Wells Fargo hikes dividend more than other banks but banks hit pause button on stock buyback plans

J.P. Morgan analysts on Monday said Wells Fargo & Co.’s
WFC,
+0.44%
17% dividend hike outpaced other banks in a flurry of dividend updates from the U.S.’s largest banks, but it was still less than expected. Late Friday, Bank of New York Mellon
BK,
+0.48%
hiked its dividend by 13.5% and State Street
STT,
+0.92%
increased its dividend by 9.5%, while Citi
C,
+0.71%
and JP Morgan Chase
JPM,
+0.47%
increased dividends by 4% to 5% each. It was the first dividend increase at Citi in four years. Northern Trust
NTRS,
+1.47%
and Truist Financial
TFC,
+1.80%
did not raise dividends. Citizens Financial
CFG,
+1.57%
and US Bancorp
USB,
+1.21%
did not comment on any potential dividend increases. Goldman Sachs
GS,
+0.19%
and Morgan Stanley
MS,
+0.65%
increased dividends by 9% to 10%. Lenders are holding off on any new stock repurchase plans as they await further direction from regulators on capital requirements, analysts noted.