Bank of America
CEO Kenneth Lewis bought 200,000 shares of his company's stock Tuesday, as shares spiraled to their 52-week lows amid the wider market rout.
Lewis bought 112,062 shares of BofA common stock at $5.98, 48,252 shares at $5.99, 23,050 at $6.03 and 16,636 at $6.06, according to filings made Wednesday with the
Securities and Exchange Commission
. The purchases came as BofA shares shed 29% to close at $5.10, hitting an intraday low of $5.05. The stock is down 57% since the beginning of 2009.
Lewis wasn't the only insider to buy the beaten-up stock Tuesday. BofA board member Robert Tillman, former chairman and CEO of
also bought 200,000 shares of common stock. Temple Sloan Jr., lead director of BofA's board, bought 41,800 common shares. Other directors William Barnet, Jackie Ward and John Collins bought 30,000, 16,800 and 25,000 common shares, respectively.
The massive insider purchase -- totaling more than a half a million shares -- comes as Bank of America faces increased investor scrutiny following the Treasury Department's announcement on Jan. 16 that it would invest an additional $20 billion in BofA and backstop $118 billion in loans tied to the company's purchase of
Shares of Bank of America were up 32% to $6.72 in afternoon trading.
For more recent insider purchases and company buybacks, check out Stockpickr's weekly "Top Stocks With Insider Buying, Buybacks."