Company Update (NYSE:BAC): Bank of America Corp Declares Quarterly Dividend On Series L, Series Y, Series Z And Series CC 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 May 2 to shareholders of record as of April 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 April 27 to shareholders of record as of April 1.

The board also 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 April 25 to shareholders of record as of April 1.

And the board authorized a regular quarterly cash dividend of $0.3875 per depositary share on the on the 6.20 percent Non-Cumulative Preferred Stock, Series CC. The dividend is payable on April 29 to shareholders of record as of April 1. (Original Source)

Shares of Bank of America are currently trading at $13.76, up $0.36 or 2.69%. BAC has a 1-year high of $18.48 and a 1-year low of $10.99. The stock’s 50-day moving average is $12.87 and its 200-day moving average is $15.37.

On the ratings front, BAC has been the subject of a number of recent research reports. In a report issued on March 16, CLSA analyst Mike Mayo assigned a Sell rating on BAC. Separately, on March 11, Keefe’s Christopher Mutascio maintained a Buy rating on the stock and has a price target of $19.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mike Mayo and Christopher Mutascio have a total average return of -2.2% and 0.2% respectively. Mayo has a success rate of 53% and is ranked #2746 out of 3745 analysts, while Mutascio has a success rate of 59% and is ranked #2123.

The street is mostly Bullish on BAC stock. Out of 12 analysts who cover the stock, 8 suggest a Buy rating , 3 suggest a Hold and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $18.67, which implies an upside of 36.5% from current levels.