Bank of America Stock Price, News & Analysis

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.

Little Leaf Farms has successfully raised $300 million in new capital, primarily through equity financing from The Rise Fund and debt funding from Bank of America. This funding aims to support an aggressive expansion strategy that includes increasing their greenhouse acreage to 100 acres by 2026, with a new facility opening in McAdoo, Pennsylvania this July, which will immediately double their current acreage. The investments will enhance distribution, aiming to make locally grown lettuce available to over half the U.S. population.

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.