Bank of America Corporation - BAC STOCK NEWS

Bank of America (BAC) announced a new financing option allowing consumers to finance electric vehicle (EV) chargers alongside auto loans. This initiative is in response to increasing demand for convenient EV ownership solutions. By 2030, the U.S. is projected to host nearly 27.5 million at-home chargers, up from 1.3 million in 2021. At-home charging stations cost between $200 and $2,000. The financing aligns with the Inflation Reduction Act's aim to boost clean energy technologies. BAC collaborates with over 10,000 dealers nationwide, promoting a substantial increase in EVs from 2.4 million in 2021 to an anticipated 26.4 million by 2030.

Bank of America has released its inaugural 401(k) Participant Pulse, analyzing behaviors of over three million 401(k) plan participants. Key findings include a slight drop in average contribution rates from 6.6% in 2021 to 6.4% in 2022, indicating a shift towards immediate financial needs. The report also highlights a 12% decrease in borrowing participants and a slight rise in loan defaults to 15.9%. Notably, Millennials are leading savings rates, with 47% contributing 7% or more, while Baby Boomers tend to contribute less. Bank of America aims to understand the impact of financial trends on long-term planning and overall financial wellness.

Bank of America Corporation (NYSE: BAC) declared a quarterly cash dividend of $0.22 per share on common stock, payable on March 31, 2023, to shareholders of record as of March 3, 2023. Additionally, a dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B, is scheduled for April 25, 2023, for shareholders of record as of April 11, 2023. This strong commitment to dividend payments reflects confidence in the company's ongoing financial stability and ability to generate returns for shareholders.

Bank of America is investing up to $150 million to preserve over 3,000 affordable homes for middle-income earners, in partnership with Enterprise Community Partners. This initiative targets households earning between 80% and 120% of the area median income, addressing growing concerns over affordable housing as noted by the Pew Research Center, where 49% of Americans cite it as a major issue. The partnership, spanning over 30 years, will focus on acquiring properties at risk of being converted to market-rate housing, leveraging Enterprise's extensive experience in affordable housing. This initiative aligns with Bank of America's commitment to combat the housing crisis.

Alaska Airlines and Bank of America have enhanced the Alaska Airlines Visa Signature® credit card, offering new perks for cardholders. Key updates include earning double miles on everyday purchases, priority boarding, and a free checked bag. New cardholders can receive a 70,000 bonus miles after spending $3,000 in the first 90 days. Additional features include a 10% rewards bonus for Bank of America account holders, discounts on Lounge+ membership, and a companion fare that allows booking for $122. These enhancements aim to provide cardholders with increased value and benefits from their spending.

Bank of America (NYSE:BAC) announced its fourth-quarter 2022 financial results on January 13, 2023. The details are accessible via its Investor Relations website. The conference call featuring CEO Brian Moynihan and CFO Alastair Borthwick is scheduled for 9:30 a.m. ET, providing insights into these results. The bank serves approximately 67 million clients in the U.S. and operates around 3,900 retail financial centers. As a global financial leader, it offers a wide range of banking and investment services across approximately 35 countries.

Bank of America Corporation announced cash dividends on various series of preferred stock for Q1 2023. Key dividends include:

• Series E: $0.31664 per share, record date January 31, payment date February 15.
• Series F and G: $1,292.25 per share, record date February 28, payment date March 15.
• Series X: $31.25 per share, record date February 15, payment date March 6.
• Additional series listed with varying amounts and dates.

The bank continues to demonstrate strong financial management with consistent dividend payments.

Bank of America has announced a $1 million donation to Discovery Place to enhance STEM education and workforce development in Charlotte, NC. This initiative aims to address the projected need for over 88,500 STEM jobs in the Mecklenburg County area by 2028. The partnership plans to support over 7,000 students in Title I schools, with a focus on underrepresented groups. The Bank of America STEM Center will serve as a hub for career education, fostering a skilled workforce essential for economic growth in the region.

Bank of America Institute's new analysis reveals that while 2022 saw strong consumer spending growth, 2023 poses challenges due to a weaker job market and easing inflation. Total card spending per household rose 5.9% YoY in 2022, but growth slowed to 2.2% in December. Spending on retail was 3.7% YoY, while services surged 10%. Average utility costs increased by 13% YoY. With rising living costs and moderated wage growth at 2.7% YoY, consumer spending is expected to be pressured, despite health-focused spending intentions indicated by increased gym membership searches.