CHARLOTTE, N.C., July 24,
2024 /PRNewswire/ -- Bank of America Corporation
today announced the Board of Directors declared a regular quarterly
cash dividend on Bank of America common stock of $0.26 per share, up $0.02 from the prior quarter. The dividend is
payable on September 27, 2024 to
shareholders of record as of September 6,
2024.
The Board also authorized a new $25
billion common stock repurchase program, effective
August 1, 2024, to replace the
company's current program, which will expire on that date. As of
June 30, 2024, the current program
had approximately $6.7 billion in
common stock repurchases remaining. Today's authorization will
continue to provide additional capital return flexibility going
forward, in line with the company's commitment to return to
shareholders excess capital that is not needed to support economic
growth, deliver for customers and communities, invest in the future
and sustain strength and stability through the economic cycle.
Bank of America's ability to make capital distributions depends,
in part, on its ability to maintain regulatory capital levels above
minimum capital requirements.
The timing and amount of common stock repurchases made pursuant
to the Bank of America common stock repurchase program are subject
to various factors, including the company's capital position,
liquidity, financial performance and alternative uses of capital,
stock trading price, regulatory requirements and general market
conditions and may be suspended at any time. Such repurchases may
be effected through open market purchases or privately negotiated
transactions, including repurchase plans that satisfy the
conditions of Rule 10b5-1 of the Securities Exchange Act of 1934,
as amended.
The Board also declared a regular quarterly cash dividend of
$1.75 per share on the 7% Cumulative
Redeemable Preferred Stock, Series B. The dividend is payable on
October 25, 2024 to shareholders of
record as of October 11, 2024.
Forward-Looking Statements
Certain statements contained in this news release may constitute
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent the current expectations, plans or forecasts
of Bank of America based on available information. Forward-looking
statements can be identified by the fact that they do not relate
strictly to historical or current facts. These statements often use
words like "expects," "anticipates," "believes," "estimates,"
"targets," "intends," "plans," "predict," "goal" and other similar
expressions or future or conditional verbs such as "will," "may,"
"might," "should," "would" and "could." Forward-looking statements
speak only as of the date they are made, and Bank of America
undertakes no obligation to update any forward-looking statement to
reflect the impact of circumstances or events that arise after the
date the forward-looking statement was made.
Forward-looking statements represent Bank of America's current
expectations, plans or forecasts of its future results, revenues,
expenses, dividends, efficiency ratio, capital measures, and future
business and economic conditions more generally, and other future
matters. These statements are not guarantees of its future results
or performance and involve certain known and unknown risks,
uncertainties and assumptions that are difficult to predict and are
often beyond Bank of America's control. Actual outcomes and results
may differ materially from those expressed in, or implied by, any
forward-looking statements due to a variety of factors. You should
not place undue reliance on any forward-looking statement and
should consider all of the precautionary statements, uncertainties
and risks discussed in Bank of America's filings with the
Securities and Exchange Commission (SEC), including under Item 1A.
"Risk Factors" of Bank of America's Annual Report on Form 10-K for
the year ended December 31, 2023, and
in any of Bank of America's other subsequent SEC filings.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 69 million consumer and small business clients with
approximately 3,800 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 58 million verified digital users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 4 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Investors May Contact:
Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com
Jonathan Blum, Bank of America
(Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com
Reporters May Contact:
Jocelyn Seidenfeld, Bank of
America
Phone: 1.646.743.3356
jocelyn.seidenfeld@bofa.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/bank-of-america-increases-common-stock-dividend-8-to-0-26-per-share-authorizes-25-billion-stock-repurchase-program-302205823.html
SOURCE Bank of America Corporation