Bank of America Corp. (BAC) said it repurchased $6.3 billion worth of its shares during the first quarter, as the shares surged, compared with $5.2 billion in buybacks in the fourth quarter. The bank didn't provide details at what prices it bought its shares during the first quarter, but the stock rose 12.0% during the quarter with a volume-weighed average price (VWAP) of $28.25. The stock closed Monday at $29.84. During the fourth quarter, the stock tumbled 16.4%, and Bank of America said it repurchased 194,391 shares at a weighted-average price of $26.92. The stock slumped 1.5% in premarket trade Tuesday, after Bank of America reported first-quarter earnings ( ) that beat expectations but revenue that fell short. The stock has slipped 0.3% over the past 12 months through Monday, while the SPDR Financial Select Sector ETF (XLF) has lost 2.2% and the S&P 500 has gained 8.5%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 16, 2019 09:02 ET (13:02 GMT)
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