Bank of America Corporation (NYSE:BAC) Declares $0.28 Quarterly Dividend

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

Bank of America has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 11 consecutive years. Bank of America has a payout ratio of 26.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of America to earn $5.05 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 22.2%.

Bank of America Stock Down 0.6%

BAC stock opened at $52.17 on Friday. The firm has a market cap of $372.77 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 0.90 and a beta of 1.23. Bank of America has a 1-year low of $38.81 and a 1-year high of $57.55. The firm has a fifty day moving average price of $50.34 and a two-hundred day moving average price of $52.32. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.81 and a quick ratio of 0.81.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.11. The company had revenue of $30.27 billion for the quarter, compared to the consensus estimate of $29.72 billion. Bank of America had a net margin of 16.78% and a return on equity of 11.49%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. Research analysts predict that Bank of America will post 4.44 EPS for the current year.

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.