Wells Fargo (WFC) will return more of its capital to shareholders.
The nation's fourth-biggest bank by assets said Tuesday it will boost its dividend by 3 cents, to 25 cents a share, starting with the first quarter of 2013.
Shareholder of record on Feb. 1 will be eligible to receive the payment, which was part of a capital plan the San Francisco company submitted in March to regulators. The payout reflects "the confidence we have in our company's performance," John Stumpf, the company's chief executive, said in a press release
"We remain committed to returning more capital to our shareholders," he said.
Wells Fargo said it proposes to distribute more capital to shareholders in 2013 as part of plan it filed on Jan. 4 with the Federal Reserve Board.