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Bank Of America (BAC) Hits 52 Week High

|About: Bank of America Corporation (BAC)

On Thursday, Bank of America (NYSE:BAC) hit its 52-week high at $10.58, more than 115 percent above its 52-week low of $4.92 hit on December 19, 2011. And in trading early today, it continues to climb.

The Weiss Financial Strength Rating for BofA also improved to C- (Fair) from D+ (Weak) during the year. The upgrade came on the heels of the institution's mid-year (thru June 30) results. And we anticipate that it will again pass its regulatory stress test required by the Dodd-Frank Act in the spring.

Weiss expects the company to buy back shares or increase its dividend in the near future. Either strategy would be a way for BofA to improve shareholder value.

Its current dividend yield is 0.38 percent, but we anticipate a return to historical levels of approximately six percent which would increase the quarterly dividend payout from $0.01 per share to about $0.15 per share.

This paints a pretty good picture for those looking to get in on a bank stock with the likelihood of appreciation over the next year.

Weiss suggests consumers and professionals keep abreast of financial strength ratings and investment ratings for institutions they invest in or do business with. Access up to 10 financial strength, stock and ETF ratings on WeissWatchdog.com-just register, it's Free!

See also:
Weiss Ratings' Portfolio of High-Dividend Bank Stocks
Bank Stocks Among the Best Performers: 2012 in Review
U.S. Bank Stock Portfolio II: Flat at -0.58% After One Month

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.