Bank of America Stock Price, News & Analysis

Beginning in 2024, Bank of America will be the presenting partner of the Boston Marathon, marking a significant decade-long agreement. This partnership aims to enhance community engagement and promote a healthy lifestyle through running. The collaboration underscores shared values in community support and leadership. Bank of America has previously shown substantial economic impact through its sponsorship of events like the Chicago Marathon, generating over $386 million for local economies. This strategic move is expected to broaden the Marathon's reach and impact on a global scale.

Bank of America Institute's recent analysis reveals a significant increase in housing costs in the U.S., with median rent payments rising by 8% and mortgage payments by 7% year-over-year as of February 2023. Particularly in the Sun Belt cities like Phoenix and Tampa, rent increased by 26% and 23%, respectively, well above the national average. This surge contrasts with slower growth in cities outside this region, such as San Francisco, which saw only 2.5% rent growth. Factors driving these trends include domestic migration, affordability, job creation, and higher-paid positions in technology and finance, which have intensified housing demand in the Sun Belt.

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.

The BFM Fund, a seed-stage venture fund in Portland, has received an equity investment from Bank of America. This fund, led by a women of color team, targets investments in Black founders and aims to address funding gaps for minority-owned businesses across the U.S. The BFM Fund's portfolio includes startups like Saysh, Hued, and Glow Up Games. Although the exact investment amount is undisclosed, Bank of America is a significant investor in the fund's first close. The initiative aligns with Bank of America’s commitment to drive economic equity and support diverse entrepreneurs, contributing to broader economic growth.

On March 2, 2023, Bank of America (NYSE: BAC) announced it has received the J.D. Power Financial Health Support Certification for the second consecutive year, recognizing its excellence in customer satisfaction regarding financial health support. This certification highlights the bank's commitment to enhancing client financial wellness through comprehensive support and educational resources. The certification measures customer experiences, guiding clients in managing budgets and achieving financial goals. The bank has strengthened its offerings, focusing on five key pillars: simplifying finances, managing money, leveraging expert advice, building financial knowledge, and providing timely assistance.

Bank of America Corporation (NYSE: BAC) announced the redemption of two series of Senior Notes totaling $4.5 billion, scheduled for March 5, 2023. The redemption includes $1.5 billion of Floating Rate Senior Notes and $3 billion of 3.550% Fixed/Floating Rate Senior Notes, both maturing in March 2024. Investors will receive 100% of the principal plus accrued interest, paid on the next business day, March 6, 2023, as the redemption date falls on a non-business day.

The Bank of New York Mellon Trust Company, N.A. will act as the trustee for these notes.

Bank of America Community Development Banking (CDB) achieved a record output in 2022, providing $7.85 billion in loans and investments, an increase from $6.7 billion in 2021. This marks the sixth consecutive year of growth, doubling financing since 2016. Key contributions included $5.2 billion in debt and $2.7 billion in investments aimed at affordable housing and economic development. The financing enabled the creation of over 13,000 housing units, including 10,000 affordable units, while supporting minority developers with more than $630 million in funding.

Bank of America Institute reports a 5.1% year-over-year increase in consumer spending per household for January, a notable rise from December's 2.2%. This growth stems from several factors including increased minimum wages in over 20 states, an 8.7% increase in social security payments, and a resilient labor market. Despite challenges like food and rent inflation, households retain elevated savings, countering spending limits. Credit and debit card spending was up 8.6% YoY in December. The Consumer Checkpoint aims to analyze consumer spending trends, offering insights from the bank's comprehensive data.