Bank of America Announces Planned Capital Distributions
27 Juin 2019 - 10:45PM
Business Wire
Quarterly Dividend to Increase 20 Percent
$30.9 Billion In Share Buybacks Approved
Bank of America today announced that the Federal Reserve did not
object to its capital plan following completion of the 2019
Comprehensive Capital Analysis and Review and that the company’s
Board of Directors approved plans to increase capital returns to
shareholders.
“By driving Responsible Growth, we have generated record
earnings and consistent returns that allow us to invest in our
company, deliver solid returns to shareholders, and also address
some of the world’s most pressing priorities,” said Bank of America
Chairman and CEO Brian Moynihan. “Today’s announcement includes a
plan to prudently return a portion of our excess capital above what
is needed for investments to grow the company.”
The Board approved plans for the company to return as much as
$37 billion to common stockholders over the next four quarters
through an increased quarterly common stock dividend and common
stock repurchases, based on the company’s current number of
outstanding shares and share price. The company plans to increase
by 20 percent its quarterly common stock dividend, to $0.18 per
share, beginning in the third quarter of 2019. It has been
authorized to repurchase approximately $30.9 billion in common
stock from July 1, 2019 through June 30, 2020. The buybacks would
include approximately $0.9 billion in repurchases to offset shares
awarded under equity-based compensation plans during the same
period.
Since the beginning of 2015, the company has earned $87 billion
in net income and returned $62 billion to common stockholders.
At the same time, other uses of capital previously announced by
the company have included:
- Helping to support the economy by increasing loans by $195
billion across our lines of business since the end of 2014, growing
6 percent on an annualized basis;
- Sharing its success by awarding special bonuses to employees in
each of the past two years, which covered more than 90 percent of
its workforce and cost $1 billion;
- Raising its minimum wage to $17 per hour in 2019 on the way to
$20 per hour to be paid in 2021;
- Increasing its investment in low-carbon business activities by
mobilizing an additional $300 billion by 2030 to bring to $445
billion the company’s total commitment since 2007; the company has
deployed more than $126 billion over the past 12 years in support
of environmental business efforts across the globe; and
- Committing $5 billion to an affordable homeownership initiative
for low- to moderate-income and multicultural homebuyers and
communities across the country.
The repurchase program announced today 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.
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 Corporation
(“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.
Forward-looking statements represent Bank of America’s current
expectations, plans or forecasts of its future results, revenues,
expenses, efficiency ratio, capital measures, and future business
and economic conditions more generally, and other future matters.
These statements are not guarantees of its future results or
performance and involve certain known and unknown risks,
uncertainties and assumptions that are difficult to predict and are
often beyond Bank of America’s control. Actual outcomes and results
may differ materially from those expressed in, or implied by, any
forward-looking statements. You should not place undue reliance on
any forward-looking statement and should consider all of the
uncertainties and risks discussed under Item 1A. “Risk Factors” of
Bank of America’s Annual Report on Form 10-K for the year ended
December 31, 2018 and in any of Bank of America's other subsequent
Securities and Exchange Commission filings.
Bank of America Bank of America is one of the world’s
leading financial institutions, serving individual consumers, small
and middle-market businesses and large corporations with a full
range of banking, investing, asset management and other financial
and risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,400 retail financial centers, including approximately 1,800
lending centers, 2,200 financial centers with a Consumer Investment
Financial Solutions Advisor, and 1,500 business centers;
approximately 16,400 ATMs; and award-winning digital banking with
more than 37 million active users, including over 27 million mobile
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations across
the United States, its territories and approximately 35 countries.
Bank of America Corporation stock (NYSE: BAC) is listed on the New
York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email alerts.
www.bankofamerica.com
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version on businesswire.com: https://www.businesswire.com/news/home/20190627005864/en/
Investors May Contact: Lee McEntire, Bank of America,
1.980.388.6780 Jonathan Blum, Bank of America (Fixed Income),
1.212.449.3112 Reporters May Contact: Lawrence Grayson, Bank of
America, 1.704.995.5825 lawrence.grayson@bankofamerica.com
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