Bank of America Announces Stock Dividends and Common Stock Repurchase Plan for Q1-21

Bank of America today announced the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.18 per share, payable on March 26, 2021 to shareholders of record as of March 5, 2021.

Also, the Board authorized the repurchase of $2.9 billion in common stock through March 31, 2021, plus repurchases to offset shares awarded under equity-based compensation plans during the same period, estimated to be approximately $0.3 billion. This authorization equals the maximum allowed for the period, according to guidelines established by the Federal Reserve Board following the results of the latest Comprehensive Capital Analysis and Review examination.

The Board’s decision reflects the strength of the company’s balance sheet and its continued focus on growing responsibly. At December 31, 2020 the company’s common equity tier 1 (CET1) ratio was at an all-time high of 11.9 percent. This translates into $36 billion in capital above the minimum requirement.

The repurchase program will be subject to various factors, including the company's capital position, liquidity, financial performance and alternative uses of capital, stock trading price, and general market conditions, and may be suspended at any time. The common stock repurchases may be effected through open market purchases or privately negotiated transactions, including Rule 10b5-1 plans.

The Board also declared a regular quarterly cash dividend of $1.75 per share on the 7% Cumulative Redeemable Preferred Stock, Series B. The dividend is payable on April 23, 2021 to shareholders of record as of April 9, 2021.

Forward-Looking Statements
Certain statements contained in this news release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the current expectations, plans or forecasts of Bank of America based on available information. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These statements often use words like “expects,” “anticipates,” “believes,” “estimates,” “targets,” “intends,” “plans,” “predict,” “goal” and other similar expressions or future or conditional verbs such as “will,” “may,” “might,” “should,” “would” and “could.” Forward-looking statements speak only as of the date they are made, and Bank of America undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.