Bank of America Corporation (BAC) to Issue Quarterly Dividend of $0.28 on September 26th

Bank of America Corporation (NYSE:BAC) declared a quarterly dividend on Wednesday, July 23rd, RTT News reports. Shareholders of record on Friday, September 5th will be paid a dividend of 0.28 per share by the financial services provider on Friday, September 26th. This represents a c) annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, September 5th. This is a 7.7% increase from Bank of America’s previous quarterly dividend of $0.26.

Bank of America has a dividend payout ratio of 24.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of America to earn $4.36 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 23.9%.

Bank of America Price Performance

Shares of BAC opened at $50.36 on Wednesday. The firm has a 50-day simple moving average of $47.77 and a two-hundred day simple moving average of $44.00. The stock has a market cap of $373.02 billion, a PE ratio of 14.73, a P/E/G ratio of 1.97 and a beta of 1.34. Bank of America has a 1-year low of $33.06 and a 1-year high of $50.92. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.80 and a quick ratio of 0.79.

Bank of America (NYSE:BAC) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.03. The firm had revenue of ($22,273.00) million during the quarter, compared to the consensus estimate of $26.79 billion. Bank of America had a net margin of 14.81% and a return on equity of 10.25%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 EPS. As a group, analysts forecast that Bank of America will post 3.7 EPS for the current year.

Bank of America declared that its board has approved a stock repurchase program on Wednesday, July 23rd that permits the company to buyback $40.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 11.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.