Bank of America (BAC) will raise its quarterly dividend by 16.7 percent to 21 cents per share in 2021. This follows a dividend hike of 20.0 percent to $0.18 per share in 2019. This marks the 8th consecutive year of dividend increases by the financial holding company. Last year BAC did not announce a dividend hike. This new dividend hike just announced for 2021 comes after stress test results published by the FED.

The new dividend will be paid on September 24, 2021 to shareholders of record on September 3, 2021. The new annual dividend of 84 cents per share yields 2.2% at a stock price of $37.70.

Bank of America Corporation is a bank holding and financial holding company.  The company serves individual consumers, small and middle-market businesses and large corporations with banking, investing, asset management and other financial and risk management products and services. Bank of America has operations in the United States and in international markets. Merrill Lynch is also part of the company.