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Wells Fargo & Co (New) | 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L (WFC.PRL)
Prospectus excerpt: We are offering shares of our 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L, $1,000 liquidation preference per share and $3,500,000,000 in the aggregate, or the ÙSeries L Preferred Stock.ˆ Dividends on the Series L Preferred Stock will be payable quarterly in arrears, if, as and when declared by our board of directors, at a rate per annum equal to 7.50%. The Dividend Payment Dates will be the 15th day of each March, June, September and December, commencing on June 15, 2008. Dividends on the Series L Preferred Stock will be non-cumulative. Each share of the Series L Preferred Stock will be convertible at any time, at your option, into 32.0513 shares of our common stock (equivalent to an initial conversion price of approximately $31.20 per share of our common stock), plus cash in lieu of fractional shares, subject to adjustment as described in this prospectus supplement. The conversion rate will be adjusted as described in this prospectus supplement upon the occurrence of certain other events. The par value per share of our common stock is $3.33 1/3. The Series L Preferred Stock is not redeemable by us at any time. On or after March 15, 2013, if the closing price of our common stock exceeds 130% of the conversion price for 20 trading days during any consecutive 30 trading day period, including the last day of such period, we may, at our option, cause some or all of the then outstanding Series L Preferred Stock to be automatically converted into our common stock at the then prevailing conversion rate. The Series L Preferred Stock will not have any voting rights except as described under ÙDescription of the Series L Preferred Stock?Votingˆ on page S-31. Full Prospectus PDF », Secondary Prospectus PDF », WFC Page »
Series: | L | Alternate symbology: | WFC-L, WFC-PL, WFCprL | Redeemable?: | No | Perpetual?: | Yes | Cumulative?: | No | Conversion Ratio: | 32.0513 | Conversion Price: | $31.20 | Shares Offered: | 3,500,000 | Overallotment: | 525,000 | Liquidation Preference: | $1,000.00 | Recent Market Price: | $1154.62 | Premium to Liquidation Preference: (More Preferreds Trading at a Premium ») | $154.62 (15.46%) | Annualized Dividend: | 75 | Recent Ex-Date: | 2/28/2024 | Current Yield: | 6.50% | Original Coupon: | 7.50% | Pay Period: | Quarterly | Pay Dates: | 15-Mar, 15-Jun, 15-Sep, 15-Dec | CDx3 Compliance Rating: |
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Wells Fargo & Company is a financial holding company and a bank holding company. Through its subsidiaries, Co. provides banking, investment and mortgage products and services, as well as consumer and commercial finance. Co. provides consumer financial products and services including checking and savings accounts, credit and debit cards, and auto, mortgage and home equity, and small business lending, as well as financial planning, private banking, investment management, and fiduciary services. Co. also provides financial solutions including commercial loans and lines of credit, letters of credit, asset-based lending, trade financing, treasury management, and investment banking services. Preferreds: WNA.PR, WFC.PRJ, WFC.PRL, WFC.PRN, WFC.PRO, WFC.PRP, WFC.PRQ, WFC.PRR, WFC.PRT, WFE.PRA, WFC.PRV, WFC.PRW, WFC.PRX, WFC.PRY, WFC.PRZ, WFC.PRA, WFC.PRC, WFC.PRD Open the WFC Information Page »
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Name: |
Wells Fargo & Co (New) |
Website: |
www.wellsfargo.com |
Sector: |
Banking & Savings |
Number of ETFs Holding WFC: |
105 (see which ones) |
Total Market Value Held by ETFs: |
$25,550,571,279.14 |
Total Market Capitalization: |
$220,077,000,000 |
% of Market Cap. Held by ETFs: |
11.61% |
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