Bank of America Corporation announced today that its Board of Directors has declared a regular quarterly cash dividend on Bank of America common stock of $0.26 per share, an increase of $0.02 from the previous quarter. The dividend will be payable on September 27, 2024, to shareholders of record as of September 6, 2024.
Additionally, the Board authorized a new $25 billion common stock repurchase program effective August 1, 2024. This new program will replace the current one set to expire on that date. As of June 30, 2024, approximately $6.7 billion remained in the existing repurchase program. The new authorization aims to provide continued capital return flexibility while adhering to the company's commitment to return excess capital not required for economic growth and other corporate needs.
The ability of Bank of America to distribute capital is contingent upon maintaining regulatory capital levels above minimum requirements.
The timing and amount of common stock repurchases under this program will depend on various factors including the company's capital position, liquidity, financial performance, alternative uses of capital, stock trading price, regulatory requirements, and general market conditions. Repurchases may occur through open market purchases or privately negotiated transactions compliant with Rule 10b5-1 under the Securities Exchange Act of 1934.
Furthermore, the Board declared a regular quarterly cash dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B. This dividend is payable on October 25, 2024, to shareholders of record as of October 11, 2024.
Certain statements in this news release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect current expectations based on available information and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements.
Bank of America serves individual consumers, small and middle-market businesses and large corporations with a range of banking and financial services. It operates approximately 3,800 retail financial centers and around 15,000 ATMs in the United States and has a significant global presence.
Investors may contact Lee McEntire at Bank of America via phone at +1-980-388-6780 or email at lee.mcentire@bofa.com; Jonathan G. Blum for fixed income inquiries via phone at +1-212-449-3112 or email at jonathan.blum@bofa.com.
Reporters may contact Jocelyn Seidenfeld at Bank of America via phone at +1-646-743-3356 or email at jocelyn.seidenfeld@bofa.com.