Bank of America Raises Dividend by 14% and Announces Robust Share Buyback Program
Bank of America announced a significant 14% increase in its quarterly dividend to $0.32 per share, set for payment on Sept. 25. This raise aligns with broader trends among major banks but is particularly notable due to the accompanying robust shareholder repurchase program authorized by the company's board. The bank has already spent $13.2 billion in buybacks during the first half of 2024, leaving approximately $17 billion remaining under a total $40 billion authorization approved last August. These initiatives are supported by strong financial performance, including passing the Federal Reserve’s stress tests and solid second-quarter earnings. CEO Brian Moynihan highlighted that these actions reflect confidence in Bank of America's long-term growth potential and value creation for shareholders.
Tickers: $BAC
Topics: banking dividends shareholder_returns