Bank of America Co. to Issue Quarterly Dividend of $0.26 (NYSE:BAC)

Bank of America Co. (NYSE:BAC) declared a quarterly dividend on Wednesday, January 29th,RTT News reports. Stockholders of record on Friday, March 7th will be paid a dividend of 0.26 per share by the financial services provider on Friday, March 28th. This represents a $1.04 annualized dividend and a dividend yield of 2.23%.

Bank of America has raised its dividend by an average of 8.6% annually over the last three years and has raised its dividend every year for the last 11 years. Bank of America has a payout ratio of 23.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of America to earn $4.28 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 24.3%.

Bank of America Stock Performance

Shares of BAC opened at $46.74 on Thursday. The stock has a 50-day moving average of $45.83 and a 200-day moving average of $42.70. Bank of America has a one year low of $32.35 and a one year high of $48.08. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $358.59 billion, a PE ratio of 14.51, a P/E/G ratio of 1.24 and a beta of 1.33.

Bank of America (NYSE:BAC) last issued its earnings results on Thursday, January 16th. The financial services provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.05. Bank of America had a return on equity of 10.29% and a net margin of 14.10%. The company had revenue of $25.30 billion for the quarter, compared to analyst estimates of $25.12 billion. During the same period in the prior year, the firm earned $0.70 earnings per share. Bank of America’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts predict that Bank of America will post 3.67 EPS for the current fiscal year.

Analyst Ratings Changes

BAC has been the subject of a number of analyst reports. Oppenheimer lifted their price objective on shares of Bank of America from $54.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, January 17th. HSBC raised Bank of America from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 7th. Truist Financial lifted their target price on Bank of America from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Friday, January 17th. StockNews.com raised Bank of America from a “sell” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of America from $50.00 to $57.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Bank of America presently has an average rating of “Moderate Buy” and an average price target of $48.58.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.