Bank of America & PNC Financial Services Announce Dividend Increases: How to Benefit

Bank of America & PNC Financial Services Announce Dividend Increases

Following successful Federal Reserve stress tests, Bank of America (BAC) and PNC Financial Services (PNC) have announced dividend increases, providing an opportunity for investors.

Bank of America's Dividend Increase and Stock Repurchase

Bank of America raised its quarterly dividend to $0.28 per share, an 8% increase. Additionally, they launched a $40 billion stock repurchase program, replacing a previous initiative.

Q2 Financial Results

The bank's Q2 results revealed a 6% revenue increase to $10.8 billion and a 3% rise in net income to $7.1 billion, demonstrating robust financial performance.

Investor Opportunity

Investors have a window to purchase shares and benefit from Bank of America's increased dividend. Eligibility is determined by the September 5th record date, with distribution scheduled for September 26th.

At the recent closing share price, the increased dividend yields 2.5%.