Bank of America Corporation - BAC STOCK NEWS

The 2024 Bank of America Private Bank Study reveals significant generational differences in investment strategies among high-net-worth individuals. Millennials and Gen Z allocate three times more of their portfolios to alternative investments compared to older generations.

While 72% of younger investors (ages 21-43) believe traditional stocks and bonds can't yield above-average returns, only 28% of older investors share this view. Younger investors hold 47% of their portfolios in stocks and bonds, compared to 74% for older investors, and allocate 17% to alternatives versus 5% for older generations.

Cryptocurrencies and gold are highly favored by younger investors, with 49% owning cryptocurrencies and 45% owning physical gold. Millennials and Gen Z show keen interest in supporting causes like homelessness and social justice. However, gaps in generational wealth planning persist, with 52% lacking basic estate planning elements.

In the next decade, women are expected to control $30 trillion in U.S. wealth, significantly influencing financial decision-making.

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.

National investment loss and securities attorneys KlaymanToskes announced a FINRA arbitration claim against Merrill Lynch, a division of Bank of America (NYSE: BAC), on behalf of a former financial advisor seeking to recover over $3.2 million in deferred compensation damages. The claim alleges that Merrill Lynch's 'Cancellation Rule,' which requires a vesting period of five to eight years, violated the Employee Retirement Income Security Act's (ERISA) anti-forfeiture provisions, resulting in withheld compensation. KlaymanToskes encourages other former Merrill advisors with similar losses exceeding $100,000 to explore their legal options.

Bank of America has announced its financial reporting dates for 2025. Quarterly results will be released by press release at 6:45 a.m. Eastern Time, followed by investor calls: Q4 2024 on January 16, 2025 at 11 a.m., Q1 2025 on April 15, 2025 at 8:30 a.m., Q2 2025 on July 16, 2025 at 8 a.m., and Q3 2025 on October 15, 2025 at 8:30 a.m.

The press releases, live webcasts, and related materials will be available on the Bank of America investor website. Replays and transcripts will also be provided post-event. Bank of America, a leading financial institution, serves approximately 69 million clients across various channels, including 3,800 retail centers and 15,000 ATMs. The company's stock is listed on the NYSE under the ticker symbol BAC.

National securities attorneys KlaymanToskes are investigating Merrill Lynch, a division of Bank of America (NYSE:BAC), over allegations of illegal withholding of deferred compensation for former financial advisors.

The firm has filed arbitration claims under ERISA and urges ex-Merrill brokers with losses over $100,000 to contact them. KlaymanToskes, led by Lawrence L. Klayman, specializes in securities arbitration and has recovered substantial amounts in previous cases.

The firm operates in multiple locations, including California, Florida, New York, and Puerto Rico.

The 128th Boston Marathon, sponsored by Bank of America, set a new fundraising record by raising $71.9 million for charity, surpassing last year's $40.2 million. The event involved 168 non-profit organizations and countless runners and donors, bringing the total fundraising since 1989 to over $550 million. Major contributors included Rob Hale and his wife Karen, who donated $26.2 million. Bank of America's My Marathoner campaign played a key role in amplifying the charity efforts. The Bank of America Boston Marathon Official Charity Program represents nearly 10% of the marathon's participants, with a substantial portion of funds going to local non-profits. A Boston Marathon Giving Day held on March 15, 2024, further boosted donations with incentives and support from Bank of America.

Bank of America's 2024 Workplace Benefits Report reveals an increase in the financial wellness of American workers, with 47% feeling financially well compared to 42% last year. The report, based on surveys of nearly 1,000 employees and over 800 employers, highlights concerns about economic uncertainty, inflation, and retirement savings.

Key findings include a significant gender gap in financial wellness, with 53% of men feeling financially well versus 36% of women. Additionally, 76% of workers feel that the cost of living is outpacing their salary growth. Despite these concerns, job loyalty remains high, with 70% intending to stay in their jobs for the next year.

Other insights show proactive steps by employees to improve financial wellness, a growing interest in debt assistance benefits, and a need for better communication about caregiver support. Pay equity and wellness reimbursements also emerge as important trends in employee benefits.

Bank of America (NYSE: BAC) announced the full redemption of its Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series JJ, and Series U, along with their corresponding depositary shares. The Series JJ Preferred Stock and corresponding depositary shares will be redeemed on June 20, 2024, at $1,000 per depositary share. Declared dividends of $25.625 per depositary share will be paid separately for the period ending June 20, 2024.

The Series U Preferred Stock and corresponding depositary shares will be redeemed on June 17, 2024, at $1,000 per depositary share, inclusive of accrued dividends up to the redemption date. Regular dividends for the Series U Depositary Shares will be paid separately on June 3, 2024. Payment for these redemptions will be handled by Computershare Inc. and Computershare Trust Company, N.A., following The Depository Trust Company procedures.

A new Bank of America Homebuyer Insights Report (HBIR) reveals that 70% of prospective homebuyers fear the financial repercussions of renting long-term, and 72% are concerned about rent increases impacting their finances. High interest rates and home prices have led to 57% of respondents being unsure about purchasing a home, up from 48% last year. Among first-time homebuyers, this uncertainty rises to 62%.

While 37% of respondents believe renting is currently the better option, 76% plan to buy a home within five years. The report highlights a generational divide, with 80% of baby boomer renters favoring renting over buying due to the freedom and reduced responsibilities it offers. Additionally, prospective buyers lack confidence in understanding mortgages and financial terms, with 41% unsure about financing, interest rates, and homebuying terminology.

Bank of America aims to support low- and moderate-income homebuyers through its $15 billion Community Homeownership Commitment, offering up to $17,500 in grants for down payments and closing costs.