4 Financial Stock Stories Making Midweek Moves

Bank of America Corp. (NYSE:BAC): Current price $14.17

BofA’s Merrill Lynch division will pay $160 million to resolve a discrimination lawsuit brought by black financial advisers, according to an attorney representing the plaintiffs. Attorney Suzanne Bish said that the case, filed in 2005, was brought on behalf of one employee and swelled to up to 1,200 class representatives who “persevered through some long odds in this case.” In a Tuesday phone interview, Bish related that the agreement is set to be considered by a federal judge in Chicago on September 3.

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BAC 20130828

Wells Fargo & Co. (NYSE:WFC) Current price $41.37

Wells Fargo has priced a 1 billion euro, or $1.31 billion, seven-year Eurobond, which has a coupon rate of 2.25 percent and will mature on Sep 3, 2020. The bond has a re-offer price of 99.463 and spread of 60 basis points over midswaps. Further, the Eurobond carries a yield of 2.334 percent. Barclays PLC, Citigroup Inc. and JPMorgan Chase & Co. served as joint lead managers in the pricing. Moody’s Investors Service has rated the bond A2.

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WFC 20130828

The Bank of  Nova Scotia (NYSE:BNS): Current price $55.17

Analyst John Reucassel at BMO Capital Markets has reiterated an Outperform on BNS shares in a report published on Wednesday, but reduced his price target from $67 to $65. Reucassel noted in part that, “Scotiabank reported cash EPS of  $1.39. Excluding unusuals, cash operating EPS were $1.32, up from $1.15 last  year and ahead of the consensus estimate of $1.30. Scotia reported good results  in its two highest multiple businesses — Canadian banking and Global Wealth — but results were overshadowed by concerns in International Banking. The fourth quarter is expected to mirror the third, suggesting that concerns on International Banking  could linger for at least another quarter.”

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PNC Financial Services Group Inc. (NYSE:PNC): Current price $72.78

PNC Bank customers will now have more convenient options through which to make deposits, cash checks, and complete other transactions with the addition of new features to the company’s 3,600 ATMs. The installation of PNC DepositEasy capabilities on ATMs in every PNC region commenced last year, and was completed in August. The “smart” ATMs, which can be located through pnc.com/depositeasy from among the bank’s 7,200 ATMs spanning the country, enable customers to cash checks and deposit stacks of cash or checks without an envelope 24/7,365 days a year.

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PNC 20130828

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