What's Going On With Bank Of America Stock?

Bank Of America Corp BAC shares are trading slightly higher after the close Wednesday after the company announced plans to increase its dividend by 9%.

What Happened: BofA said it plans to increase its quarterly dividend from 22 cents per share to 24 cents per share beginning in the third quarter. The dividend increase still needs to be approved by the company's board.

BofA is set to report its second-quarter financial results before the market opens on July 18. The bank is expected to report earnings of 85 cents per share on quarterly revenue of $25.16 billion, according to estimates from Benzinga Pro.

See Also: Bank Of America's Recent Executive Changes Amid Global Investment Bank Revamp

BAC Price Action: BofA has a 52-week high of $38.60 and a 52-week low of $26.32.

The stock was up 0.32% after hours at $29.17 at time of publication, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.