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Tags: bank of america | share | buybacks | ceo

Bank of America Will Continue Share Buybacks, CEO Says

Bank of America Will Continue Share Buybacks, CEO Says

Wednesday, 27 September 2017 12:52 PM EDT

Bank of America Corp. will continue to favor share buybacks over a dividend increase to avoid putting itself in a position where it may have to reduce the dividend in the future, Chief Executive Brian Moynihan said at a conference in London on Wednesday.

"Our stock's a good buy and we'll continue to buy it until the cows come home," he said.

While not explicitly stated in any rule, regulators have made it clear to banks that their dividend payout should not exceed 30 percent of earnings.

Bank of America expects to return $14.2 billion to shareholders in 2017, with the majority of that coming via share buybacks, according to a presentation earlier this month by Chief Financial Officer Paul Donofrio. That compares to $6.6 billion in 2016.

Bank of America shares were up 2.2 percent in early trading on Wednesday. 

© 2024 Thomson/Reuters. All rights reserved.


InvestingAnalysis
Bank of America expects to return $14.2 billion to shareholders in 2017, with the majority of that coming via share buybacks, according to a presentation earlier this month by Chief Financial Officer Paul Donofrio. That compares to $6.6 billion in 2016.
bank of america, share, buybacks, ceo
141
2017-52-27
Wednesday, 27 September 2017 12:52 PM
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