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

Bank of America Corporation (NYSE:BAC) declared a quarterly dividend on Thursday, October 23rd. Stockholders of record on Friday, December 5th will be given a dividend of 0.28 per share by the financial services provider on Friday, December 26th. This represents a c) annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, December 5th.

Bank of America has increased its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 11 consecutive years. Bank of America has a dividend payout ratio of 26.4% meaning its dividend is sufficiently covered by earnings. Research 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 $1.12 annual dividend with an expected future payout ratio of 25.7%.

Bank of America Stock Up 1.0%

Shares of NYSE:BAC traded up $0.52 during trading on Wednesday, hitting $53.71. The company’s stock had a trading volume of 6,826,972 shares, compared to its average volume of 39,958,656. The company has a market capitalization of $392.18 billion, a PE ratio of 14.65 and a beta of 1.30. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. Bank of America has a fifty-two week low of $33.06 and a fifty-two week high of $54.69. The business has a 50 day moving average price of $51.95 and a two-hundred day moving average price of $48.95.

Bank of America (NYSE:BAC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.13. Bank of America had a net margin of 15.70% and a return on equity of 10.76%. The firm had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $27.05 billion. During the same quarter last year, the company earned $0.81 earnings per share. The firm’s revenue was up 10.8% compared to the same quarter last year. As a group, research analysts expect that Bank of America will post 3.7 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on BAC. Phillip Securities lifted their price target on shares of Bank of America from $50.00 to $56.00 in a research note on Tuesday, October 21st. Deutsche Bank Aktiengesellschaft raised their price objective on Bank of America from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Truist Financial raised their price target on Bank of America from $51.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Keefe, Bruyette & Woods restated an “outperform” rating and set a $58.00 target price (up from $57.00) on shares of Bank of America in a research report on Thursday, October 16th. Finally, Daiwa Capital Markets lifted their target price on shares of Bank of America from $54.00 to $58.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 8th. Twenty-three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.77.

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.