The board of directors of Bank of America announced that the quarterly dividend will be increased with 60% to $0,12 per share beginning in the 3rd quarter of 2017. This means the yearly dividend will be increased from $0,30 per share to $0,48 per share. With this dividend increase the yield of Bank of America shares is increasing from 1,24% to 1,98%.
The board also announced that autorization of a stock repurchase program of $12 billion. This is approximately 5% of the outstanding number of shares.
I have 33 shares of bank of america in my portfolio. The yearly expected dividend income will increase with $5,94 as a result of this dividend increase.