Bank of America Corp. (NYSE:BAC) shares were rallying above 4% in premarket session on Friday, following the Federal Reserve did not challenged the firm’s payout initiatives to stockholders.
Bank of America declared a $5 billion stock repurchase plan following the Fed’s declaration. The bank located in Charlotte, North Carolina, also declared redemption of almost $5.5 billion in preferred stock. The controller had refused Bank of America’s (BAC) capital plans last year.
Bank of America Corp (NYSE:BAC) shares are up +3.32% to $12.51 while the stock is trading within the range of $12.35 – $12.61 in the current trading session. In the last 12 months the shares have traded between $6.72 and $12.61. The current session’s volume of 116.07 million shares is lower from their average daily trading volume of 161.37 million shares.
BB&T Corp. (NYSE:BBT) and government-possessed Ally Financial were unable to win final Federal Reserve stress test results published on Thursday.
On the other hand, the central bank provided passing grades to JP Morgan Chase & Co. and Goldman Sachs & Co. but demanded them to resubmit their share distribution initiatives to the central bank by the conclusion of the third quarter mentioning “weaknesses” in their capital plans.
The stress tests were performed by the Fed to find out if 18 of the biggest financial institutions can endure a deep slump.
At the current trading session, BB&T Corporation (NYSE:BBT) shares are down -2.27% to $31.01 while the stocks are trading within the range of $30.67 – $31.10. In the past year, the stock has traded within a range of $26.86 – $34.37. The current session’s volume of 2.35 million shares is lower from their average daily trading volume of 4.23 million shares.
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