Bank of America Corp (NYSE: BAC) CEO Brian Moynihan said that investors that are hoping for a strong dividend increase this year might want to keep their expectations low, speaking with analysts at a Sanford Bernstein conference in New York.
“It will be lower than it’s been in the past,” Moynihan said, after benig asked how big an increase investors should expect.
Up until two years ago, Bank of America Corp (NYSE: BAC) paid $0.64 per share every quarter. Now, the Charlotte-based bank’s quarterly payout is $0.01.
When the financial crisis hit, Bank of America Corp (NYSE: BAC) and other banks cut their dividends in order to receive much-needed capital.
As the economy has improved, investors have begun asking the large-cap banks when they will return to paying larger dividends.
