Bank of America is Buying Back Shares and 2 Other Heavily Traded Stocks

Bank of America Corporation (NYSE:BAC): Current price $12.58

Bank of America announced it will buy back as much as $5 billion in common stock and redeem around $5.5 billion in preferred stock, subsequent to winning Federal Reserve approval on Thursday for its capital plan. However, the Charlotte bank said that its quarterly dividend will remain at 1 cent, at which level it has been since the aftermath of the financial crisis. The Fed decision permits Bank of America to return capital to shareholders, and was part of a wider examination of the capital plans of 18 of the nation’s biggest banks. The Fed approved the plans of 14 of them, including Wells Fargo & Co. (NYSE:WFC).