Bank of America Increases Their Dividend by 5% in 2022

Posted by More Dividends in Dividend Increases On June 30, 2022

Dividend Increase Announcement

On June 27th, Bank of America announced a dividend increase of 5%. This will increase their dividend per month from $0.21 to $0.22. The new monthly dividend represents an annualized dividend amount of $0.88 per share as compared to the current annualized dividend amount of $0.84 per share.

Bank of America Dividend Information

Annual Dividend: $0.88
Dividend Growth History: 2 years
Dividend Yield: 2.6%

Dividend Increase Effect

I am currently holding 76.344 shares of Bank of America stock in the More Dividends portfolio. With this 5% increase it will add an additional $3.06 to my projected annual dividend income and this doesn’t even take into account the compounding factor! That brings my projected annual dividend income to a grand total of $1,811.65

Current Stock Position

Bank of America has been a good investment for me. I originally started this position at a time when all of the talking heads were saying not to buy the stock. I didn’t care. I started buying. Since that time the share price has not only doubled but the company has also started a streak of annual dividend increases.

I have no intentions of selling this position anytime soon. I will continue to let it run while the dividend compounds every quarter.

Currently, in this portfolio, I am holding stock in 3 different banks. Bank of America is the largest position then followed by JP Morgan & Chase and Wells Fargo.

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