Stock Update (NYSE:BAC): Bank of America Corp Declares Preferred Dividends


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 31 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.

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 24 to shareholders of record as of October 1.

The board authorized a regular quarterly cash dividend of $0.3875 per depositary share on the 6.20 percent Non-Cumulative Preferred Stock, Series CC. The dividend is payable on October 31 to shareholders of record as of October 1.

Also, the board authorized a regular quarterly cash dividend of $0.375 per depositary share on the 6.00 percent Non-Cumulative Preferred Stock, Series EE. The dividend is payable on October 25 to shareholders of record as of October 1. (Original Source)

Shares of Bank of America are currently trading at $15.58, down $0.09 or -0.57%. BAC has a 1-year high of $18.09 and a 1-year low of $10.99. The stock’s 50-day moving average is $15.25 and its 200-day moving average is $14.13.

On the ratings front, BAC stock has been the subject of a number of recent research reports. In a report released today, Goldman Sachs analyst Richard Ramsden reiterated a Buy rating on BAC, with a price target of $19, which implies an upside of 21% from current levels. Separately, Citigroup’s Keith Horowitz reiterated a Buy rating on the stock today.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Richard Ramsden and Keith Horowitz have a total average return of -0.4% and 4.6% respectively. Ramsden has a success rate of 59% and is ranked #2756 out of 4158 analysts, while Horowitz has a success rate of 60% and is ranked #1148.

The street is mostly Bullish on BAC stock. Out of 23 analysts who cover the stock, 18 suggest a Buy rating and 5 recommend to Hold the stock. The 12-month average price target assigned to the stock is $17.97, which implies an upside of 15% from current levels.