Bank of America Stock Price, News & Analysis

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.

Bank of America achieved a record-breaking milestone in 2022, with 608 patents granted, a 19% increase from the previous year. Notable innovations span areas like artificial intelligence, machine learning, and information security. The bank's total patent portfolio now stands at 5,837 patents, attributed to over 6,700 inventors globally. Additionally, it has climbed to 75th place in the Intellectual Property Owners Association's Top 300 list. Furthermore, 26% of the bank's inventors are women, contrasting with the global average of 17%.

Bank of America (BAC) announced a new financing option allowing consumers to finance electric vehicle (EV) chargers alongside auto loans. This initiative is in response to increasing demand for convenient EV ownership solutions. By 2030, the U.S. is projected to host nearly 27.5 million at-home chargers, up from 1.3 million in 2021. At-home charging stations cost between $200 and $2,000. The financing aligns with the Inflation Reduction Act's aim to boost clean energy technologies. BAC collaborates with over 10,000 dealers nationwide, promoting a substantial increase in EVs from 2.4 million in 2021 to an anticipated 26.4 million by 2030.