SAN FRANCISCO (AP) — Wells Fargo is raising its quarterly dividend to 30 cents, from 25 cents.

The nation's biggest U.S. mortgage lender, based in San Francisco, said Tuesday that its next dividend is payable June 1 to shareholders of record on May 10.

The Federal Reserve said in March that Wells Fargo & Co. had passed its annual checkup, a "stress test" to measure how a bank would fare in a severe recession. The Fed cleared the bank to raise its quarterly dividend to 30 cents per share.