Why Is Bank of America's Dividend Growing So Fast?

Earlier this year, Bank of America (NYSE: BAC) announced that it would increase its dividend by 60%, boosting its quarterly payout from $0.075 per share up to $0.12 per share.

That's a hefty increase by any measure. While it's true that Citigroup's (NYSE: C) dividend jumped by an even larger margin when the bank doubled its payout at the end of June, Bank of America's dividend hike nevertheless left its two other primary peers in the dust.

Following the conclusion of this year's stress tests, in which large banks apply for permission to raise their dividends, Wells Fargo (NYSE: WFC) announced a 2.6% increase in its dividend while JPMorgan Chase (NYSE: JPM) ratcheted its payout higher by 12%.

Source: Fool.com