Wells Fargo and Co. announced it would repurchase up to 5,425,519 shares, or 10%, of its common shares outstanding.
The 10% will be in addition the 1,557,405 shares already repurchased during the first half of the year -- a net 123,304 shares issued under the company's employee-benefit and dividend-reinvestment plans.
No Completion Date Set
Wells Fargo cited its strong capital position in making the announcement, but set no date for completing the repurchase.
Also this week, First of America Corp. announced it would repurchase 1 million of its common shares.
Earlier this year the bank announced it would repurchase 3 million of its common shares.
With the additional repurchase, the bank said, it would buy back nearly the same number of shares issued to pay for the pending acquisition of First Park Ridge Corp.
Chase Payout Raised 21%
In other news, Chase Manhattan Corp., in a much-expected move, boosted its dividend payout on common shares 21% to 40 cents.
It is the largest dividend increase in Chase's history.
The increase is the second this year for Chase, following a 10% jump in January.