4 Financial Stock Stories for Savvy Midweek Investment Reading

Wells Fargo & Co. (NYSE:WFC): Current price $41.42

Wells Fargo announced Wednesday that it has recruited the investment veteran Peter Barcia from Citi Private Bank in New York for its Abbot Downing business that caters to the ultra-upscale. Barcia has served as director of portfolio solutions at Citi Private Bank and comes to Abbot Downing as a managing director and senior portfolio manager. In his new position, Barcia will work with clients in New England and the New York metro area.

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Morgan Stanley (NYSE:MS): Current price $26.53

This week, analyst Adam Parker at Morgan Stanley forecast that the S&P 500 will hit 1840 over the next 12 months, implying about a 12-percent upside from present levels. The upwardly revised projection comes after Parker predicted back in March that the stock would finish 2013 at 1600. The S&P 500 recently rose by 0.9 percent to 1654. In a note to clients, Parker wrote that, “As we said in March, the lack of a credible bear case seems to be driving multiple expansion for equities. Why? For one thing, markets can work while estimates are being downwardly revised.”

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E*TRADE Financial Corp. (NASDAQ: ETFC): Current price $15.80

E*TRADE reported that its subsidiary, E*TRADE Bank, has been permitted by regulatory authorities to dividend capital to the firm’s parent. The capital distribution will occur during September in the amount of $100 million. The firm intends to request approval for similar distributions of $100 million per quarter, during the near term. E*TRADE will supply updates on usage of capital distributions as is appropriate via its regularly scheduled earnings calls and presentations to the investment community.

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Barclays plc (NYSE:BCS): Current price $18.11

On Wednesday, Barclays said that it will initiate its £5.8-billion, or $9-billion, rights issue, marking the largest by a United Kingdom bank since 2009 on September 13. The firm is raising the cash after Britain’s financial regulator said that it needed an extra £12.8 billion to cushion it against market shocks, should they occur. The rights issue will offer existing shareholders one new share at 185 pence for every four they presently own, representing a 40-percent discount to Barclays’ share price on the day prior to it being announced. Barclays expects the new shares to begin trading on October 3.

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