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No. of Recommendations: 4
Today WFC-L closed at $1259.94, yielding 5.95% Since that's under the price of $1300 where a forced conversion could occur, I would be willing to buy at that price.

However, given that WFC common closed at $27.20 and currently pays $0.51/quarter ($2.04/year), yielding 7.5%, I'd probably buy the common at these prices. Considering that the WFC CCAR capital plan for Q3 2019 - Q2 2020 was to return about $9B to shareholders via dividends and $23B to shareholders via stock buybacks, I'd say that the chances of having to cut the common dividend are much lower than going into the 2008/2009 financial crisis, when they cut the dividend from $0.34/quarter to $0.05/quarter.

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