Bank of America Declares Preferred Stock Dividends

Rhea-AI Summary

Bank of America Corporation announced the authorization of regular cash dividends for preferred stockholders. The 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L, will pay $18.125 per share on July 30, with a record date of July 1. Additionally, the 5.875% Non-Cumulative Preferred Stock, Series HH, will pay $0.3671875 per share on July 26, with a record date of July 1. Other series include Fixed-to-Floating Rate Preferred Stock, Series MM ($21.50), Non-Cumulative Preferred Stock, Series NN ($0.2734375), and Series PP ($0.2578125), with respective payment dates in late July and early August.

Positive

• Authorization of regular cash dividends demonstrates financial strength and commitment to shareholders.
• Attractive dividend yields ranging from $0.2578125 to $21.50 per share enhance investor confidence.

Negative

• None.

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		July 1		July 30
5.875% Non-Cumulative Preferred Stock, Series HH		$0.3671875		July 1		July 26
Fixed-to-Floating Rate Non- Cumulative Preferred Stock, Series MM		$21.50		July 1		July 28
4.375% Non-Cumulative Preferred Stock, Series NN		$0.2734375		July 15		August 3
4.125% Non-Cumulative Preferred Stock, Series PP		$0.2578125		July 15		August 2

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 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 40 million active users, including approximately 31 million mobile 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 3 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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www.bankofamerica.com

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FAQ

What are the dividend payment dates for Bank of America preferred stocks?

Preferred stock dividends will be paid on July 26, July 28, and July 30, 2023, depending on the series.

What is the dividend amount for Bank of America's 7.25% Series L Preferred Stock?

The dividend for the 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L, is $18.125.

What dividend is paid for Bank of America's 5.875% Series HH Preferred Stock?

The 5.875% Non-Cumulative Preferred Stock, Series HH, pays a dividend of $0.3671875 per share.

When is the record date for Bank of America's preferred stock dividends?

The record date for the preferred stock dividends is July 1, 2023, for all series listed.

How often does Bank of America pay dividends on its preferred stocks?

Dividends on preferred stocks, except Series MM, are paid quarterly; Series MM dividends are paid semi-annually.