Bank of America Stock Price, News & Analysis

Bank of America has introduced a new online payment solution called Pay by Bank, developed in collaboration with Banked Ltd. Initially available in the UK, this real-time payment method allows e-commerce customers to pay directly from their bank accounts without the need for credit or debit card details. Key benefits include enhanced security, reduced customer data storage, and lower transaction costs.

The rollout signifies Bank of America's commitment to technology investment aimed at improving customer experiences and supporting clients' competitive advantage in the market.

Bank of America announced a $1 million grant to the Motown Museum on Feb. 10, 2022, contributing to its $55 million expansion campaign. This funding aids the museum's $38 million raised for its expansion, which includes phase two construction of an outdoor plaza and educational programming. The museum aims to enhance community engagement and artistic development. Completion is expected by Summer 2022. The grant aligns with Bank of America’s commitment to supporting cultural initiatives that stimulate local economies and tourism.

Bank of America has announced that over 200 corporate and commercial clients, representing nearly 3 million employees, have adopted its Corporate Employee Banking and Investing program since its launch in 2020. This initiative aims to enhance the financial wellness of employees by providing them with improved banking, lending, and investment solutions. The positive feedback from clients indicates significant impacts on workforce financial health. Additionally, the company's 2021 Workplace Benefits Report revealed a growing focus among employers on supporting employees' financial wellness beyond retirement planning.

Bank of America Community Development Banking (CDB) reported a record $6.6 billion in loans and investments for 2021, exceeding the previous year's $5.9 billion. The CDB allocated $4.1 billion in debt commitments and $2.5 billion in investments to promote affordable housing and economic development nationwide. In 2021, over 13,000 housing units were financed, with 90% being affordable. Significant commitments included $1.6 billion for health-related services and $368 million to minority-led developers. CDB also launched a $60 million fund for BIPOC developers as part of a broader $1.25 billion initiative to advance racial equality.

Bank of America reported that its 67 million consumer clients made $335 billion in payments during January, marking a 17% increase from January 2021, and the second highest month of spending recorded. Total payments for 2021 reached $3.8 trillion, a 24% increase over pre-pandemic levels in 2019. Notably, credit and debit card spending rose to $65 billion, up 16% year-over-year. Key growth areas included travel and retail, with travel spending increasing by 120%. The company anticipates continued strong consumer spending trends throughout 2022.

Bank of America Corporation declared a quarterly cash dividend of $0.21 per share on common stock, payable on March 25, 2022, to shareholders of record as of March 4, 2022. Additionally, a dividend of $1.75 per share was declared on the 7% Cumulative Redeemable Preferred Stock, Series B, payable on April 25, 2022, to shareholders of record as of April 8, 2022. Bank of America serves approximately 67 million clients across 4,200 retail financial centers and 16,000 ATMs with a strong digital banking presence.

On February 2, 2022, Solidarity Microfinance announced a $300,000 grant from Bank of America, aimed at supporting Iowans in achieving financial goals and expanding businesses over three years. This funding will enhance the organization's efforts to provide small business loans and training, particularly to underserved communities. With this initiative, Bank of America continues its commitment to advancing racial equity and economic opportunity, as part of a broader $1.25 billion investment over five years.