CHARLOTTE, N.C. - Bank of America Corporation (NYSE:BAC) announced today that its Board of Directors authorized regular cash dividends on eight series of preferred stock, according to a press release statement.The dividend authorization continues the bank’s impressive track record of shareholder returns. According to InvestingPro data, Bank of America has maintained dividend payments for 56 consecutive years and has raised its dividend for 12 consecutive years, with dividend growth of 7.7% over the last twelve months. The stock currently offers a dividend yield of 2.05% and appears undervalued based on InvestingPro’s Fair Value analysis.
The dividends include payments on Series L 7.25% Non-Cumulative Perpetual Convertible Preferred Stock at $18.1250000 per share, with a record date of July 1 and payment date of July 30.
Series HH 5.875% Non-Cumulative Preferred Stock will pay $0.3671875 per depositary share, with a July 1 record date and July 24 payment date.
Series NN 4.375% Non-Cumulative Preferred Stock will distribute $0.2734375 per depositary share, recorded July 15 and paid August 3.
Series OO 6.625% Fixed-Rate Reset Non-Cumulative Preferred Stock will pay $16.5625000 per depositary share, with a July 15 record date and August 3 payment date.
Series PP 4.125% Non-Cumulative Preferred Stock will distribute $0.2578125 per depositary share, recorded July 15 and paid August 3.
Series RR 4.375% Fixed-Rate Reset Non-Cumulative Preferred Stock will pay $10.9375000 per depositary share, with a July 1 record date and July 27 payment date.
Series TT 6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock will distribute $15.3125000 per depositary share, recorded July 1 and paid July 27.
Series UU 6.250% Fixed-Rate Reset Non-Cumulative Preferred Stock will pay $15.6250000 per depositary share, with a July 1 record date and July 27 payment date.
All series except Series L are represented by depositary shares.
In other recent news, Bank of America announced the launch of a cross-border real-time payments solution set to debut next quarter. This service will allow corporate, commercial, and financial institution clients to send and receive funds instantly via Swift or CashPro. The bank highlighted that this solution is tailored for high-volume, low-value transactions, such as remittances and gig-worker payouts, which are anticipated to grow significantly over the next decade. Additionally, Bank of America introduced a new referral program and payment tools, including Refer-a-Friend, Custom Pay Plan, and My Credit, offering bonuses for referrals. In leadership changes, Chip McLeod has been appointed as the president of Upstate South Carolina, succeeding Stacy Brandon, who retired after a long tenure. These developments come amid a backdrop of increased activity in the banking sector, with Bank of America shares rising on the announcement of its new payment services. The company’s initiatives reflect its ongoing efforts to enhance client offerings and expand its market presence.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Should you invest $2,000 in BAC right now?
ProPicks AI evaluates BAC alongside thousands of other companies every month using 100+ financial metrics.
Using powerful AI to generate exciting stock ideas, it looks beyond popularity to assess fundamentals, momentum, and valuation. The AI has no bias—it simply identifies which stocks offer the best risk-reward based on current data with notable past winners that include Super Micro Computer (+185%) and AppLovin (+157%).
Want to know if BAC is currently featured in any ProPicks AI strategies, or if there are better opportunities in the same space?
Source: Investing.com
Source: Investing.com