Company Update (NYSE:BAC): Bank of America Corp Declares Quarterly Dividend on Series L and Series Y Preferred Stock


Bank of America Corp (NYSE:BAC) announced the Board of Directors authorized a regular quarterly cash dividend of $18.125 per share on the 7.25 percent Non-Cumulative Perpetual Convertible Preferred Stock, Series L. The dividend is payable on July 30 to shareholders of record as of July 1.

The board also authorized a regular quarterly cash dividend of $0.40625 per depositary share on the 6.50 percent Non-Cumulative Preferred Stock, Series Y. The dividend is payable on July 27 to shareholders of record as of July 1. (Original Source)

Shares of Bank of America closed yesterday at $17.38. BAC has a 1-year high of $18.21 and a 1-year low of $14.84. The stock’s 50-day moving average is $16.74 and its 200-day moving average is $16.34.

On the ratings front, BAC has been the subject of a number of recent research reports. In a report issued on June 17, Oppenheimer analyst Chris Kotowski maintained a Buy rating on BAC, with a price target of $21, which represents a potential upside of 20.8% from where the stock is currently trading. Separately, on June 10, Portales Partners LLC’s Charles Peabody downgraded the stock to Sell .

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chris Kotowski and Charles Peabody have a total average return of 4.1% and 6.2% respectively. Kotowski has a success rate of 70.6% and is ranked #638 out of 3635 analysts, while Peabody has a success rate of 66.7% and is ranked #2406.

The street is mostly Bullish on BAC stock. Out of 6 analysts who cover the stock, 4 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $18.90, which implies an upside of 8.7% from current levels.