WFC announced today a proposal to increase the second quarter dividend by 16.7% from $0.30 to $0.35 per share. The dividend is subject to approval by the board in April.
This would mark their fourth consecutive yearly increase since they dropped the dividend in 2009. This is also 0.01 more than the previous high of 0.34 before the drop.
Shares of WFC are up 28% from my cost basis since initiating a position back last February.
I own 126.47 shares so this will increase my yearly dividends by $25.29. This is the 13th stock in my portfolio to increase their dividend already this year.