Bank of America Stock Price, News & Analysis

Bank of America expands its market-leading Virtual Account Management (VAM) solution to the United States, following its previous rollout in the UK, Ireland, and the Netherlands. This innovative system allows companies to open virtual accounts that enhance working capital management, enabling real-time transaction visibility and treasury efficiency. The VAM solution integrates with the CashPro® platform and supports various payment methods. Future global expansions to Europe, LATAM, and Asia are planned for 2022 and 2023, aiming to streamline treasury operations for Fortune 1000 clients.

Bank of America has pledged $40 million in low-cost capital to enhance health care access in underserved communities across the U.S. This funding aims to develop community health care centers, partnering with non-profit community development financial institutions (CDFIs). Additionally, $100,000 will be allocated for operational support of CDFIs. This initiative aligns with the bank's focus on advancing racial equality and economic opportunity, following a $25 million collaboration to improve health outcomes in minority communities.

Bank of America Corporation's Board of Directors has authorized cash dividends on various series of preferred stock. The dividends include:

• 7.25% Non-Cumulative Preferred Stock, Series L: $18.125 per share, payable August 1, with a record date of July 1.
• 5.875% Non-Cumulative Preferred Stock, Series HH: $0.3671875 per share, payable July 25, with a record date of July 1.
• Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series MM: $21.50 per share, payable July 28, with a record date of July 1.

This dividend declaration reflects the company's commitment to return value to shareholders.

Bank of America has announced the 2022 recipients of its Art Conservation Project, funding 19 cultural restoration projects globally. This initiative, since its inception in 2010, has conserved over 6,000 pieces of art through partnerships with nonprofit institutions in 39 countries. Notable grant recipients this year include the Brooklyn Museum and Notre-Dame de Paris. Brian Siegel, the bank's global arts executive, emphasized the importance of art preservation for future generations. This program highlights Bank of America's commitment to arts support and cultural heritage.

Bank of America Institute's latest Consumer Checkpoint report indicates a resilient U.S. consumer spending landscape, despite inflationary pressures. In May, credit and debit card spending rose 9% year-over-year, fueled by a 16% increase in credit card spending. Overall payments grew by 6%, with transaction volumes up 8%. Notably, gasoline spending surged to 7.8% of total spending. Regional disparities exist, with Miami showing a 6.8% increase in household spending versus 1.4% in Chicago. Overall, households maintain higher savings than pre-pandemic levels.

Bank of America announces plans to expand its partnership with Electrify America, aiming to double the number of electric vehicle (EV) charging stations at its financial centers by the end of 2023. Currently, there are 172 chargers at 46 locations, with an increase to over 350 expected. This initiative supports the company's commitment to sustainability, enhancing access to EV infrastructure across several states, including California and New York. The collaboration aligns with Bank of America's goal to promote low-carbon solutions and accelerate the transition to electric transportation.

Bank of America has announced an increase in its U.S. minimum hourly wage to $22, effective at the end of June 2022, as part of its plan to reach $25 by 2025. This raise will elevate the annual salary for full-time employees to over $45,000. The bank has progressively raised its minimum wage over the past five years, starting from $15 in 2017. This initiative continues to reinforce the bank's commitment to being a leading employer and enhancing employee welfare through competitive pay and comprehensive benefits.

Bank of America has announced its financial reporting dates for the upcoming quarters in 2023. The schedule includes:

• Fourth Quarter 2022 – January 13, 2023
• First Quarter 2023 – April 18, 2023
• Second Quarter 2023 – July 18, 2023
• Third Quarter 2023 – October 17, 2023

The Bank of America Institute's latest Small Business Checkpoint report reveals significant growth in small business spending. Aggregate credit and debit card spending rose 16% year-over-year in April, with credit card spending increasing by 20%. Total payments grew 14% per client, indicating spending growth amid inflation. Small business clients also experienced 16% growth in deposit balances. Travel spending surged 57% year-over-year, while ACH and wire payments grew by 24% and 18% respectively, showcasing resilience as businesses recover from pandemic impacts.