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

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

Bank of America has raised its dividend payment by an average of 8.6% annually over the last three years and has increased its dividend annually for the last 11 consecutive years. Bank of America has a dividend payout ratio of 23.8% meaning its dividend is sufficiently covered by earnings. Equities research 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 NYSE:BAC traded down $0.11 during trading on Wednesday, reaching $46.74. 23,666,990 shares of the company's stock traded hands, compared to its average volume of 37,657,961. 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 50 day moving average of $45.83 and a 200-day moving average of $42.70. Bank of America has a 12 month low of $32.35 and a 12 month high of $48.08. The stock has a market capitalization of $358.59 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 1.24 and a beta of 1.33.

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BAC shares. Evercore ISI dropped their price target on shares of Bank of America from $53.00 to $51.00 and set an "outperform" rating on the stock in a research note on Friday, January 17th. Hsbc Global Res raised Bank of America from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods raised their target price on shares of Bank of America from $50.00 to $57.00 and gave the company an "outperform" rating in a research note on Tuesday, December 3rd. Truist Financial boosted their target price on Bank of America from $52.00 to $53.00 and gave the stock a "buy" rating in a report on Friday, January 17th. Finally, Phillip Securities raised Bank of America from a "neutral" rating to an "accumulate" rating and set a $44.00 price objective on the stock in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.58.

About Bank of America

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.

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