Company Update (NYSE:BAC): Bank of America Corp Declares Dividend


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 October 30 to shareholders of record as of October 1.

The board 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 October 27 to shareholders of record as of October 1.

Also, the board authorized a regular semi-annual cash dividend of $32.50 per depositary share on the Fixed-to-floating Rate Non-Cumulative Preferred Stock, Series Z. The dividend is payable on October 23 to shareholders of record as of October 1. (Original Source)

Shares of Bank of America opened today at $15.68 and are currently trading down at $15.59. BAC has a 1-year high of $18.48 and a 1-year low of $14.60. The stock’s 50-day moving average is $16.73 and its 200-day moving average is $16.52.

On the ratings front, Bank of America has been the subject of a number of recent research reports. In a report issued on September 10, Wells Fargo analyst Matthew Burnell upgraded BAC to Buy. Separately, on September 8, Nomura’s Steven Chubak upgraded the stock to Buy and has a price target of $18.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Matthew Burnell and Steven Chubak have a total average return of 14.1% and 5.2% respectively. Burnell has a success rate of 61.5% and is ranked #1049 out of 3771 analysts, while Chubak has a success rate of 52.9% and is ranked #1569.

Overall, one research analyst has rated the stock with a Sell rating, 2 research analysts have assigned a Hold rating and 11 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $20.25 which is 29.1% above where the stock opened today.