Bank of America Directors Buy Shares
NEW YORK (
) -- Two
Bank of America
(BAC) - Get Report
directors, including its chairman, gave the institution a vote of confidence by purchasing a combined 65,000 shares.
Bank of America Chairman Chad Holliday acquired 30,000 shares for $378,150,
Reuters
said, citing
Securities and Exchange Commission
filings on Wednesday.
The transaction more than doubles the amount of Bank of America equity Holliday owns to 54,560 shares. It is also his first insider acquisition of Bank of America shares since becoming chairman in April, the report says.
Separately, director Robert Scully acquired 35,000 shares of the bank for $491,716 through a trust.
The filings come as
in the nation's largest bank plunged during the last two weeks of October.
Shares of Bank of America hit a new 52-week-low on October 26 as concerns mounted about the institutions exposure to mortgage putbacks as well as the foreclosure crisis.
Yet analysts seem bullish on the stock. Morgan Stanley analyst Betsy Graseck wrote in a research note to clients earlier this week that she expects
to rise through the end of the year and sees it as an "opportunity to buy" the stock.
Bank of America shares were marginally falling at last check to $12.26.
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Laurie Kulikowski
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