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Bank of America Announces $40 Billion Stock Buyback Amid Mixed Earnings
Bank of America Announces $40 Billion Stock Buyback Amid Mixed Earnings
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BTCCSquare news:
Bank of America unveiled a $40 billion stock repurchase program set to commence August 1, replacing its existing $25 billion plan. The MOVE signals confidence in excess capital, with the bank emphasizing flexibility in balancing shareholder returns, economic growth, and financial resilience.
Second-quarter earnings presented a dichotomy: earnings per share of $0.89 surpassed LSEG analyst estimates of $0.86, while revenue of $26.61 billion fell short of the projected $26.72 billion. Net interest income (NII) of $14.82 billion—though up 7% year-over-year—missed StreetAccount forecasts by $70 million, constrained by moderating interest rates.
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