Banking, finance, and taxes
Major Banks Continue Expanding Share Repurchase Plans
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While most of the major banks may have hoped for a rate hike from the U.S. Federal Reserve, they are still closing out the week on a positive note with more share buybacks just around the corner. Bank of America Corp. (NYSE: BAC) announced in a recent filing that it will repurchase up to $800 million of its shares this year.
This repurchase plan is in addition to Bank of America’s previously announced $4 billion plan, announced about a year ago.
Other major banks have jumped on this opportunity as well. JPMorgan Chase & Co. (NYSE: JPM) stated on Thursday that it is able to buy and additional $1.8 billion in shares through June, along with the $6.4 billion that the Fed approved as part of last year’s capital plan.
Back in February, Capital One Financial Corp. (NYSE: COF) added $300 million to its current share repurchase plan.
Wells Fargo & Co. (NYSE: WFC) also expanded its buyback plan by roughly $17 billion, as far back as January.
Shares of Bank of America were trading up 2.8% at $13.78 on Friday, with a consensus analyst price target of $17.38 and a 52-week trading range of $10.99 to $18.48.
JPMorgan shares were trading up 3.3% at $60.69. The stock has a consensus price target of $69.36 and a 52-week range of $50.07 to $70.61.
Wells Fargo traded up 1.8% at $50.61, with a consensus price target of $57.02 and a 52-week range of $44.50 to $58.77.
Capital One was trading up 2.2% at $71.06. The consensus price target is $81.48, and the 52-week range is $58.49 to $92.10.
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