Dividend Increase – Bank Of America ( BAC )
Today, as a result of the Federal Reserves stress test it was approved for Bank of America to increase its dividend by 60%. This bring the dividend up to $0.12 from the current level of $0.075. I think that this is a big increase from Bank of America that investors have been waiting to see.
Bank of America got hit hard during the financial crisis and their stock definitely represented this. A lot of investors bought the stock when it was very cheap but got very disheartened when they received very little capital on their investment. For me I feel like I got in at a really good time even though the stock wasn’t dirt cheap, I was able to get in at a good price and then double up when it dropped below my cost basis.
I currently hold 68.219 shares of common stock in Bank of America. This represents my largest holding by market value. This will add $3.07 to my dividend payments and add $12.28 to my projected annual dividend income. Now that is a nice increase for my portfolio. I wish they could all be this large but I am happy to receive any size increase.
Do you own shares of Bank of America too? I look forward to reading everyones thoughts and comments.
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As always I hope that everyone is doing good out there and happy investing.
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Bert
Dividend Diplomats recently posted…Lanny’s July Dividend Stock Watch List
I had 10,000 share of BAC that I sold in order to have the fund to pay for my commercial building. I certainly miss the dividend increase! starting 2011, I knew BAC was a great buy at $6.xx. I think Banks will continue to do better as the rates get increase further.
Cheers!
BAC was the first company I bought back in 2011 when I had absolutely no idea what I was doing. I was stoked to hear about their dividend raise! You have about twice as many shares as I do, and I’m glad you get to take advantage of it as well.
BAC is a great bank. I wish that I would have been able to add more shares before it started taking off but doing so would have overweighted my portfolio in the banking sector. I’m sure one day the banks will get clobbered again and then we can both add more shares. Thanks for stopping by.
Nice Article