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Bank of America steps up stock repurchases as prices rose



Bank of America Corp.

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     BAC, -2.17%

said it repurchased $ 6.3 trillion 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 1

2.0% during the quarter with a volume weighted 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, + 0.37%

has lost 2.2% and the S&P 500

                            
                            
                                  
      
      
      
      
      
      
      
                                  
                                     SPX, + 0.25%

has gained 8.5%.

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