NEW YORK (TheStreet) -- Shares of Bank of America/Merrill Lynch (BAC) are higher by 1.73% to $17.01 in afternoon trading Wednesday, after the bank announced the authorization of a regular quarterly cash dividend of $18.125 per share on the 7.25% non-cumulative perpetual convertible preferred stock, Series L.
The dividend is payable on January 30, 2015 to shareholders of record as of January 1, 2015.
Also, Bank of America was named Institutional Investor magazine's "Top Global Research Firm," marking its fourth straight year to be recognized on the list.
BofA Merrill Lynch Global Research has won 260 total team positions in the 12 Institutional Investor research team surveys published this year.
The BofA Merrill Lynch Global Research covers 3,400 stocks and 1,100 credits globally.
Charlotte, NC-based Bank of America is a bank holding company and a financial holding company.
Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."