3 Bank Stocks With Buyback Plans of at Least $30 Billion Worth a Look

Source The Motley Fool

Key Points

  • JPMorgan’s board approved a $50 billion share repurchase program, but the company has reduced its share count by only about 2.4% year over year.

  • Bank of America has used about $29 billion of its $40 billion buyback authorization, cutting its share count by 5.5% this past year.

  • Citigroup trimmed its share count by 7.5% year over year, despite having the smallest buyback program of the three.

  • Motley Fool Issues Rare "Total Conviction" Buy Alert ›

JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), and Citigroup (NYSE: C) are putting billions behind their share buyback programs, with each bank authorizing at least $30 billion in repurchases.

All three banks released third-quarter results in mid-October, offering updates on their finances and their future plans. Which ones have actually followed through on these share repurchase agreements, shrinking their share count and giving investors more bang for their investment buck?

Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »

A blue chart.

Image source: Getty Images.

JPMorgan has the biggest buyback but the slowest pace

In June 2026, JPMorgan's board authorized a new $50 billion common stock repurchase program, effective July 1. And during the third quarter, JPMorgan repurchased around $1 billion in common stock but recorded only $664 million in net repurchases. In other words, that gross amount used only about 2% of the new authorization.

And not surprisingly, the impact on the share count was modest. The company ended September with 2.656 billion common shares outstanding, compared with 2.722 billion a year earlier. That means its share count declined just 2.4% year over year.

There's a reason for the slower pace.

Management has emphasized that repurchases must compete with other uses of capital, including investments in the business, lending opportunities, and the maintenance of a strong balance sheet. The bank also faces risks around weaker credit quality and investment banking activity.

On top of that, at a forward price-to-earnings (P/E) ratio of 13 times, its valuation also leaves less room for disappointment than its peers'.

A faster $40 billion buyback is shrinking Bank of America's share count

Bank of America has had a $40 billion common stock repurchase authorization in place since Aug. 1, 2025. By June 30, 2026, the bank had around $17 billion remaining under the authorization after repurchasing $13.2 billion in the first half of the year. Then, during the third quarter, it repurchased another $6 billion of common stock.

That brings the program's total repurchases to $29 billion, leaving $11 billion available. Put differently, it has used roughly 73% of the authorization in about 14 months and at its current pace, that remaining amount could be used relatively quickly.

The impact has already been meaningful. Bank of America ended September with 6.923 billion common shares outstanding, down 5.5% year over year from 7.329 billion.

That said, the bank faces risks around interest rates and regulatory issues. But at a forward P/E of 9.8 times, its valuation could look reasonable, especially given its aggressive buybacks.

Citi's smallest buyback is shrinking its share count fastest

Citigroup began a $30 billion multi-year common stock repurchase program in the second quarter of 2026. In that quarter alone, it repurchased $4 billion in common stock, leaving around $26 billion under authorization by June 30. That means Citi used about 13% of its authorization in a single quarter.

Then, in the third quarter, Citi reported returning $4.1 billion to common shareholders through a combination of common stock repurchases and dividends. As a result, the share count declined notably. The bank ended September with 1.655 billion common shares outstanding, down 7.5% from 1.789 billion a year earlier.

Of course, Citi also faces risks. Its ongoing transformation involves operational and regulatory work, and any setbacks could delay its profitability targets. Plus, its credit card business is under pressure.

And with the stock trading at a forward P/E ratio of just 9.4 times, valuation is less demanding than the other banks.

Which bank stock offers the best buyback opportunity?

Ultimately, the best buyback opportunity comes down to which bank can deliver the most shareholder value. JPMorgan, Bank of America, and Citigroup all have massive buyback programs. Among the three, Citi's share count has declined the most despite having the smallest buyback program.

Bank of America comes in second, while having a larger program. And JPMorgan has the largest buyback program among the three, but is the least eager to spend. At current paces, Bank of America has under two quarters left; the others have longer.

JPMorgan could suit investors looking for the most upside from buybacks, despite its buyback activity being slow. Bank of America could be the balanced pick, pairing aggressive buybacks with a reasonable valuation. At the other end, Citigroup could be the high-risk, high-reward choice, given its transformation.

Should you buy stock in Citigroup right now?

Before you buy stock in Citigroup, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Citigroup wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $334,793!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,257,420!*

Now, it’s worth noting Stock Advisor’s total average return is 874% — a market-crushing outperformance compared to 209% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

See the 10 stocks »

*Stock Advisor returns as of November 2, 2026.

JPMorgan Chase is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Rick Orford has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Will US Stocks Rise After Midterm Elections? Analysis of Historical Election Data and Market PatternsAs the U.S. midterm elections approach, in addition to focusing on the election results and their impact on economic policies, investors are also searching for clues regarding the next ph
Author  TradingKey
6 hours ago
As the U.S. midterm elections approach, in addition to focusing on the election results and their impact on economic policies, investors are also searching for clues regarding the next ph
placeholder
WTI Crude Pulls Back From Highs Near $100 as US and Iran Plan Talks, Risking 20% CorrectionUS and Iran plan to resume negotiations to ease geopolitical tensions; WTI crude plummets nearly 2% in response, facing a potential 20% deep pullback on technicals.On November 2, driven b
Author  TradingKey
8 hours ago
US and Iran plan to resume negotiations to ease geopolitical tensions; WTI crude plummets nearly 2% in response, facing a potential 20% deep pullback on technicals.On November 2, driven b
placeholder
Brent slips to $111 as a two-day Hormuz plan lands — the supply-risk premium is the only thing being soldBrent fell 1.95% to $111.20 and WTI to $101.92 after Iran's foreign minister said a Qatar-brokered plan could reopen the Strait of Hormuz in two days. Two tankers were still reported hit by mines. The move is a premium unwind, not a supply change.
Author  Irene Q.
13 hours ago
Brent fell 1.95% to $111.20 and WTI to $101.92 after Iran's foreign minister said a Qatar-brokered plan could reopen the Strait of Hormuz in two days. Two tankers were still reported hit by mines. The move is a premium unwind, not a supply change.
placeholder
Binance replaced 95% of a $6.3bn hole — Bitcoin is trading the plumbing, not the coinBinance resumed withdrawals on November 1 after a record $6.3bn theft. In the first 9.5 hours, users withdrew $4.64bn and deposited $1.01bn, a net outflow of $3.64bn, or 2.1% of assets. Bitcoin fell to 76,173 and is now 78,473. The market is pricing the exchange, not the supply.
Author  Suzie
14 hours ago
Binance resumed withdrawals on November 1 after a record $6.3bn theft. In the first 9.5 hours, users withdrew $4.64bn and deposited $1.01bn, a net outflow of $3.64bn, or 2.1% of assets. Bitcoin fell to 76,173 and is now 78,473. The market is pricing the exchange, not the supply.
placeholder
Gold Price Analysis Today | Forex Gold Analysis | XAU/USD Analysis - November 2, 2026Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 2, 2026. Read on for the details.
Author  Mitrade
14 hours ago
Get the latest gold price analysis, forex gold insights, and XAU/USD analysis for November 2, 2026. Read on for the details.
goTop
quote