May 20, 2014 / 3:52 PM / 3 years ago

BRIEF-Wells Fargo updates payout targets

May 20 (Reuters) - Wells Fargo & Co chief financial officer John Shrewsberry said on Tuesday at the bank's investor day: * Wells Fargo will target a net payout ratio of between 55 and 75 percent * The bank's net payout ratio in 2013 was 34 percent * Net payout ratio includes common stock dividends and share repurchases minus

new issuance * Wells Fargo can boost payouts because it is at long-term capital requirements, can generate organic capital * Expects mortgage production revenue to stabilize

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