Bank of America Corp. (BAC) Raises Quarterly Dividend 400% to $0.05; 1.3% Yield

Bank of America Corp. (NYSE: BAC) declared a quarterly dividend of $0.05 per share, or $0.2 annualized. This is a 400% increase from the prior dividend of $0.01.

The dividend will be payable on September 26, 2014, to stockholders of record on September 5, 2014, with an ex-dividend date of September 3, 2014.

The annual yield on the dividend is 1.3 percent.

This marks the first increase in Bank of America’s quarterly common stock dividend in seven years and reflects the significant progress the company has made to strengthen the balance sheet and build capital and liquidity.

On May 27, the company updated and resubmitted its requested capital actions and certain schedules as part of the 2014 Comprehensive Capital Analysis and Review (CCAR) process. The requested actions cover the period from the third quarter of 2014 through the first quarter of 2015. The capital actions included an increase in the common stock dividend, but no common stock repurchases. The Federal Reserve Board has informed the company that it did not object to the proposed capital actions.

For a dividend history and other dividend-related data on Bank of America Corp. (BAC) click here.

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