Analysts at BofA said in their weekly client flow trends note that they saw continued buyback strength last week.
There were “more near-record buybacks,” according to the investment bank, with the third-largest in their weekly history since 2010. As a percentage of market cap BofA notes they have been tracking above typical seasonal levels for 14 weeks.
“Trailing 52-week corp. client buybacks as a % of market cap are now the highest since April 2020,” they wrote.
Meanwhile, the bank said its clients were net buyers of US equities for the second week in a row (+$1.3 billion). “Clients bought both single stocks and ETFs, led by the former,” they stated, adding that they bought stocks across all size segments.
Private clients were the sole net buyers, with inflows for a third consecutive week. Institutional and hedge funds clients were sellers for the third straight week and the first time in two weeks, respectively.
Specifically, BofA clients bought stocks in seven of the 11 sectors, led by inflows into Technology and Communication Services for a second week in a row. Financials saw the largest outflows last week, according to BofA.
