Editor’s Note: Related tickers: Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C), Wells Fargo & Co (NYSE:WFC), Precision Castparts Corp. (NYSE:PCP), Ameriprise Financial, Inc. (NYSE:AMP), HSBC Holdings plc (NYSE:HBC)
Bank of America Increases Precision Castparts Corp. Price Target to $262.00 (PCP) (Zolmax)
Research analysts at Bank of America Corp (NYSE:BAC) upped their target price on shares of Precision Castparts Corp. (NYSE:PCP) to $262.00 in a report released on Thursday, Analyst Ratings.Net reports. The firm currently has a “buy” rating on the stock. Bank of America Corp (NYSE:BAC)’s price objective points to a potential upside of 19.26% from the stock’s previous close. Precision Castparts Corp. (NYSE:PCP) traded up 2.89% on Thursday, hitting $226.05. Precision Castparts Corp. (NYSE:PCP) has a 1-year low of $150.53 and a 1-year high of $221.90. The stock’s 50-day moving average is currently $213.4. The company has a market cap of $33.079 billion and a price-to-earnings ratio of 22.59.
Bank of America Merrill Lynch Adopts SWIFT MyStandards for Global Custody (FortmillTimes)
Bank of America Corp (NYSE:BAC) Merrill Lynch today announced that it has licensed the SWIFT MyStandards product, an innovative web-based application designed to facilitate the management of global standards and market practices across the financial industry. BofA Merrill, a global provider of custody and agency services, will initially use MyStandards for its custody message expansion program. The expansion will broaden the instruction and reporting messages used by clients, agents and internally across BofA Merrill Global Transaction Services business lines to facilitate greater straight through processing.
Bank of America Merrill Lynch Study Finds Retirement Readiness and Overall Financial Wellness Increa (DailyFinance)
Bank of America Corp (NYSE:BAC) Merrill Lynch today announced findings from its 2013 Workplace Benefits Report, a study of the increasingly significant role financial benefit plans play in helping the American workforce achieve financial wellness. Based on a nationwide survey of more than 1,000 employees from companies of all sizes, this research offers new insights into the availability, utilization and evolution of these workplace benefits – from 401(k) plans and health savings accounts (HSAs) to financial advice and education.
Bank of America: Making Sense of Why It’s Higher Today (Fool)
Shares of Bank of America Corp (NYSE:BAC) are following the bank’s blue-chip brethren higher today on the heels of multiple better-than-expected economic reports. Roughly halfway through the trading session, the nation’s second largest bank by assets is up by $0.14, or 1.1%. There are a number of likely catalysts for the positive sentiment in the market today. Among others, the Commerce Department reported that personal income and consumer spending both rose more than expected last month, and that core consumer price inflation came in on the low side. In addition, the Labor Department estimated that there were 9,000 fewer applications for unemployment benefits filed last week than the week before.
Citigroup Raises Earnings Estimates on Ameriprise Financial (AMP) (Dividend)
Even though its flow outlook remains cautious, Citigroup Inc (NYSE:C) analysts raised the earnings estimates on Ameriprise Financial, Inc. (NYSE:AMP) on Thursday, as the company now has a more favorable sales mix. Ameriprise Financial, Inc. (NYSE:AMP) shares were up 93 cents, or 1.16%, during morning trading on Thursday. The stock is up 29.65% year-to-date. …Shares of Ameriprise Financial, Inc. (NYSE:AMP) have a dividend yield of 2.57% based on Thursday’s intraday trading price of $81.02 and the company’s annualized dividend payout of $2.08 per share.
Citigroup Looks for Growth in the Middle East (WallStCheatSheet)
Leading global bank Citigroup Inc (NYSE:C) has been granted preliminary approval by the Central Bank of Iraq to open a representative office in Baghdad. The Honorable Stephen Beecroft, United States Ambassador to Iraq, formally announced the approval during an official ceremony hosted at the U.S. Embassy in Baghdad on June 24. Citigroup Inc (NYSE:C) Chief Executive Officer for Europe, Middle East and Africa, James Cowles, said Iraq was an important market, with an economy that had substantial potential over time. …In a press release Citigroup Inc (NYSE:C) stated that Dennis Flannery, who has managed the bank’s Iraq desk based in Amman, Jordan for the past two years, would lead the representative office.
Citigroup and HSBC to sell mutual funds in China (FT)
Citigroup Inc (NYSE:C) and HSBC Holdings plc (NYSE:HBC) have won approval to sell local mutual funds within China, a breakthrough for foreign banks largely locked out of the domestic retail investment market. Both banks will now be able to offer fund products designed by local fund managers to retail, corporate and institutional clients. It is a small step in opening Chinese financial markets to foreign groups but one that both Citigroup Inc (NYSE:C) and HSBC Holdings plc (NYSE:HBC) described as important to furthering their ambitions in China. Global banks have struggled to make headway in the Chinese market and hold less than 2 per cent of the industry’s assets.
Getting to ‘Wow’ With Wells Fargo (BankTech)
While the banking industry faces some challenges in achieving the level of customer satisfaction that some other verticals already enjoy, the task is not impossible and requires an enterprise-wide commitment. These were the words of Wells Fargo & Co (NYSE:WFC) Chief Marketing Officer Jamie Moldafsky, who spoke this week at the Forrester Customer Experience Forum about how the bank tries to achieve the “wow” factor in customer experience. Moldafsky admitted that “the banking industry and smiles aren’t always synonymous with each other right now, and getting that smile is challenging because we interact with the customer through so many different means.”
Wells Fargo Mortgage Rate Deals Today (FiDaily)
The best 30 year fixed rate loans at Wells Fargo & Co (NYSE:WFC) are coming out at 4.500% today with an APR of 4.864%. 30 year FHA fixed rate loan interest rates have been offered at 4.250% with a rather higher APR of 5.043%. The short term 15 year loan interest rates have been listed at 3.625% carrying an APR of 4.125% today. ARM interest rates in the 5 year category are listed at 3.250% at Wells yielding an APR of 3.412% at the beginning of the loan. In the FHA ARM arena, 5 year deals are on the books at 2.750% and an APR of 2.807%. 30 year refinance FRMs are being quoted at 4.625% at Wells and APR of 4.799% today. The best 30 year refinance FHA fixed rate loans have been published at 4.625% with an APR of 5.846%. The best 30 year refinance jumbo loan interest rates are available starting at 4.750% at the bank today carrying an APR of 4.867%.
Wells Fargo to fund 2.7GW, $100m of SunEdison solar projects (NewEnergyWorldNetwork)
According to Bloomberg, the investments over this year and next will help to fund the 2.7GW of projects SunEdison is developing, the St.Peters, Missouri-based solar company said. SunEdison says the projects will help customers ‘better control their electricity costs while expanding the use of renewable energy throughout the US,’ said head of Wells Fargo & Co (NYSE:WFC)’s environmental finance group, Barry Neal. The company has provided at least $950m since 2007 for over 200 SunEdison solar projects throughout 13 US states and Puerto Rico.
