Skip to content
Subscriber Only

Dick Bove Says JPMorgan, Wells Fargo May Lift Dividends in 2011

JPMorgan Chase & Co. and Wells Fargo & Co. are among banks most likely to increase dividends as early as the first quarter of 2011, according to Dick Bove of Rochdale Securities LLC.

Financial stocks rallied today after a person familiar with the matter told Bloomberg News that the Federal Reserve is preparing guidelines for supervisors to use in assessing whether banks are strong enough to boost payouts or buy back shares. Banks in the Standard & Poor’s 500 Index climbed 3.7 percent yesterday, leading the gauge to a two-year high.