Bank of America Declares Second Quarter 2023 Preferred Stock Dividends

Rhea-AI Summary

Bank of America Corporation (NYSE:BAC) announced the authorization of cash dividends for its preferred stock series on March 13, 2023. The dividends are as follows: 7.25% Non-Cumulative Convertible Preferred Stock Series L ($18.125), payable on May 1, 2023; Fixed-to-Floating Rate Non-Cumulative Preferred Stock Series Z ($32.500), payable on April 24, 2023; and several others with varying dividend rates and payment dates in April and May. Notably, all dividends are scheduled for payment either quarterly or semi-annually, reflecting Bank of America's ongoing commitment to returning value to shareholders. Bank of America remains a leader in financial services.

Positive

• Consistent dividend payments demonstrate commitment to shareholder returns.
• Diverse series of preferred stock offers varying investment opportunities.

Negative

• None.

CHARLOTTE, N.C., March 13, 2023 /PRNewswire/ -- Bank of America Corporation today announced the Board of Directors has authorized regular cash dividends on the outstanding shares or depositary shares of the following series of preferred stock:

Series of Preferred Stock	Dividend per Share or Depositary Share1	Record Date	Payment Date
7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L	$18.125	April 1	May 1
Fixed-to-Floating Rate Non- Cumulative Preferred Stock, Series Z	$32.500	April 1	April 24
5.875% Non-Cumulative Preferred Stock, Series HH	$0.3671875	April 1	April 24
4.375% Non-Cumulative Preferred Stock, Series NN	$0.2734375	April 15	May 3
4.125% Non-Cumulative Preferred Stock, Series PP	$0.2578125	April 15	May 2
4.375% Fixed-Rate Reset Non- Cumulative Preferred Stock, Series RR	$10.9375000	April 1	April 27
6.125% Fixed-Rate Reset Non- Cumulative Preferred Stock, Series TT	$15.3125000	April 1	April 27

1	Each series of preferred stock, other than Series L, is represented by depositary shares. Dividend payments are made on a quarterly basis for each series of preferred stock, other than Series Z, for which dividends are paid on a semi-annual basis.

Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATM and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Investors May Contact:

Lee McEntire, Bank of America
Phone:  1.980.388.6780
lee.mcentire@bofa.com

Jonathan G. Blum, Bank of America (Fixed Income)
Phone: 1.212.449.3112
jonathan.blum@bofa.com

Reporters May Contact:

Bill Halldin, Bank of America
Phone: 1.916.724.0093
william.halldin@bofa.com

Christopher P. Feeney, Bank of America
Phone: 1.980.386.6794
christopher.feeney@bofa.com

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SOURCE Bank of America Corporation

FAQ

What are the dividend amounts for BAC preferred stock in Q2 2023?

The dividends for Q2 2023 for BAC preferred stock are: Series L - $18.125, Series Z - $32.500, Series HH - $0.3671875, Series NN - $0.2734375, Series PP - $0.2578125, Series RR - $10.9375, and Series TT - $15.3125.

When is the payment date for BAC preferred stock dividends?

The payment dates for the dividends include May 1, 2023 (Series L), April 24, 2023 (Series Z), April 24, 2023 (Series HH), May 3, 2023 (Series NN), May 2, 2023 (Series PP), April 27, 2023 (Series RR), and April 27, 2023 (Series TT).

What is the record date for BAC preferred stock dividends?

Record dates for the dividend payments include April 1, 2023 (Series L, Z, HH, and TT), April 15, 2023 (Series NN and PP).

How often does BAC pay dividends on preferred stock?

Bank of America pays dividends on preferred stock quarterly for most series, while Series Z pays dividends semi-annually.