Based on Wells Fargo's second-quarter dividend of $0.30 for each share of common stock, which was announced last month and represented a 20% increase over its prior payout of $0.25 per share (itself increased more than 13% over the dividend payment before that), the dividend for non-preferred shares annualizes to $1.20 per share, yielding 3% at Wells Fargo's most recent closing price on May 20.