Bank of America Declares Preferred Stock Dividends for First Quarter 2025

Rhea-AI Summary

Bank of America (BAC) has announced its Board of Directors' authorization of regular cash dividends for preferred stock series for Q1 2025. The dividend schedule includes seven different series of preferred stock with varying rates and payment dates:

Key dividend rates include 7.25% for Series L ($18.125 per share), 5.875% for Series HH ($0.3671875), 4.375% for Series NN ($0.2734375), and 6.125% for Series TT ($15.3125000). Most dividends will be paid in late January 2025, with record dates primarily set for January 1, 2025. The bank serves approximately 69 million consumer and small business clients through 3,700 retail centers and 15,000 ATMs, with 58 million verified digital users.

Positive

• Consistent dividend payments maintained across all preferred stock series
• Strong retail presence with 3,700 financial centers and 15,000 ATMs
• Large customer base of 69 million consumer and small business clients
• Robust digital presence with 58 million verified digital users

Negative

• None.

Insights

Financial Analyst

This routine quarterly preferred stock dividend declaration from Bank of America maintains the stability of their dividend payments across multiple preferred stock series. The announcement includes seven different series with varying dividend rates, from 4.125% to 7.25%. Most notable is the Series L preferred stock with a dividend of $18.125 per share and the Series TT with $15.3125 per depositary share. While this represents BAC's commitment to consistent shareholder returns, it's a standard announcement that follows their established dividend schedule. The continuation of these preferred dividends indicates the bank's strong capital position and ability to meet its obligations to preferred stockholders, though the rates remain unchanged from previous quarters.

CHARLOTTE, N.C., Dec. 16, 2024 /PRNewswire/ -- Bank of America Corporation today announced the Board of Directors has authorized regular cash dividends on the outstanding shares or depositary shares of the following series of preferred stock:

Series of Preferred Stock	Dividend per Share or Depositary Share1	Record Date	Payment Date
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L	$18.125	January 1	January 30
5.875% Non-Cumulative Preferred Stock, Series HH	$0.3671875	January 1	January 24
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM	$21.50	January 1	January 28
4.375% Non-Cumulative Preferred Stock, Series NN	$0.2734375	January 15	February 3
4.125% Non-Cumulative Preferred Stock, Series PP	$0.2578125	January 15	February 3
4.375% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series RR	$10.9375000	January 1	January 27
6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series TT	$15.3125000	January 1	January 27

1	Each series of preferred stock, other than Series L, is represented by depositary shares. Dividend payments are made on a quarterly basis for each series of preferred stock, other than Series MM, for which dividends are paid on a semi-annual basis.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users.  Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services.  The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts

Investors May Contact:

Lee McEntire, Bank of America
Phone: 1.980.388.6780
lee.mcentire@bofa.com

Jonathan G. Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com

Reporters May Contact:

Jocelyn Seidenfeld, Bank of America
Phone: 1.646.743.3356
jocelyn.seidenfeld@bofa.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-of-america-declares-preferred-stock-dividends-for-first-quarter-2025-302332947.html

SOURCE Bank of America Corporation

FAQ

What are the dividend rates for BAC preferred stock series in Q1 2025?

BAC's Q1 2025 preferred stock dividend rates range from 4.125% to 7.25%, with Series L at 7.25%, Series HH at 5.875%, Series NN at 4.375%, and Series TT at 6.125%.

When will BAC pay its Q1 2025 preferred stock dividends?

Most BAC preferred stock dividends will be paid in late January 2025, with payment dates ranging from January 24 to February 3, 2025.

What is the dividend amount for BAC Series L preferred stock?

BAC Series L preferred stock will pay $18.125 per share, with a record date of January 1 and payment date of January 30, 2025.

How many retail financial centers does BAC operate?

Bank of America operates approximately 3,700 retail financial centers across the United States.

How many verified digital users does BAC have?

Bank of America has approximately 58 million verified digital banking users.