Bank of America Corporation (NYSE:BAC) Raises Dividend to $0.32 Per Share

Bank of America Corporation (NYSE:BAC) declared a quarterly dividend on Friday, July 24th. Stockholders of record on Friday, September 4th will be given a dividend of 0.32 per share by the financial services provider on Friday, September 25th. This represents a c) annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, September 4th. This is a 14.3% increase from Bank of America’s previous quarterly dividend of $0.28.

Bank of America has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 11 years. Bank of America has a dividend payout ratio of 26.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bank of America to earn $5.24 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 21.4%.

Bank of America Stock Up 1.2%

Bank of America stock traded up $0.72 during midday trading on Friday, reaching $62.00. The stock had a trading volume of 29,014,480 shares, compared to its average volume of 38,728,797. The stock has a market capitalization of $439.96 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 0.99 and a beta of 1.17. The firm’s fifty day simple moving average is $56.17 and its 200-day simple moving average is $53.29. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.82 and a current ratio of 0.83. Bank of America has a 1-year low of $44.75 and a 1-year high of $62.28.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The firm had revenue of $8.08 billion during the quarter, compared to the consensus estimate of $30.78 billion. Bank of America had a return on equity of 12.20% and a net margin of 17.56%.The business’s revenue was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 EPS. As a group, analysts expect that Bank of America will post 4.65 EPS for the current fiscal year.

Bank of America Company Profile

Bank of America Corporation is a multinational financial services company headquartered in Charlotte, North Carolina. It provides a broad array of banking, investment, asset management and related financial and risk management products and services to individual consumers, small- and middle-market businesses, large corporations, governments and institutional investors. The firm operates through consumer banking, global wealth and investment management, global banking and markets businesses, offering capabilities across lending, deposits, payments, advisory and capital markets.

Its consumer-facing offerings include checking and savings accounts, mortgages, home equity lending, auto loans, credit cards and small business banking, supported by a nationwide branch network and digital channels.