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Wells Fargo & Co (New) | Non-Cumulative Perpetual Class A Preferred Stock, Series P (WFC.PRP)

Prospectus excerpt:  Wells Fargo & Company is offering 23,000,000 depositary shares, each representing a 1/1,000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series P, no par value, with a liquidation preference amount of $25,000 per share (equivalent to $25 per depositary share) (the “Series P Preferred Stock”). Each depositary share entitles the holder, through the depositary, to a proportional fractional interest in all rights, powers and preferences of the Series P Preferred Stock represented by the depositary share.

Dividends on the Series P Preferred Stock, when, as and if declared by our board of directors or a duly authorized committee of the board, will accrue and be payable on the liquidation preference amount of $25,000 per share, on a non-cumulative basis, quarterly in arrears on the 15th day of March, June, September and December of each year, commencing on June 15, 2013, at a rate per annum equal to 5.25%. If our board of directors or a duly authorized committee of the board has not declared a dividend on the Series P Preferred Stock before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall not accrue or be payable for such dividend period, and we will have no obligation to pay dividends for such dividend period, whether or not dividends on the Series P Preferred Stock are declared for any future dividend period.

The Series P Preferred Stock may be redeemed by us at our option in whole, or in part, on June 15, 2018, or any dividend payment date thereafter, at a redemption price equal to $25,000 per share of Series P Preferred Stock (equivalent to $25 per depositary share), plus an amount equal to any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series P Preferred Stock may also be redeemed by us at our option in whole, but not in part, prior to June 15, 2018, upon the occurrence of a “regulatory capital treatment event,” as described herein, at a redemption price equal to $25,000 per share of Series P Preferred Stock (equivalent to $25 per depositary share), plus an amount equal to any declared and unpaid dividends, without accumulation of any undeclared dividends.

Full Prospectus PDF », WFC Page »

Series:P
Alternate symbology:WFC-P, WFC-PP, WFCprP
Redeemable?:Yes
Call Date:6/15/2018 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:23,000,000
Overallotment:3,400,000
Liquidation Preference:$25
Recent Market Price:$25.32
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.32 (1.28%)
Annualized Dividend:1.31252
Recent Ex-Date:8/29/2019
Current Yield:5.18%
Original Coupon:5.25%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
Wells Fargo is a financial and bank holding company. Through its subsidiaries, Co. provides retail, commercial and corporate banking services. Co.'s segments include: Community Banking, which provides a line of financial products and services including checking and savings accounts, credit and debit cards, and automobile, student, mortgage, home equity and small business lending; Wholesale Banking, which provides a line of commercial, corporate, capital markets, cash management and real estate banking products and services; and Wealth and Investment Management, which provides a range of personalized wealth management, investment and retirement products and services.

Preferreds: WNA.PR, WFC.PRN, WFC.PRJ, WFC.PRL, WFC.PRO, WFC.PRP, WFC.PRQ, WFC.PRR, WFC.PRT, WFE.PRA, WFC.PRW, WFC.PRX, WFC.PRV, WFC.PRY


Open the WFC Information Page »
Name:  Wells Fargo & Co (New)
Website:  www.wellsfargo.com
Sector:  Banking & Savings
Number of ETFs Holding WFC:  122 (see which ones)
Total Market Value Held by ETFs:  $20,931,074,263.64
Total Market Capitalization:  $218,499,000,000
% of Market Cap. Held by ETFs:  9.58%

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