is likely to appeal to conservative investors aiming for capital preservation and steady income from a blue-chip issuer. While it represents the lowest coupon among the six announced series, its stability and association with a highly rated issuer provide a strong case for inclusion in diversified income portfolios.
Strategic Implications and Broader Market Significance
Wells Fargo’s consistent approach to honoring its preferred dividend obligations highlights its disciplined capital management framework. Preferred stock dividends, though non-cumulative in this case, serve as a vital indicator of a company’s financial health, especially during times of market uncertainty. These payouts reinforce investor confidence, particularly in sectors where stable income streams are highly prized.
This announcement also reflects broader market dynamics. In an environment where interest rates remain elevated but potentially peaking, demand for fixed-income instruments such as preferred shares remains strong. Financial institutions like Wells Fargo play a central role in supplying such instruments, which combine characteristics of debt and equity to create diversified yield opportunities for retail and institutional investors.
Furthermore, the continuation of these payments provides a signal to rating agencies and shareholders that Wells Fargo’s financial position remains robust, its balance sheet stable, and its earnings capacity strong enough to support ongoing capital returns.
