Bank of America Stock Price, News & Analysis

Bank of America has launched a $4.2 million partnership with NPower and Urban Alliance to connect students, particularly from communities of color, with technical skills and job opportunities. This initiative aims to provide over 1,500 students with digital literacy training and career pathways in tech. Bank of America has invested $160 million since 2018 to connect youth with jobs, demonstrating its commitment to advancing racial equality and economic opportunity. The collaboration will offer internships and skills training, empowering high school students for upward mobility in the workforce.

The Black Future Co-op Fund, University of Washington's Consulting and Business Development Center, and Bank of America have partnered to enhance sustainability for Black-led businesses and nonprofits in Washington state. The initiative includes a $500,000 grant from Bank of America to provide technical assistance, leadership training, and funding access. Recent findings revealed over 500 Black-owned businesses in the state, with 65 closing recently, largely due to pandemic impacts. This collaboration aims to address systemic barriers and foster wealth creation for Black communities.

Bank of America has launched its first financial centers in Kentucky, with three centers now operational in Lexington. These centers will offer retail banking, lending, small business services, and personalized financial guidance from Merrill. The bank has also enhanced its presence with 20 new ATMs, totaling 27 across the state. Plans for a fourth center in Lexington are underway. Bank of America has a long-standing history in Kentucky, having served clients for over 40 years. The bank's commitment includes a $25 minimum wage by 2025 and substantial employee benefits.

Bank of America Corporation announced the authorization of regular cash dividends for preferred stockholders. The 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L, will pay $18.125 per share on July 30, with a record date of July 1. Additionally, the 5.875% Non-Cumulative Preferred Stock, Series HH, will pay $0.3671875 per share on July 26, with a record date of July 1. Other series include Fixed-to-Floating Rate Preferred Stock, Series MM ($21.50), Non-Cumulative Preferred Stock, Series NN ($0.2734375), and Series PP ($0.2578125), with respective payment dates in late July and early August.

Bank of America announced its quarterly financial results reporting dates: Fourth quarter 2021 on January 18, 2022; First quarter 2022 on April 18, 2022; Second quarter 2022 on July 18, 2022; and Third quarter 2022 on October 17, 2022. Results will be publicized at approximately 6:45 a.m. ET, followed by an investor conference call at 8:30 a.m. ET. The company supports around 66 million consumer and small business clients across approximately 4,300 retail centers and has a significant digital banking presence with around 39 million active users.

Bank of America has launched a new payment solution named Pay to Card, enhancing its B2C payment capabilities. This service allows for rapid funds transfer directly to individuals' or small businesses' bank accounts, with domestic payments typically completed in under 5 minutes and cross-border payments within 30 minutes. Pay to Card aims to streamline payment interactions for businesses, supporting transactions in around 170 countries and 120 currencies. Key benefits include improved digitization, enhanced security through tokenization, and greater certainty in cross-border payments.

Thousands of runners are set to begin their 18-week training for the Bank of America Chicago Marathon, scheduled for October 10, 2021, with 35,000 participants expected. Chicago officials are collaborating closely to ensure a safe event amidst evolving COVID-19 guidelines. Preparations are underway to implement health measures, including potential mask requirements and proof of vaccination or negative test results. The marathon aims to restore a beloved city tradition after last year’s cancellation.

Bank of America is donating $350,000 to the Texas Tech University School of Veterinary Medicine to establish a new veterinary school addressing regional veterinary shortages. The 185,000 square-foot facility aims to enroll over 450 students annually and is expected to generate more than $75 million for the local economy, creating nearly 375 jobs. The school will focus on serving rural communities, prioritizing students from underserved populations and enhancing cultural competency in veterinary practices.