Bank of America Stock Price, News & Analysis

Bank of America has announced grants totaling $1.5 million to 28 nonprofits in New Jersey, focusing on workforce development and education. This initiative aims to help vulnerable communities address basic needs, including food access, as the state recovers from the COVID-19 pandemic. With an unemployment rate of 4.1%, higher than the national average, the bank emphasizes job creation and economic mobility. Since 2017, Bank of America has contributed $30 million to local organizations, reflecting its commitment to improving economic opportunities.

Bank of America reported its second-quarter 2022 financial results on July 18, showcasing its extensive services to 67 million clients through 4,000 retail centers and 16,000 ATMs. The financial institution is a leader in wealth management and corporate banking, operating in around 35 countries. For detailed insights, investors can access information on their Investor Relations website. A conference call with executives will discuss these results, available for replay until July 28.

On July 13, 2022, Bank of America Corporation announced its Board of Directors approved cash dividends for various series of preferred stock. Key dividends include: $0.25556 for Series E (payable on August 15, record date July 29), $1,022.22222 for Series F and G (payable on September 15, record date August 31), and $31.25 for Series X (payable on September 6, record date August 15). Dividends will be distributed quarterly or semi-annually depending on the series. This demonstrates the company’s commitment to returning value to shareholders.

Bank of America is set to announce its second-quarter 2022 financial results on July 18, 2022. Results will be released at approximately 6:45 a.m. ET, followed by an investor presentation at 8:30 a.m. ET. Investors can access the news release and presentation through the Investor Relations website. The conference call will be available via dial-in for investors.

Bank of America reported a 11% year-over-year increase in aggregated credit and debit card spending for June, following 13% and 9% growth in previous months. Credit card spending alone rose by 16% while debit card spending increased by 6%. Despite a 3.3% growth per household over the prior 28 days, spending growth shows signs of slowing. In June, gas spending accounted for 9.8% of total card spending among lower-income households. The overall economic backdrop remains challenging, yet household balance sheets are said to be in a strong position.

Bank of America, based in Charlotte, N.C., announced plans to raise its quarterly dividend by 5% to $0.22 per share, effective Q3 2022. This decision follows the Federal Reserve's 2022 Comprehensive Capital Analysis and Review (CCAR), which revealed that the bank's stress capital buffer will increase by 100 basis points, affecting its CET1 capital requirement starting October 1, 2022. As of March 31, 2022, Bank of America had $170 billion in regulatory CET1 capital and a CET1 ratio of 10.4%.

Bank of America released a report highlighting women's financial wellness. While 94% believe they will manage their finances, only 48% feel confident, and just 28% feel empowered to act. Many are adept at everyday tasks like budgeting (53%), yet struggle with long-term goals such as saving for emergencies (44%) and retirement (36%). The report also notes that younger women are more open about financial discussions. A significant finding is that 44% regret not investing sooner. Bank of America emphasizes the importance of empowering women with financial tools and knowledge.

Bank of America has launched an exclusive travel program for ultra-high-net-worth clients in partnership with Indagare. This initiative, part of the Preferred Rewards program, offers members unique travel experiences and virtual tours. Clients with at least $10 million in assets can access bespoke trips like private tours in Napa Valley and Paris. Despite inflation challenges, consumer spending, particularly on travel, is booming, demonstrating a robust recovery in leisure activities.