Bank of America Plans 1Q Buybacks Plans After Fed Okay
19 Gennaio 2021 - 1:05PM
Dow Jones News
By Colin Kellaher
Bank of America Corp. on Tuesday said its board authorized the
repurchase of $2.9 billion in common stock during the first
quarter.
The Charlotte, N.C., bank said it also plans to buy back an
additional $300 million in stock during the quarter to offset
shares awarded under its equity-based compensation plans.
Bank of America said the buyback authorization equals the
maximum allowed for the quarter under guidelines established by the
Federal Reserve following the latest round of stress tests.
The Fed in December said it found that the largest U.S. banks
remain strong enough to survive the coronavirus crisis and said it
would allow them banks to resume stock buybacks at a restricted
rate in the first quarter.
Bank of America, which has roughly 8.65 billion shares
outstanding, sports a market capitalization of about $285.6 billion
based on Friday's closing price of $33.01.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 19, 2021 06:50 ET (11:50 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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