Wells Fargo Plans To Cut Its Dividend In Q3; Top Analyst Lowers Price Target

U.S. lender Wells Fargo & Co (WFC) plans to cut its dividend in the third quarter to shore up its finances as it grapples with the impact of the coronavirus pandemic.The U.S. bank said it expects its common stock dividend in the third quarter to be reduced from the current level of $0.51 per share. The extent of the dividend cut will be announced when Wells Fargo releases its second-quarter financial results on July 14. The move comes after the U.S. Federal Reserve announced that it would put a limit on dividends for banks based on earnings.“There remains great uncertainty …read more

Source:: Yahoo Finance