Bank of America (NYSE:BAC) Stock Price Up 1.2% After Dividend Announcement

Bank of America Corporation (NYSE:BAC) shot up 1.2% during trading on Friday following a dividend announcement from the company. The stock traded as high as $62.28 and last traded at $61.9960. Approximately 28,890,509 shares changed hands during trading, a decline of 25% from the average daily volume of 38,681,586 shares. The stock had previously closed at $61.28.

The newly announced dividend which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.32 dividend. This is a boost from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.1%. Bank of America’s payout ratio is 25.69%.

Wall Street Analyst Weigh In

BAC has been the subject of a number of recent research reports. HSBC lifted their price objective on shares of Bank of America from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Citigroup increased their target price on Bank of America from $62.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Oppenheimer lowered Bank of America from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Daiwa Securities Group lifted their price target on Bank of America from $58.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Finally, Royal Bank Of Canada boosted their price objective on Bank of America from $59.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, July 15th. Twenty-one research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $63.77.

Bank of America Stock Up 1.2%

The stock’s fifty day moving average is $56.42 and its two-hundred day moving average is $53.36. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.23. The firm has a market cap 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.

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

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America raised its quarterly dividend by 14% to $0.32 per share, a clear signal of strong capital generation and management’s commitment to shareholder returns. Bank of America hikes common stock dividend by 14%
• Positive Sentiment: The dividend boost was also highlighted in company announcements and market coverage, likely supporting sentiment that BAC’s balance sheet and earnings power remain solid. Bank of America Increases Common Stock Dividend 14% to 0.32 Per Share
• Positive Sentiment: Bank of America also continued to get attention for its investment research, including bullish calls on AI beneficiaries like Micron and Alphabet, which can reinforce the firm’s reputation and market visibility. Why BofA Thinks Micron Stock Could Be One of AI’s Biggest Long-Term Winners
• Neutral Sentiment: One report noted Bank of America’s well-known stock-market “sell signal” indicator is at its highest level since 2021, which may be seen as a cautionary macro signal rather than a direct BAC-specific issue. BofA’s famed sell signal for stocks is at its highest level since 2021
• Neutral Sentiment: Additional coverage on federal debt, inflation, and global bond weakness reflects the broader macro backdrop BAC operates in, but these items do not directly change the bank’s near-term fundamentals. Trump Called Himself the ‘King of Debt.’ Now Bank of America Says the U.S. Will Spend $2 Trillion More Than It Brings In This Year

Insider Transactions at Bank of America

In related news, insider Geoffrey S. Greener sold 126,756 shares of Bank of America stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $53.01, for a total transaction of $6,719,335.56. Following the completion of the sale, the insider owned 1,373,397 shares of the company’s stock, valued at approximately $72,803,774.97. This trade represents a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.27% of the company’s stock.

Institutional Trading of Bank of America

Institutional investors and hedge funds have recently modified their holdings of the business. Brighton Jones LLC grew its holdings in shares of Bank of America by 30.0% during the fourth quarter. Brighton Jones LLC now owns 108,872 shares of the financial services provider’s stock worth $4,785,000 after purchasing an additional 25,143 shares in the last quarter. Sivia Capital Partners LLC raised its stake in Bank of America by 40.5% in the second quarter. Sivia Capital Partners LLC now owns 21,401 shares of the financial services provider’s stock valued at $1,013,000 after purchasing an additional 6,174 shares in the last quarter. Jump Financial LLC raised its stake in Bank of America by 38.4% in the second quarter. Jump Financial LLC now owns 65,677 shares of the financial services provider’s stock valued at $3,108,000 after purchasing an additional 18,227 shares in the last quarter. Nebula Research & Development LLC bought a new stake in Bank of America during the second quarter valued at approximately $1,396,000. Finally, Vivaldi Capital Management LP lifted its position in Bank of America by 4.2% during the second quarter. Vivaldi Capital Management LP now owns 8,819 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 355 shares during the last quarter. Hedge funds and other institutional investors own 70.71% of the company’s stock.

About Bank of America

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.