Summary
Wells Fargo & Company (WFC) announced on August 14, 2019, a partial redemption of its Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series K. The company intends to redeem 1,550,000 shares of this preferred stock on September 16, 2019. This action will reduce the outstanding Series K Preferred Stock to 1,802,000 shares after the redemption date. This redemption represents a capital management decision by Wells Fargo. Investors holding the Series K Preferred Stock should note the specific number of shares being redeemed and the redemption date. The partial nature of the redemption suggests that while the company is reducing its preferred stock obligations, it still maintains a significant portion of this series outstanding. Further details regarding the terms of the redemption and its impact on remaining shareholders are expected to be outlined in the associated press release.
Key Highlights
- 1Wells Fargo plans to redeem 1,550,000 shares of Series K Preferred Stock.
- 2The redemption is scheduled to occur on September 16, 2019.
- 3Following the redemption, 1,802,000 shares of Series K Preferred Stock will remain outstanding.
- 4This action indicates a proactive capital management strategy by Wells Fargo.
- 5The filing is an 8-K report, signifying a material event for the company.