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Bank of America Corp.
LAC -1.81%
said it repurchased $ 6.3 billion worth of shares in the first quarter, while stocks jumped, up from $ 5.2 billion in fourth quarter buybacks. The bank did not provide details on the prices at which it had bought its shares in the first quarter, but the share rose 12.0% during the quarter with a weighted average volume price (VWAP) of $ 28.25. The stock closed Monday at $ 29.84. During the fourth quarter, the stock fell by 16.4% and Bank of America declared to have repurchased 194,391 shares at a weighted average price of $ 26.92. The stock plummeted 1.5% in pre-market trading, after Bank of America reported higher first quarter results than expected, but insufficient revenue. The stock has slipped 0.3% in the last 12 months until Monday, while the SPDR Financial Select Sector ETF
XLF, + 0.56%
lost 2.2% and the S & P 500
SPX, + 0.27%
gained 8.5%.
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