Boston, MA 06\/19\/2014 (wallstreetpr) \u2013 A day after a New York appellate court had rejected financial services provider Bank of America Corp (NYSE:BAC)<\/b>\u2019s appeal to face $1 billion worth of lawsuit over mortgages, the bank had declared a regular dividend to its shareholders and its preferred stockholders.<\/p>\n
Dividend<\/b><\/p>\n
Bank of America Corp (NYSE:BAC)\u00a0disclosed that its board had maintained the quarterly dividend rate of ten cents a share payable on June 30 to the shareholders whose name appear on the record date of June 24. This meant that the annual dividend is 40 cents a share and represents 5% as dividend payout ratio.<\/p>\n
The quarterly dividend offers a yield of 0.3% and the average yield over a five-year period also remains the same.<\/p>\n
Bank of America has also announced a quarterly cash dividend of $1.75 a share on the B Series Cumulative Redeemable Preferred Stock carrying an interest rate of 7%. The dividend will be payable on July 25 to the preferred stockholders\u2019 name as on July 11.<\/p>\n
Similarly, the financial services provided had declared a quarterly cash dividend of $18.125 a share on the Series L Non-Cumulative Perpetual Convertible Preferred Stock carrying an interest rate of 7.25%. The dividend will be payable on July 30 to its shareholders, whose name appear on the record date of July 1.<\/p>\n
Resubmits CCAR<\/b><\/p>\n
The bank revealed that it had resubmitted Comprehensive Capital Analysis and Review or CCAR request of capital actions to the Federal Reserve. The Federal Reserve System\u2019s Board of Governors has a maximum of 75 days to review the bank\u2019s resubmitted CCAR items of the current year, which includes the latest requested capital actions.<\/p>\n
Court Reject Appeal<\/b><\/p>\n
Meanwhile, Bank of America received a set back in its appeal against the 2013 Supreme Court order advising\u00a0Bank of America Corp (NYSE:BAC) to face the lawsuit worth about $1 billion due to the acquisition of Merrill Lynch\u2019s operations. Two trusts, who were managing mortgages for investors and who owned securities of over $1 billion that are collateralized as junk loans, had taken Merrill Lynch Mortgage Lending to court in 2012 for their alleged misrepresentation.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 06\/19\/2014 (wallstreetpr) \u2013 A day after a New York appellate court had rejected financial services provider Bank of America Corp (NYSE:BAC)\u2019s appeal to […]<\/p>\n","protected":false},"author":12,"featured_media":19608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[1942],"tags":[1654],"stock_ticker":[],"class_list":["post-26393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bank-of-america-corp-nysebac","entry"],"acf":[],"yoast_head":"\n