Bank of America increases share acquisitions as prices rose
Bank of America Corp.
BAC, -2.17%
said it repurchased $ 6.3 billion of the shares in the first quarter, when the stock rose, compared to $ 5.2 billion in the fourth quarter repurchase. The bank did not provide details on the prices it purchased its shares during the first quarter, but the share rose 12.0% in the quarter with a volume weighted average price (VWAP) of $ 28.25. The stock closed on Monday at $ 29.84. In the fourth quarter, the shares doubled 16.4%, and the Bank of America said it repurchased 1[ads1]94,391 shares at a weighted average price of $ 26.92. The stock fell by 1.5% in the premark trade on Tuesday, after the Bank of America reported its first-quarter results, but expectations declined. The shares have declined 0.3% in the last 12 months to Monday, while SPDR Financial Select Sector ETF
XLF, + 0.37%
has lost 2.2% and S & P 500
SPX, + 0.25%
has received 8.5%.
Has posted newsletter sent to your inbox. Subscribe to MarketWatch's Free Bulletin Email. Register here.