Bank of America Corporation - BAC STOCK NEWS

Bank of America Corporation announced cash dividends on several series of preferred stock, indicating a commitment to returning value to shareholders. The key dividends include: 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L at $18.125 payable on January 30; 5.875% Non-Cumulative Preferred Stock, Series HH at $0.3671875 on January 24; Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM at $21.50 on January 30; and others with varying rates. The record date for most is January 1, emphasizing BAC's steady financial performance.

Bank of America announced a donation of $8 million to local hunger organizations, bringing the total to nearly $19 million for hunger relief in the U.S. and Puerto Rico. This donation is part of its second employee booster campaign, which previously contributed $10.6 million in early 2022. The campaign promotes health by donating for COVID-19 vaccinations and includes $1.5 million for international hunger organizations. Since 2015, Bank of America has donated nearly $150 million towards hunger relief efforts.

Bank of America, in partnership with Operation HOPE, will expand its HOPE Inside program to 180 financial centers across 17 U.S. markets in 2023. The initiative aims to provide free financial counseling, improving savings, reducing debt, and enhancing credit scores for individuals facing economic challenges. The program, initially launched in Atlanta and Los Angeles, has already delivered over 2,700 counseling sessions and more than 300 financial education workshops, with clients seeing an average FICO score increase of 21 points and annual savings growth of $4,313.

Bank of America (NYSE: BAC) announced the expiration and results of its tender offers, which aimed to purchase up to $1.5 billion in Depositary Shares representing certain series of preferred stock. The offers expired on December 9, 2022, and the total consideration for accepted shares amounts to approximately $661.5 million. All validly tendered shares will be accepted for purchase as the total tendered was less than the maximum purchase amount. The settlement date is expected to be December 13, 2022.

BofA Global Research projects a challenging economic landscape in 2023, predicting recessions in the U.S., Euro Area, and UK. The firm's report anticipates corporate earnings and economic growth pressures in the first half of the year, with a potential recovery in the second half as inflation eases. Key insights include a projected S&P 500 year-end target of 4000 and earnings per share of $200. Additionally, U.S. Treasury yields are expected to decline by year-end, while sectors previously affected by rising rates may improve. China's reopening is seen as a significant factor in global markets.

Bank of America announced the appointment of Jim Morehead as president of its Seattle division, succeeding Jeremey Williams who becomes Community Relations Manager Executive. Alex Yang will take over as Seattle Market Executive, partnering with Morehead on local strategies. Morehead brings over 25 years of banking experience, managing a team serving companies with revenues between $50 million and $2 billion. He has been with Bank of America since 2016. The changes emphasize the bank's commitment to community engagement and economic development in the region.

Bank of America Institute's recent publication reveals that American consumers maintain strong financial health despite inflationary pressures. Median household savings and checking balances are above pre-pandemic levels. November card spending per household increased by 1.7% YoY, indicating resilience in consumer spending, especially in services. The report noted a significant rise in Buy Now Pay Later (BNPL) use, growing from 0.3% in 2019 to 2% of online card spending. While credit and debit card spending rose 4% YoY, total payment growth slowed due to a 31% YoY decrease in wire payments.