Bank of America Declares Third-Quarter 2024 Preferred Stock Dividends

Rhea-AI Summary

Bank of America (NYSE: BAC) has announced its Board of Directors has approved regular cash dividends for various series of preferred stock for Q3 2024. Key dividends include $18.125 for Series L, $0.3671875 for Series HH, $21.50 for Series MM, $0.2734375 for Series NN, $0.2578125 for Series PP, $10.9375 for Series RR, and $15.3125 for Series TT. Record dates are either July 1 or July 15, 2024, with payments distributed between July 24 and August 5, 2024. Bank of America serves approximately 69 million clients with 3,800 retail financial centers and 57 million digital users, positioning itself as a global leader in various financial services.

Positive

• Regular cash dividends declared, ensuring continued shareholder returns.
• High dividend per share for Series MM at $21.50 and Series L at $18.125.
• Preferred stock dividends maintain investor confidence and stability.
• Strong operational footprint with 69 million clients and extensive digital banking presence.

Negative

• No mention of common stock dividends which might concern common shareholders.
• Potential investor focus on preferred stock could dilute interest in common stock.
• High dividends result in substantial cash outflows impacting liquidity.

CHARLOTTE, N.C., June 12, 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	July 1	July 30
5.875% Non-Cumulative Preferred Stock, Series HH	$0.3671875	July 1	July 24
Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM	$21.50	July 1	July 29
4.375% Non-Cumulative Preferred Stock, Series NN	$0.2734375	July 15	August 5
4.125% Non-Cumulative Preferred Stock, Series PP	$0.2578125	July 15	August 2
4.375% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series RR	$10.9375000	July 1	July 29
6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series TT	$15.3125000	July 1	July 29

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 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 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 is listed on the New York Stock Exchange (NYSE: BAC).

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

Reporters may contact:

Bill Halldin, Bank of America
Phone: 1.916.724.0093
william.halldin@bofa.com

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SOURCE Bank of America Corporation

FAQ

What did Bank of America announce regarding preferred stock dividends for Q3 2024?

Bank of America announced regular cash dividends for Q3 2024 for several series of preferred stock, including Series L, HH, MM, NN, PP, RR, and TT.

How much is the dividend per share for Bank of America's Series L preferred stock?

The dividend per share for Bank of America's Series L preferred stock is $18.125.

When are the record and payment dates for Bank of America's Series HH preferred stock dividend for Q3 2024?

The record date is July 1, 2024, and the payment date is July 24, 2024.

What is the dividend amount for Bank of America's Series MM preferred stock?

The dividend amount for Bank of America's Series MM preferred stock is $21.50.

When will the dividend for Series NN preferred stock be paid?

The dividend for Series NN preferred stock will be paid on August 5, 2024.

What is the dividend per share for Bank of America's Series TT preferred stock?

The dividend per share for Bank of America's Series TT preferred stock is $15.3125.