Bank of America Corporation (BAC) to Issue Quarterly Dividend of $0.32 on December 24th

Bank of America Corporation (NYSE:BAC) declared a quarterly dividend on Wednesday, October 21st. Stockholders of record on Friday, December 4th will be paid 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 increased its dividend payment by an average of 0.1% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. Bank of America has a payout ratio of 30.1% indicating that its dividend is sufficiently covered by earnings. Research 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%

BAC opened at $51.03 on Friday. The company has a market cap of $356.85 billion, a P/E ratio of 12.12, a P/E/G ratio of 0.88 and a beta of 1.21. The business’s 50-day moving average price is $57.97 and its 200-day moving average price is $56.80. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.17. Bank of America has a 12 month low of $46.12 and a 12 month high of $65.22.

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

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.