Bank of America Co. (BAC) to Issue Quarterly Dividend of $0.24 on June 28th

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 given 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 2.54%.

Bank of America has raised its dividend payment by an average of 8.5% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Bank of America has a payout ratio of 27.5% indicating that 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 Stock Down 0.2 %

Shares of BAC stock opened at $37.82 on Friday. The firm has a fifty day moving average of $36.13 and a 200-day moving average of $32.72. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12. Bank of America has a 12-month low of $24.96 and a 12-month high of $38.49. The company has a market capitalization of $298.42 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 1.70 and a beta of 1.39.

Bank of America (NYSE:BAC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a net margin of 13.94% and a return on equity of 10.88%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the firm earned $0.94 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts predict that Bank of America will post 3.19 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BAC has been the subject of several research reports. Wolfe Research raised shares of Bank of America from a “peer perform” rating to an “outperform” rating and set a $42.00 price objective for the company in a research report on Friday, April 19th. Oppenheimer decreased their target price on shares of Bank of America from $46.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Evercore ISI raised their target price on shares of Bank of America from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Wells Fargo & Company raised their target price on shares of Bank of America from $40.00 to $44.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, BMO Capital Markets raised their target price on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bank of America has a consensus rating of “Hold” and an average target price of $38.53.

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.