Bank of America lifts dividend by 8.3%; announces $25B stock repurchase program

Investing.com - Bank of America Corp (NYSE: BAC) has announced an increase in its quarterly dividend to $0.26 per share, an 8.3% rise from the previous dividend of $0.24. This brings the annualized dividend to $1.04 per share.

The dividend will be payable on September 27, 2024, to stockholders of record as of September 6, 2024. The ex-dividend date is set for September 5, 2024. The annual yield on the updated dividend stands at 2.5%.

Additionally, Bank of America's Board of Directors has authorized a new $25 billion common stock repurchase program, set to commence on August 1, 2024. This program will replace the current one, which will expire on the same date. As of June 30, 2024, the existing repurchase program had approximately $6.7 billion remaining in authorized stock repurchases.

The new authorization underscores the company's commitment to return excess capital to shareholders, focusing on capital that is not required for supporting economic growth, serving customers and communities, investing in future initiatives, and ensuring stability and strength through various economic cycles.

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