Shares of Bank of America Corp. BAC,
traded 1.2% in the pre-trade on Tuesday, after the bank said it had authorized the repurchase of $ 2.9 billion worth of common stock by March 31. on March 5th. The announcements come before BofA’s report on the fourth quarter, which is expected to be announced later on Tuesday. The bank said this is the maximum allowed during the period, according to guidelines set by the Federal Reserve. Based on Friday’s closing price of $ 33.01, the repurchase program could represent up to 87.85 million shares, or about 1% of the outstanding shares. BofA’s share has risen 39.2% over the past three months to Friday, while the S&P 500 SPX,
achieved 10.0%.
