23 July 2008

Bank of America To Buy Back 75 Million Shares

This news was released by Bloomberg simultaneously with an early release of the Fed's Beige Book which spoke about the "morose mood" of the public (morose: showing a brooding, gloomy, or sullen mood).

Doug Kass reports that "bank stocks just moved up on a story on the newswires that Bank of America (BAC) is going to buy back 75 miillion shares. Actually Bank of America is reducing its expiring 200-million-share buyback to 75 million shares (it had remaining authority of 190 million shares)."

Financial sector 'welfare queens' or just a simple case of market manipulation? Probably some of both.

It does not get much more "in-your-face" than this.

Bank of America to buy back up to 75 million shares
By Alistair Barr
1:52 p.m. EDT July 23, 2008

SAN FRANCISCO (MarketWatch) -- Bank of America said on Wednesday that it will buy back up to 75 million shares. The board authorized the giant bank to spend as much as $3.75 billion to repurchase stock during the next 12 to 18 months, it explained. The new program replaces an earlier 200 million-share buy-back plan that is expiring. Bank of America shares climbed 3.3% to $33.42 during afternoon trading on Wednesday.

Bank of America declares dividend of 64 cents
Wednesday July 23, 1:55 pm ET
Bank of America declares dividend of 64 cents to be paid Sept. 26

CHARLOTTE, N.C. (AP) -- Bank of America Corp. on Wednesday declared a regular dividend of 64 cents.
The dividend will be paid Sept. 26 to shareholders of record on Sept. 5.

The board also declared a dividend of $1.75 for its 7 percent cumulative redeemable preferred stock, series B. That dividend will be paid Oct. 24 to shareholders of record on Oct. 8.