Wells Fargo Redeems 6.625% Series R Preferred Stock
Ticker: WFC-PA · Form: 8-K · Filed: Jan 24, 2024 · CIK: 72971
| Field | Detail |
|---|---|
| Company | Wells Fargo & Company/Mn (WFC-PA) |
| Form Type | 8-K |
| Filed Date | Jan 24, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1 |
| Sentiment | bullish |
Complexity: simple
Sentiment: bullish
Topics: capital-management, preferred-stock, redemption
TL;DR
**Wells Fargo just redeemed its Series R preferred stock, signaling capital management.**
AI Summary
Wells Fargo & Company filed an 8-K on January 24, 2024, to report the redemption of its 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R, on January 23, 2024. This redemption means Wells Fargo is reducing its outstanding preferred stock, which can signal a stronger financial position and potentially free up capital. For investors, this matters because it indicates the company is managing its capital structure, potentially improving financial efficiency and reducing future dividend obligations on this specific series.
Why It Matters
This redemption shows Wells Fargo is actively managing its capital, which can improve its financial health and potentially boost shareholder value by reducing dividend payments on this specific preferred stock.
Risk Assessment
Risk Level: low — The redemption of preferred stock is generally a positive or neutral event, indicating capital management rather than financial distress.
Analyst Insight
A smart investor would view this as a positive sign of prudent capital management, potentially leading to improved financial metrics. It might be worth researching if Wells Fargo has other preferred stock series that are callable and could be redeemed in the near future.
Key Numbers
- 6.625% — Dividend Rate (The fixed dividend rate of the preferred stock being redeemed.)
Key Players & Entities
- WELLS FARGO & COMPANY (company) — the registrant filing the 8-K
- 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R (other) — the specific preferred stock being redeemed
- January 23, 2024 (date) — the date of the earliest event reported (redemption)
- January 24, 2024 (date) — the filing date of the 8-K
Forward-Looking Statements
- Wells Fargo will continue to optimize its capital structure by potentially redeeming other high-cost preferred shares. (WELLS FARGO & COMPANY) — medium confidence, target: 2025-01-23
FAQ
What specific type of security did Wells Fargo & Company redeem?
Wells Fargo & Company redeemed its 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R, as stated in the filing.
When did the earliest event reported in this 8-K filing occur?
The earliest event reported, the redemption of the preferred stock, occurred on January 23, 2024, according to the filing.
What is the filing date of this 8-K?
The 8-K was filed on January 24, 2024, as indicated by the 'FILED AS OF DATE' and 'ACCESSION NUMBER' information.
What is Wells Fargo & Company's state of incorporation?
Wells Fargo & Company is incorporated in Delaware, as specified in the filing under 'State or Other Jurisdiction of Incorporation'.
What is the Commission File Number for Wells Fargo & Company?
Wells Fargo & Company's Commission File Number is 001-02979, as stated in the filing.
Filing Stats: 745 words · 3 min read · ~2 pages · Grade level 13.4 · Accepted 2024-01-24 17:00:30
Key Financial Figures
- $1 — ch Registered Common Stock, par value $1-2/3 WFC New York Stock Exchange ( N
Filing Documents
- wfc-20240123.htm (8-K) — 43KB
- exhibit31bylaws.htm (EX-3.1) — 286KB
- 0000072971-24-000031.txt ( ) — 611KB
- wfc-20240123.xsd (EX-101.SCH) — 5KB
- wfc-20240123_def.xml (EX-101.DEF) — 20KB
- wfc-20240123_lab.xml (EX-101.LAB) — 44KB
- wfc-20240123_pre.xml (EX-101.PRE) — 21KB
- wfc-20240123_htm.xml (XML) — 10KB
03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. On January 23, 2024, the Board of Directors (the " Board ") of Wells Fargo & Company (the " Company ") approved and adopted the Company's By-Laws (as amended and restated, the " By-Laws "), effective February 1, 2024, to clarify and reduce the scope of certain defined terms and other provisions relating to stockholder notices of director nominations and to designate (i) the Court of Chancery of the State of Delaware, or if such court does not have jurisdiction, another state court or a federal court located within the State of Delaware, as the sole and exclusive forum for bringing certain legal actions against the Company, and (ii) the federal district courts of the United States as the sole and exclusive forum for any complaint asserting a cause of action arising under the Securities Act of 1933 or any rule or regulation promulgated thereunder, in each case unless the Corporation consents in writing to the selection of an alternative forum. The foregoing summary of the amendments to the By-Laws is qualified in all respects by reference to the text of the By-Laws, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description Location 3.1 By-Laws Filed herewith 104 Cover Page Interactive Data File Embedded within the Inline XBRL document SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: January 24, 2024 WELLS FARGO & COMPANY By: /s/ EMMA M. BAILEY Emma M. Bailey Executive Vice President, Deputy General Counsel and Secretary