Bank of America's board of directors authorized a $25 billion stock repurchase plan, with quarterly dividends increasing by 8%

Bank of America announced on Wednesday that the company has approved a $25 billion stock repurchase plan and confirmed an 8% increase in quarterly dividends. Earlier this month, after the Federal Reserve announced the results of the bank stress tests, Bank of America stated its plan to raise dividends from $0.24 per share to $0.26 per share. On Wednesday, the company announced that the new dividend will be paid on September 27 to shareholders of record as of September 6, 2024. The board authorized the stock repurchase plan to take effect on August 1, 2024, replacing the current plan expiring on that day. Currently, there is still $6.7 billion remaining under this plan for repurchases