Bank of America Renews $25 Billion Stock Repurchase Program

By Katherine Doherty

July 24, 2024 at 4:43PM EDT

A monitor displays Bank of America Corp. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Tuesday, Dec. 31, 2019. U.S. stocks fell in thin end-of-year trading, as rising tensions in the Middle East drove some profit taking after one of the strongest years for equities in the past decade. Photographer: Michael Nagle/Bloomberg (Michael Nagle/Bloomberg)

(Bloomberg) -- Bank of America Corp. said its board authorized another $25 billion stock repurchase program.

The second-largest US lender, which announced plans last month to boost its dividend after passing the Federal Reserve’s annual stress test, said the new program will take effect Aug. 1 — replacing the previous program of that size. The earlier one had $6.7 billion of remaining capacity at midyear.

“Today’s authorization will continue to provide additional capital return flexibility going forward, in line with the company’s commitment to return to shareholders excess capital,” the Charlotte, North Carolina-based company said Wednesday in a statement.

The timing of purchases will be “subject to various factors, including the company’s capital position, liquidity, financial performance and alternative uses of capital, stock trading price, regulatory requirements and general market conditions and may be suspended at any time,” it said.