Bank of America Corporation - BAC STOCK NEWS

Bank of America's CashPro App has achieved a significant milestone, surpassing $500 billion in corporate payment approvals by mid-2024, a nearly 40% increase from the previous year. The app is on track to reach $1 trillion in approvals by year-end. CashPro, BofA's digital banking platform, serves 550,000 users at 40,000 companies globally. The app's adoption has accelerated, with over 100 business days exceeding $3 billion in daily payment approvals. The largest single-day approval reached $11 billion in December 2023. The CashPro App has been ranked No. 1 in Coalition Greenwich's Digital Transformation Benchmarking Study for 2023 and 2024, highlighting its innovative design and client-focused approach.

Bank of America announced an 8% increase in its quarterly cash dividend to $0.26 per share, payable on September 27, 2024, to shareholders of record on September 6, 2024. The company's Board also authorized a $25 billion stock repurchase program, effective August 1, 2024, replacing the existing program with a remaining $6.7 billion repurchase capacity as of June 30, 2024. The new repurchase program aims to return excess capital to shareholders while maintaining regulatory capital levels and supporting business growth. Additionally, a regular quarterly cash dividend of $1.75 per share was declared for the 7% Cumulative Redeemable Preferred Stock, Series B, payable on October 25, 2024, to shareholders of record as of October 11, 2024.

Bank of America is celebrating 20 years of its Student Leaders® program, a signature philanthropic initiative that provides paid summer internships to high school juniors and seniors. Since 2004, the program has:

• Placed 4,500 students in internships across nearly 100 communities
• Partnered with over 500 local nonprofits
• Invested $42 million in youth workforce development

The program aims to prepare a diverse pipeline of young adults for success in the modern workforce by offering early work experience, leadership skills, and financial education. Many former participants have gone on to become leaders in various fields, including business, nonprofit sector, and even politics. The program culminates in a leadership summit in Washington, D.C., fostering networking and learning opportunities for participants.

Bank of America (NYSE: BAC) has announced its Board of Directors' authorization of regular cash dividends on outstanding shares or depositary shares of various series of preferred stock for the third quarter of 2024. The announcement details dividend rates, record dates, and payment dates for 16 different series of preferred stock. These include floating rate, fixed-to-floating rate, and fixed-rate non-cumulative preferred stocks.

Dividend payments are generally made on a quarterly basis, except for Series X, AA, DD, and FF, which are paid semi-annually. The dividend amounts range from $0.2656250 to $1,533.54544 per share or depositary share, depending on the series. Record dates span from July 31 to September 1, with payment dates ranging from August 15 to September 25, 2024.

The 46th Bank of America Chicago Marathon, set for October 13, 2024, has announced its professional athlete field. The event features top marathon stars including Sutume Kebede, the eighth fastest woman of all time, and Amos Kipruto, a major marathon winner. The women's field includes Ruth Chepngetich, the fourth fastest woman in history, while the men's field sees Vincent Ngetich making his U.S. debut. American contenders include Keira D'Amato and Zach Panning.

In the wheelchair division, defending champions Marcel Hug and Catherine Debrunner return to attempt repeating their victories and bettering their 2023 course records. The event expects over 50,000 participants, with media credential applications open until September 13.

Star Mountain Capital, a specialized investment firm with over $4.0 billion in assets under management, has announced the appointment of James Camarda as Managing Director. Camarda, a former Merrill Lynch alternative investments specialist, brings two decades of expertise to Star Mountain's Tampa, Florida office. He will focus on portfolio optimization investments and potential liquidity needs through Star Mountain's secondaries business.

Camarda's role will include forming and managing strategic partnerships with wealth management platforms and other investors. His experience at Merrill Lynch, where he led a team of specialists and managed a seven-state territory, positions him well to capitalize on opportunities in the lower middle-market, which makes up nearly 50% of the U.S. economy. Star Mountain's focus on this market segment aims to provide exposure to an area many portfolios lack.

Bank of America (NYSE: BAC) has released its second quarter 2024 financial results. The company will host an investor conference call at 8:30 a.m. ET today, featuring CEO Brian Moynihan and CFO Alastair Borthwick. Investors can access the call by dialing 1.877.200.4456 (U.S.) or 1.785.424.1732 (international) with conference ID 79795. Live audio and presentation slides will be available on the company's Investor Relations website.

Bank of America serves approximately 69 million consumer and small business clients with 3,800 retail centers, 15,000 ATMs, and 58 million verified digital users. The bank offers a wide range of financial services globally, including wealth management, corporate and investment banking, and small business support across more than 35 countries.

Bank of America (NYSE: BAC) has launched a new intelligent transaction search tool with investigation capabilities on its CashPro platform. This tool, designed for corporate finance departments, treasurers, and CFOs, promises to simplify the management and analysis of financial transactions. CashPro, used by 40,000 companies globally, now offers a search engine that provides full visibility into transactions, including payment statuses and Swift GPI tracking details. Clients can also initiate and track transaction inquiries directly within the platform, improving efficiency and reducing the need for phone calls or emails. Since its initial deployment, CashPro Search has been used 7 million times. Bank of America highlights this innovation as part of its broader CashPro Data Intelligence suite, which includes other features like CashPro Insights and CashPro Supply Chain Solutions.

According to a recent Bank of America study, 46% of Gen Z adults (ages 18-27) receive financial support from their parents. The study, part of the Better Money Habits® financial education initiative, highlights that 52% of Gen Zers feel their income is insufficient to achieve their desired lifestyle, with the high cost of living being a significant barrier. Consequently, many are delaying major milestones such as homeownership (50%), retirement savings (46%), and investing (40%).

To manage their finances, 67% are making lifestyle adjustments like dining out less (43%) and opting for cheaper groceries (24%). Despite a strong labor market, a significant portion still struggles with savings, with 57% lacking emergency savings and only 15% regularly contributing to savings accounts. Notably, 82% of Gen Zers have financial goals, focusing on daily expense management and budgeting.

Furthermore, 54% of Gen Zers do not cover their housing costs, and among those who do, 64% spend over 30% of their monthly income on housing. The study emphasizes the importance of financial education and empowerment for Gen Z to achieve long-term financial health.