Wells Fargo & Company (NYSE: WFC) has announced the full redemption of its Series U Preferred Stock and related Depositary Shares, with a redemption date set for June 15, 2025. This redemption will see all 80,000 outstanding shares of its 5.875% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series U, and 2,000,000 outstanding shares of the related depositary shares being redeemed.
The redemption price for the Series U Preferred Stock will be $25,000.00 per Redeemed Series U Preferred Share, while the price for the Redeemed Series U Depositary Shares will be $1,000.00 per share. Once the redemption is completed, no shares of the Series U Preferred Stock or the Series U Depositary Shares will remain outstanding.
It's important to note that the redemption date also coincides with a dividend payment date for the Series U Preferred Stock and the Series U Depositary Shares. However, the redemption prices mentioned do not include declared and unpaid dividends. Regular quarterly dividends will be paid separately on June 15, 2025, to holders of record at the close of business on May 30, 2025.
Wells Fargo & Company is a leading financial services company with approximately $1.9 trillion in assets. It offers a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through its four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management.
For more information, individuals can visit the Wells Fargo website or the company's LinkedIn page.
As a result of these announcements, the company's shares have moved 1.48% on the market, and are now trading at a price of $75.99. If you want to know more, read the company's complete 8-K report here.
