Bank of America approves $30.9B in share buybacks, 20% dividend increase
Bank of America 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. The Board approved plans for the company to return as much as $37B 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% its quarterly common stock dividend, to 18c per share, beginning in the third quarter. It has been authorized to repurchase approximately $30.9B in common stock from July 1, 2019 through June 30, 2020. The buybacks would include approximately $0.9B in repurchases to offset shares awarded under equity-based compensation plans during the same period.