Bank of America Stock Price, News & Analysis

Bank of America has launched CashPro Forecasting, a tool leveraging AI and ML to enhance the accuracy of cash flow predictions for its clients. This innovation, developed with a fintech partner, aims to automate cash forecasting, alleviating the manual effort traditionally involved. CashPro Forecasting integrates seamlessly with the existing CashPro platform, requiring no additional onboarding for clients. Key features include improved accuracy from historical data, customizable forecasting options, and the ability to report across multiple banks.

Bank of America (NYSE: BAC) is set to announce its fourth-quarter 2021 financial results on January 19. The results will be released at approximately 6:45 a.m. ET, followed by an investor presentation at 11:00 a.m. ET. Investors can access the news release and investor presentation through Bank of America's Investor Relations website.

Bank of America announced significant changes to its overdraft services effective February and May 2022. The changes include eliminating non-sufficient funds (NSF) fees and reducing overdraft fees from $35 to $10. Additionally, the transfer fee for Balance Connect for overdraft protection will be removed. These initiatives aim to decrease overdraft fee revenues by 97% from 2009 levels. The bank has implemented various solutions over the last decade to assist clients in managing their finances and avoiding overdrafts.

On January 10, 2022, Bank of America announced its Board of Directors authorized cash dividends on several series of preferred stock. Key details include:

• Series E: $0.25556, payable on February 15, record date January 31.
• Series F: $1,000, payable on March 15, record date February 28.
• Series G: $1,000, payable on March 15, record date February 28.
• Series X: $31.25, payable on March 7, record date February 15.

Dividends are primarily distributed quarterly, with some series on a semi-annual basis.

Bank of America announced the redemption of $500 million in 3.335% Fixed/Floating Rate Senior Bank Notes due January 2023. The redemption will occur on January 25, 2022, at a price equal to 100% of the principal amount, plus accrued interest. Payment for the redemption will be facilitated through The Depository Trust Company. This move reflects the bank's strategic financial management.

Bank of America Corporation announced the redemption of all $1.5 billion of its 3.124% Fixed/Floating Rate Senior Notes and $750 million of its Floating Rate Senior Notes, both due January 2023, on January 20, 2022. The redemption price includes 100% of the principal and accrued interest until the redemption date. Payment will be processed via The Depository Trust Company, with The Bank of New York Mellon Trust Company acting as trustee. The company highlights its strong client service base, with approximately 66 million consumer clients and significant digital banking growth.

Bank of America Corporation has announced regular cash dividends on its preferred stock series for the first quarter of 2022. Key details include:

• Series L: $18.125, payable on January 31
• Series HH: $0.3671875, payable on January 24
• Series MM: $21.50, payable on January 28
• Series NN: $0.2734375, payable on February 3
• Series PP: $0.2578125, payable on February 2

The record date for all series is January 1.

Bank of America has appointed Rita Sola Cook as the new President of Bank of America Chicago, succeeding Paul Lambert, who retired after 30 years. Cook, who joined the bank in 1997, previously held leadership roles in various divisions, including as Division Executive for the Midwest and Mid-Atlantic regions. She aims to connect banking resources across Chicagoland and address social concerns. Lambert's contribution included developing job pathways in underserved communities. The transition highlights continuity in leadership and commitment to community engagement.

The Bank of America Chicago Marathon is set to welcome back 40,000 participants in 2022 following a reduced field in 2021. The event, scheduled for October 9, 2022, will notify runners of their selection status today. Participants can also join through the Charity Program, which has raised over $265 million since 2002, including $21.4 million in 2021 alone. The race aims to ensure safety in collaboration with the City of Chicago and will share health guidelines before the event.