Bank of America Is Buying Back Even More Stock -- Here's What It Means to You

Bank of America (NYSE: BAC) has been one of the best-performing stocks in an impressive financial sector over the past couple of years. The stock has risen by more than 38% over the past year and is up a staggering 163% since its February 2016 lows, handily beating the performance of the S&P 500 and the overall financial sector.

After such a remarkable run, it's only natural to wonder whether Bank of America's stock could be getting a bit expensive. However, there's a solid case to be made that the gains are well justified, and the bank's management recently announced a move that indicates that they still think the stock is cheap. After an already-massive buyback announcement earlier this year, Bank of America is planning to spend billions more to buy back its own stock.

Image source: Bank of America.

Source: Fool.com