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NORWEST CORPORATION INCREASES QUARTERLY DIVIDEND; DECLARES TWO-FOR-ONE STOCK SPLIT

 MINNEAPOLIS, April 27 /PRNewswire/ -- Norwest Corporation (NYSE: NOB) today increased its quarterly dividend to 33 cents per share from 29 cents, an increase of 14 percent. The dividend is payable on June 1, 1993, to stockholders of record on May 7, 1993.
 Norwest Corporation's board of directors also declared a two-for-one stock split in the form of a 100 percent stock dividend payable June 28, 1993, to stockholders of record on June 4, 1993. There are approximately 145.8 million shares of Norwest common stock outstanding and the stock split will increase the shares outstanding to approximately 291.6 million.
 "Today's decision to declare the stock split and increase the dividend reflects our strong operating performance as well as our confidence in the outlook for 1993." said John T. Thornton, Norwest's chief financial officer. "This is the sixth consecutive year we've increased the common stock dividend, and the second consecutive dividend increase following an interval of only nine months. During the past six years, our common stock dividend has increased by 120 percent. In addition, this is the third time our common stock has split in the past five years."
 Added Thornton, "The stock split will bring the price of Norwest common stock into a price range we believe is more desirable to a wide range of investors. Sixty percent of the shares traded on the New York Stock Exchange are priced between $10 and $40 per share. We believe this stock split will lead to an increase in, and broadening of, the ownership base of the Corporation, increasing the liquidity and marketability of our common stock."
 Norwest Corporation is a $45.5 billion company providing banking, insurance, investments and other financial services through 2,065 locations in all 50 states, all 10 Canadian provinces and internationally.
 -0- 4/27/93
 /CONTACT: (Media) Larry Haeg, 612-667-7043, or (Investors) Robert Strickland, 612-667-7919, both of Norwest/
 (NOB)


CO: Norwest Corporation ST: Minnesota IN: FIN SU: DIV

AL -- MN020 -- 1463 04/27/93 14:13 EDT
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Publication:PR Newswire
Date:Apr 27, 1993
Words:333
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