Bank of America CEO Moynihan Buys $391,000 of Stock

Bank of America
Bank of America

Brian Moynihan, CEO of Bank of America Corp. (BAC), bought 30,000 shares in the company on Monday.

Moynihan paid $391,000, or $13.03 a share, for the stock, Dow Jones Newswires reported. The purchase could be seen as a sign of confidence in the bank as its shares hover near a 52-week low.

Bank of America's shares have lagged broader stock-market indexes since the bank reported earnings last month. Moynihan said July that Congress's efforts to reform the financial system would cost the bank more than $10 billion.