Bank of America Stock Price, News & Analysis

Bank of America has announced the declaration of cash dividends on several series of preferred stock. Notable dividends include $18.125 per share for the 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L, payable on October 31, 2022. Other dividends include $32.50 for Series Z, $0.3671875 for Series HH, and $0.2734375 for Series NN, with various payment dates in October and November 2022. This move reflects Bank of America's ongoing commitment to returning value to shareholders.

Bank of America has appointed José E. Almeida as a director, effective immediately. Almeida, 59, has a robust background in leading global organizations, currently serving as CEO of Baxter International. His previous leadership roles include positions at Covidien and Tyco Healthcare. Almeida's experience is expected to enhance the board's depth. He will join both the Audit Committee and the Compensation and Human Capital Committee. Almeida holds a mechanical engineering degree from Instituto Mauá de Tecnologia. This leadership change could positively influence strategic decisions at Bank of America.

Bank of America's latest Better Money Habits research reveals that 73% of Gen Z (ages 18-25) find the current economic environment challenging for saving, with 59% citing inflation as a significant barrier. Despite these challenges, 75% are actively seeking additional income through various means. Key priorities include education (40%) and career advancement (32%). The report also highlights disparities based on race and gender, with notable differences in financial independence among Black/African American and Hispanic Gen Z. Overall, 66% of Gen Z are currently saving, reflecting a cautious optimism (58%) about their financial futures.

Bank of America has awarded a $220,000 grant to Union College to support the Progresando Initiative, aimed at enhancing healthcare career pathways for Hispanic-Latino students. This initiative targets retention and completion rates in healthcare programs, addressing the shortage of culturally sensitive providers. The program anticipates benefiting over 6,200 students nationwide within two years. Key support includes cohort-based tutoring, financial assistance, and access to bilingual mentorship.

Bank of America reported that consumer spending remains strong, with childcare payments up 9.7% year-over-year in August and nearly reaching pre-pandemic levels at 94% of January 2020 figures.

Utility payments rose by 16% year-over-year, impacting consumer budgets despite falling gas prices. Overall, total payments increased by 13%, with card spending per household rising 5%. However, back-to-school spending saw a decline of 4%. Bank of America's insights suggest that while consumers have solid spending and savings buffers, they are facing pressures from rising costs.

Bank of America has achieved a record-breaking milestone by securing 341 patents in the first half of 2022, representing a 50% increase year-over-year. This accomplishment positions the bank as the leading financial services firm in the U.S. for patents granted, with a total of 5,556 patents pending or granted. The innovative patents focus on key areas such as security, payment technologies, and artificial intelligence. Notably, 26% of the bank's inventors are women, surpassing the national average. This commitment to innovation underscores the bank's drive to enhance client experience and safeguard information.

Bank of America has launched a Small Business Down Payment Grant Program aimed at aiding women and minority business owners in select U.S. cities including Atlanta, Chicago, Charlotte, Dallas, and Los Angeles. The initiative addresses barriers to commercial loan access, providing down payment grants up to $25,000 for eligible applicants. With plans to expand in 2023, the program also includes partnerships with local non-profits for financial education. This effort is part of Bank of America's broader commitment to support small business growth and address inequalities in ownership.