Shares of Bank of America Corp. BAC,
gained 1.2% in premarket trading Tuesday after the bank said it approved the buyback of $ 2.9 billion worth of common stock through March 31. on March 5. The announcements follow BofA’s fourth-quarter report, which is expected to be revealed later on Tuesday. The bank said this is the maximum allowed for the period, under Federal Reserve guidelines. Based on Friday’s closing price of $ 33.01, that buyback program could represent up to 87.85 million shares, or about 1% of the shares outstanding. BofA’s stock is up 39.2% in the past three months through Friday, while the S&P 500 SPX,
has gained 10.0%.