Bank of America Increases Their Dividend by 20%
Dividend Increase Announcement
On July 25th, Bank of America announced a dividend increase of 20%. This will increase their dividend per quarter from $0.15 to $0.20. It is payable on September 27th for shareholders of record on September 6th. The new quarterly dividend represents an annualized dividend amount of $0.72 per share as compared to the current annualized dividend amount of $0.60 per share.
Wells Fargo Dividend Information
Annual Dividend: $0.72
Dividend Yield: 1.98%
Dividend Growth History: 5 years
Payout Ratio: 23.8%
Dividend Increase Affect On More Dividends
I am currently holding 71.125 shares of Bank of America. With this 20% increase it will add an additional $8.53 to my projected annual dividend income and this doesn’t even take into account the compounding factor! Bank of America is one of my largest holdings and it is really reflected in the effects that this dividend increase will cause going forward.
Conclusion
Bank of America has been one of my best performing positions. I have been steadily snowballing this position while the share price has continued to appreciate over time. I have no intentions of selling this position but I would revel in the chance to add to this position to lower my cost basis.
Until this happens I will continue to hold this position and to allow it to grow even larger over time!
Regardless of how large or small, I love all dividend increases. That is how we end up with More Dividends 😉
Do you currently hold any stock in Bank of America? What do you think of this dividend increase? Just let me know in the comments.
As always I look forward to reading all of your comments and questions, until then….. happy investing!
-Jason from MoreDividends.com
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