Wells Fargo Stock Is Moving Higher After Hours: What's Going On?

Wells Fargo & Co WFC shares are trading higher in Tuesday's after-hours session after the bank raised its quarterly dividend and announced a $30 billion buyback.

What Happened: Wells Fargo's board approved a common stock dividend of 35 cents per share, payable on Sept. 1 to shareholders of record on Aug. 4. The quarterly dividend is up 16.67% from 30 cents per share in the prior quarter. 

Wells Fargo also authorized a new stock repurchase program of up to $30 billion. 

"Our first priority remains investing in our risk and control infrastructure, but we are also investing in providing updated capabilities to our customers and supporting our employees and communities," said Charlie Scharf, CEO of Wells Fargo. 

"Even with these significant investments, our capital levels are strong and we expect them to remain so, allowing us to return excess capital to our shareholders."

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WFC Price Action: Wells Fargo shares were up 3.34% after hours at $47.00 at the time of publication, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.