Bank of Boston increases common dividend by 37 percent to 37 cents per share and declares preferred dividends.BOSTON--(BUSINESS WIRE)--July 27, 1995--Bank of Boston Corp. (NYSE NYSE See: New York Stock Exchange :BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ) reported that its board of directors today approved an increase in its quarterly dividend on the corporation's common stock to 37 cents from 27 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . The dividend is payable Aug. 25, 1995 to stockholders of record on Aug. 7, 1995. Bank of Boston chairman and chief executive officer Ira Stepanian said, "Our financial performance continues to be quite strong with second quarter earnings exceeding the prior year's levels by over 40 percent. The significant increase in our common dividend demonstrates our ongoing commitment to improve shareholder returns. This step also brings our payout ratio Payout Ratio The percentage of earnings paid out in dividends. It is calculated by dividing dividends per share by earnings per share. Notes: The payout ratio indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend. more in line with our peer group average." Separately, the board declared quarterly dividends on its five outstanding series of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. as follows: $.76 per share for Series A, $.76 per share for Series B, $1.39 per share for Series C, $.5375 per depositary share representing Series E, and $.49219 per depositary share representing Series F. These dividends are payable on Sept. 15, 1995 to stockholders of record on Aug. 15, 1995. The dividend rates on the adjustable rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. preferred stocks are 6.00 percent for Series A, 6.00 percent for Series B and 5.5 percent for Series C. Bank of Boston Corp., with assets of $45.3 billion as of June 30, 1995, is New England's only global bank. The corporation and its subsidiaries provide a broad range of financial services to individual, corporate, institutional and government customers, as well as to other banks. The corporation's common and preferred stocks are listed on the New York and Boston stock exchanges. CONTACT: Bank of Boston Karen Schwartzman, 617/434-7594 (Media) or John Kahwaty, 617/434-3650 (Investor) |
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