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Wells Fargo & Co., 5.25% Dep Shares Non-Cumul Perp Preferred Stock Series P
Ticker Symbol: WFC-P* CUSIP: 949746655 Exchange: NYSE
* NOTE: This security is no longer trading as of 3/15/2021
Security has been Called for: Monday, March 15, 2021
February 10, 2021 -- Wells Fargo & Company (NYSE: WFC) today announced that on March 15, 2021, it will redeem all 25,000 shares (the “Redeemed Series P Preferred Shares”) of its Non-Cumulative Perpetual Class A Preferred Stock, Series P (the “Series P Preferred Stock”). The redemption of the Redeemed Series P Preferred Shares will trigger the redemption of the 25,000,000 shares of the related depositary shares (the “Redeemed Series P Depositary Shares”), each representing a 1/1,000 interest in a share of Series P Preferred Stock (the “Series P Depositary Shares”) (NYSE: WFC-P). The redemption price will be equal to $25,000.00 per Redeemed Series PPreferred Share and $25.00 per Redeemed Series PDepositary Share. After giving effect to the redemption, no shares of the Series P Preferred Stock or the Series P Depositary Shares will remain outstanding.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: Wells Fargo & Co., 5.25% Depositary Shares each representing a 1/1000th interest in a share of the 5.25% Non-cumulative Perpetual Class A Preferred Stock, Series P, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 6/15/2018 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 5.25% per annum ($1.3125 per annum or $0.328125 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be the last business day of the month prior to the payment date or on the record date fixed by the board (NOTE: the ex-dividend date is one business day prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see the prospectus for further information). Dividends paid by this preferred are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-30 of the prospectus for further information). This security was rated as Baa2 by Moody’s and BBB+ by S&P at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (WFC)
IPO - 3/15/2013 - 23.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: WFCOL Changed: 3/25/2013
Market Value $575.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 420 Montgomery Street, San Francisco, CA 94163 |
| Main Phone Number |
866-249-3302 |
| Fax Number |
Not Available |
| Investor Relations
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415-371-2921
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| Toll Free Phone Number |
888-662-7865 |
| CEO - Charles W. Scharf |
CFO - Michael P. Santomassimo |
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