What's Going On With Bank Of America Shares Premarket Thursday?
Portfolio Pulse from Lekha Gupta
Bank of America (NYSE:BAC) shares are trading higher premarket after the company authorized a $25 billion share buyback program starting August 1, 2024. The bank also raised its quarterly cash dividend to $0.26 per share and declared a regular quarterly cash dividend of $1.75 per share on its 7% Cumulative Redeemable Preferred Stock, Series B. BAC reported better-than-expected Q2 earnings and revenue, and its stock has gained over 30% in the last 12 months. Investors can gain exposure to BAC via First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and Invesco KBW Bank ETF (NASDAQ:KBWB).
July 25, 2024 | 9:50 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Bank of America shares are trading higher premarket after the company authorized a $25 billion share buyback program and raised its quarterly cash dividend. The bank also reported better-than-expected Q2 earnings and revenue.
The authorization of a significant share buyback program and the increase in dividends are positive signals to investors, indicating the company's strong financial health and commitment to returning value to shareholders. Additionally, better-than-expected Q2 earnings further boost investor confidence.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
First Trust Nasdaq Bank ETF (FTXO) may see positive movement as it provides exposure to Bank of America, which has announced a $25 billion share buyback program and raised dividends.
FTXO holds Bank of America shares, and positive news for BAC, such as the share buyback program and dividend increase, is likely to have a favorable impact on the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Invesco KBW Bank ETF (KBWB) may see positive movement as it provides exposure to Bank of America, which has announced a $25 billion share buyback program and raised dividends.
KBWB holds Bank of America shares, and positive news for BAC, such as the share buyback program and dividend increase, is likely to have a favorable impact on the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50