Bank of America Dividend Boost

Bank of America (BAC) boosted its quarterly dividend by 12% to 56 cents, payable Sept. 22 to shareholders of record Sept. 1.

"Our shareholders will continue to reap the financial benefits from Bank of America's strong earnings growth," said CEO Kenneth D. Lewis. "Today's announcement marks the 29th consecutive year of dividend increases. We are very proud to offer our shareholders one of the most reliable and rewarding dividend payout records in American business."

The quarterly payout was previously 50 cents. Shares rose a nickel to $50.86.

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