Bank of America Corporation - BAC STOCK NEWS

Bank of America has committed $10 million to Johnson C. Smith University (JCSU) in Charlotte, NC, as part of a broader $1.25 billion initiative aimed at advancing racial equality and economic opportunity. This funding supports various efforts, including educational programs, closing the digital divide, and increasing employment opportunities for diverse candidates. The university aims to strengthen its business program and foster entrepreneurship among Black students. This latest investment contributes to over $25 million allocated for the Mayor's Racial Equity Initiative in the area.

Bank of America has launched Account Validation, a new fraud prevention service aimed at corporate and public sector clients. This service allows clients to verify account status and authenticate account ownership before processing payments, mitigating fraud risks. Powered by Early Warning Services, Account Validation enhances real-time payment processing, ensuring compliance with the NACHA WEB Debit Account Validation rule. The service is designed to reduce misdirected payments and improves operational efficiency, aiding companies in saving time and money.

Bank of America released a study revealing that 80% of Gen Z (ages 18 to 24) have taken positive financial actions in the past year, with 70% increasing savings and 26% investing. Despite pandemic challenges, 68% remain optimistic about their financial futures, prioritizing savings and frugality. Key barriers include insufficient income and job instability, with 34% rating their financial knowledge as low. The research highlights disparities among racial groups and gender in financial independence and education access, indicating a crucial need for enhanced financial education tailored to diverse communities.

Frontdoor, Inc. has expanded its board of directors to nine members by appointing D. Steve Boland, currently chief administrative officer at Bank of America Corporation, as a new director effective October 21, 2021. Boland, who has significant experience in customer-focused, digitally enabled businesses, will also serve on the nominating and corporate governance committee. His expertise in strategic planning and public policy is expected to enhance Frontdoor's operational goals.

Bank of America has launched the Business Advantage Unlimited Cash Rewards card, allowing small business owners to earn 1.5% cash back on all purchases with no expiration on cash rewards. Clients can redeem cash back anytime for statement credits or deposits, and the card incurs no annual fee. Members of the Preferred Rewards for Business program can earn up to 2.62% cash back. Additionally, an innovative bill payment and invoicing solution is introduced to enhance the digital experience for business clients.

Bank of America declared a quarterly cash dividend of $0.21 per share, payable on December 31, 2021, to shareholders of record by December 3, 2021. Additionally, the company renewed its $25 billion common stock repurchase program, having repurchased approximately $14 billion so far. The CET1 ratio stands at 11.1%, above the 9.5% requirement, ensuring continued capital distributions. The Board also announced a $1.75 dividend on Series B Preferred Stock, payable on January 25, 2022.

Bank of America's recent report highlights the increasing significance of homeownership for first-generation homeowners. Key findings include that 69% of these homeowners believe homeownership's importance has risen over the past year, and 61% value equity building more than non-first-generation homeowners. Financial support from family is crucial, with 37% of first-time buyers receiving assistance. The bank's Community Homeownership Commitment has allocated over $270 million in grants to over 29,000 homebuyers, facilitating easier access to homeownership through innovative financing solutions.

Bank of America Corporation has announced cash dividends for its preferred stock for Q4 2021. Dividends include $0.25556 for Series E, due November 15; $1,011.11111 for Series F and G, due December 15; and $26.00 for Series U, due December 1. Other dividends range from $0.1875 to $0.375. Record dates for these dividends vary from November 1 to November 30. This underscores the company's commitment to returning value to shareholders amidst ongoing operations in banking, investment, and asset management.