Bank of America Stock Price, News & Analysis

Bank of America awarded St. Petersburg College a $1 million grant aimed at enhancing economic mobility in the Tampa Bay region. The partnership focuses on placing a minimum of 500 students into high-wage careers over the next three years, particularly targeting students of color and those facing financial challenges. This initiative includes creating a concierge-based service model and a centralized alignment office to connect education with industry needs. This grant is part of the bank's broader $1.25 billion commitment to advancing racial equality and economic opportunity.

The Bank of America Chicago Marathon team announces the launch of registration for the inaugural Bank of America Chicago 13.1, a world-class half marathon scheduled for June 5, 2022. This event will also feature a three-day health and wellness festival from June 3 to June 5, showcasing the vibrant neighborhoods of Chicago's West Side. Runners can register for $95, with fees increasing to $115 prior to the race. The event includes a charity program requiring participants to fundraise a minimum of $500 for selected community-focused charities.

Bank of America awarded a $1 million grant to JobTrain to support the construction of its new Center for Economic Mobility in East Palo Alto. This initiative aims to enhance job training and placement services for low-income communities in San Mateo and Santa Clara Counties. The grant is part of Bank of America's $1.25 billion commitment to advance racial equality and economic opportunity. The pandemic significantly impacted the community's economic stability, with median income in East Palo Alto at $52,716 compared to the Bay Area's average of $140,000.

Bank of America announced its fourth-quarter 2021 financial results today, delivering comprehensive insights into its performance. The company serves approximately 67 million clients in the U.S. through 4,200 financial centers, 16,000 ATMs, and boasts 41 million digital banking users. CEO Brian Moynihan and CFO Alastair Borthwick will discuss these results in a conference call at 11:00 a.m. ET. For further details, the news release and presentation are available on their Investor Relations website.

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.