3 Financial Stock Stories To End the Trading Week

Bank of America Corporation (NYSE:BAC): Current price $11.67

The analyst Glenn Schorr at Nomura Securities has hiked his price target on BofA from $11.50 to $12.00, and also modified his estimates as a reaction to first quarter results. However, Schorr said that upside remains limited, as he commented that “Bank of America’s first quarter showed some progress on the grand plan highlighted by much better credit, stable to improving NII/NIM, better IB/trading (but FICC trailed peers), strong GWIM and commercial loan growth, improving legacy mortgage issues, and good core expenses trends as LAS and core BAC expenses are on the right track.”

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Wells Fargo & Co. (NYSE:WFC): Current price $36.67

A knowledgeable source said Thursday that the private equity firm Lone Star and Wells Fargo are in exclusive discussions to purchase a $6.09 billion United Kingdom property loans portfolio, which was put on the block by Commerzbank. Commerzbank, Wells Fargo and Lone Star have all declined comment. Germany’s second-biggest lender is divesting the property loans unit of its mortgage unit Hypothekenbank Frankfurt International, formerly known as Eurohypo, as it looks to downsize its balance sheet. Wells Fargo is interested in the performing property loans, and distressed debt and equity investor Lone Star Funds is eyeing non-performing debt, according to the source.

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Capital One Financial Corp. (NYSE:COF): Current price $56.25

Zacks Equity Research reports that Capital One’s first-quarter earnings of $1.79 per share substantially beat the Zacks Consensus Estimate of $1.63. The figure was up almost 27 percent quarter-over-quarter from $1.41. Analysis indicated that the better-than-anticipated results had benefited from reduced operating expenses, but partially offset by drop in revenues. Beyond that, strong profitability along with capital ratios and continuously rising asset quality were the other quarter highlights.

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