Bank of America Co. (NYSE:BAC) Declares Quarterly Dividend of $0.24

Bank of America Co. (NYSE:BAC) announced a quarterly dividend on Thursday, April 25th, RTT News reports. Shareholders of record on Friday, June 7th will be paid a dividend of 0.24 per share by the financial services provider on Friday, June 28th. This represents a $0.96 annualized dividend and a yield of 2.53%.

Bank of America has raised its dividend payment by an average of 8.5% per year over the last three years and has increased its dividend annually for the last 3 consecutive years. Bank of America has a dividend payout ratio of 27.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Bank of America to earn $3.44 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 27.9%.

Bank of America Price Performance

Bank of America stock traded down $0.41 during mid-day trading on Thursday, hitting $37.91. 40,957,844 shares of the company traded hands, compared to its average volume of 41,603,840. Bank of America has a one year low of $24.96 and a one year high of $38.49. The stock has a market cap of $299.13 billion, a price-to-earnings ratio of 13.04, a price-to-earnings-growth ratio of 1.73 and a beta of 1.39. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a fifty day moving average price of $35.98 and a 200-day moving average price of $32.61.

Bank of America (NYSE:BAC) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.06. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.94 earnings per share. On average, equities analysts predict that Bank of America will post 3.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

BAC has been the topic of several research reports. UBS Group reissued a “neutral” rating and set a $40.00 price target (up from $39.00) on shares of Bank of America in a research note on Thursday, April 4th. Jefferies Financial Group lifted their price target on shares of Bank of America from $36.00 to $39.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Oppenheimer decreased their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Wells Fargo & Company lifted their target price on shares of Bank of America from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, Evercore ISI lifted their target price on shares of Bank of America from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.53.

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.