Bank of America Spikes After Increasing Share Repurchase Program

Shares of Bank of America

gained about 5% in after-hours trading on Thursday after the company announced that it would repurchase about $5 billion worth of common stock and redeem $5.5 billion in preferred stock. Bank of America was one of the biggest financial gainers in Thursday's after-hours session. The result of the Fed's stress test led to a flurry of financials opting to raise their dividends or increase their share repurchase programs. Among financials, Bank of America has been great performer over the last year, rallying more than 50%, compared the SPDR Financial ETF

, which is up just 24% in the same period. Bank of America shares closed at $12.11 on Thursday, and traded near $12.60 in the after-hours session.