Shares of Bank of America Corp. BAC,
gained 1.2% in pre-market trading on Tuesday, after the bank said it authorized the repurchase of $ 2.9 billion worth of common shares through March 31. on March 5th. The announcements are ahead of BofA’s fourth-quarter report, which is expected to be revealed later Tuesday. The bank said this is the maximum allowed for the period, according to guidelines set by the Federal Reserve. Based on Friday’s closing price of $ 33.01, this repurchase program could account for up to 87.85 million shares, or about 1% of the outstanding shares. BofA shares have risen 39.2% in the last three months to Friday, while the S&P 500 SPX,
has gained 10.0%.