Bank of America Hikes Dividend 14% to $0.32, Extending Capital Return Streak
BAC sits 37% above its 52-week low of $44.75.
Summary
Bank of America raised its quarterly common stock dividend by 14% to $0.32 per share, up from $0.28, signaling confidence in its capital position. This follows a strong Q2 where net income jumped 34% to $9.1 billion and the company passed the Fed's stress test, clearing the way for higher payouts. The increase builds on a pattern of returning capital to shareholders, with $7.2 billion in buybacks already executed in Q1. The move is a direct reflection of management's bullish outlook, reinforced by recent upbeat trading revenue guidance. With shares near a 52-week high, the dividend hike underscores the bank's earnings momentum and regulatory green light.
At the time of this announcement, BAC was trading at $61.43 on NYSE in the Finance sector, with a market capitalization of approximately $434.9B. The 52-week trading range was $44.75 to $62.12. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.