Bank of America Corporation (NYSE:BAC) Shares Will Pay Quarterly Dividend of $0.32

Bank of America Corporation (NYSE:BAC) announced a quarterly dividend on Wednesday, October 21st. Stockholders of record on Friday, December 4th will be given a dividend of $0.32 per share by the financial services provider on Thursday, December 24th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Friday, December 4th.

Bank of America has raised its dividend by an average of 0.1% per year over the last three years and has raised its dividend annually for the last 11 consecutive years. Bank of America has a dividend payout ratio of 30.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of America to earn $5.19 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 24.7%.

Bank of America Stock Up 0.5%

Shares of NYSE:BAC traded up $0.25 during midday trading on Thursday, reaching $51.03. The company had a trading volume of 9,382,364 shares, compared to its average volume of 37,676,477. The stock has a market capitalization of $356.87 billion, a P/E ratio of 12.12, a PEG ratio of 0.88 and a beta of 1.21. The stock’s fifty day moving average price is $58.24 and its 200-day moving average price is $56.78. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82. Bank of America has a one year low of $46.12 and a one year high of $65.22.

Bank of America (NYSE:BAC) last posted its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.02). The company had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The company’s revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.06 earnings per share. Equities research analysts expect that Bank of America will post 4.54 earnings per share for the current fiscal year.

Institutional Trading of Bank of America

Institutional investors have recently added to or reduced their stakes in the business. Ledyard National Bank grew its holdings in Bank of America by 50.1% in the 3rd quarter. Ledyard National Bank now owns 15,836 shares of the financial services provider’s stock valued at $862,000 after buying an additional 5,286 shares during the last quarter. NBT Bank N.A. bought a new position in Bank of America in the 3rd quarter worth approximately $3,140,000. Root Financial Partners LLC lifted its holdings in shares of Bank of America by 36.0% during the third quarter. Root Financial Partners LLC now owns 21,965 shares of the financial services provider’s stock worth $1,196,000 after buying an additional 5,814 shares during the last quarter. Precedent Wealth Partners LLC lifted its holdings in shares of Bank of America by 10.0% during the third quarter. Precedent Wealth Partners LLC now owns 57,523 shares of the financial services provider’s stock worth $3,131,000 after buying an additional 5,208 shares during the last quarter. Finally, Cadinha & Co. LLC lifted its holdings in shares of Bank of America by 13.6% during the third quarter. Cadinha & Co. LLC now owns 4,616 shares of the financial services provider’s stock worth $251,000 after buying an additional 554 shares during the last quarter. Institutional investors own 70.71% of the company’s stock.

Bank of America Company Profile

Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.