Bank of America has announced a $40 billion stock repurchase program commencing on August 1st, aimed at returning excess capital to shareholders and enhancing investor value. This new initiative replaces the previous buyback program, which had $9.1 billion remaining. Additionally, the bank has declared a dividend increase of $0.02, bringing the total to $0.28 per share, payable on September 26th to shareholders recorded by September 5th. With a market capitalization of $360.3 billion, Bank of America shares are currently trading at $48.45. The bank is a significant holding in Warren Buffett's Berkshire Hathaway portfolio, with over 631.57 million shares, ranking as the fourth most valuable holding after Apple, American Express, and Coca Cola.