Major Banks Continue Expanding Share Repurchase Plans
While most of the major banks may have been hoping for a rate hike from the U.S. Federal Reserve, they are still closing out the week on a positive note.
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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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
