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Bank of America: When Will It Raise the Dividend?

TheStreet.com - Mar 12, 2012

Bank of America(BAC_) has said it did not seek permission from the Federal Reserve to raise its dividend in 2012, but bulls are hoping for a surprise hike from the bank nonetheless.

Bank of America was embarrassed last year when it sought Fed approval for a dividend increase and didn't get it. The Fed is expected to rule on whether the 19 largest banks can increase their dividends at the end of next week, following the latest in now annual "stress tests" of bank balance sheets mandated by the Dodd-Frank financial reform law passed in 2010.

In an interview last week, Rochdale Securities analyst Dick Bove predicted Bank of America would raise its dividend by the second quarter of this year.

Stifel Nicolaus analyst Chris Mutascio also is looking for Bank of America to raise its dividend, according to a report he published Friday March 9. While Mutascio does not discuss Bank of America in the body of his report, he notes in a chart accompanying the report that he estimates the bank will pay out $900 million in dividends in 2012 versus a Wall Street consensus estimate of $577 million in dividend payments for Bank of America this year.

Read Full Article from TheStreet.com

- Posted: 2012-03-12 11:10:32

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