4 Financial Stock Stories Making Midweek Waves

Wells Fargo & Co. (NYSE:WFC): Current price $43.23

On Wednesday, Wells Fargo announced its sponsorship of the Mexican National Team for its annual United States Tour, starting with today’s game against Côte d’Ivoire at MetLife Stadium in East Rutherford, New Jersey. This sponsorship further reinforces Wells Fargo’s commitment to supporting soccer in the United States, building on its July 31 announcement of a national sponsorship of Major League Soccer. Both agreements run through the year 2016.

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Citigroup Inc. (NYSE:C): Current price $51.75

According to The Wall Street Journal, Citi intends to exit its Citigroup Alternative Investments division. The change comes just after increased regulatory and financial pressure on the bank. The unit includes a $3.4-billion fund Citi Infrastructure Investors, raised in 2007 in which some $500 million was Citigroup’s own capital. The investment bank has elected not to invest in new infrastructure business for this fund, which owns assets that include a United Kingdom water provider and a Spanish toll road. Citi’s stake in Kelda, which owns the United Kingdom-based Yorkshire Water, will be cut from 37 to 20 percent.

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Lloyds Banking Group (NYSE: LYG): Current price $4.78

Lloyds shares have jumped by 140 percent during the past 12 months — their price gaining a shot in the arm from the release of the firm’s first-half results on August 1 with underlying profits gaining close to £2 billion to reach £2.9 billion. Beyond that, the bank hikes its guidance for the full year, elevating its net interest margin estimate from 1.98 to about 2.1 percent. Current forecasts now have the shares on a forward P/E of 15.6.

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Barclays (NYSE:BCS): Current price $17.77

Barclays Chief Financial Officer Christopher G. Lucas said on Wednesday that he will leave the bank earlier than was expected due to health reasons by Friday. Lucas said in February that he would exit the company and Barclays named the JPMorgan executive Tushar Morzaria to take over his position. Morzaria will begin his new role at Barclays on October 15, and Barclays Financial Controller Peter Estlin will serve as the acting chief financial officer in the interim, said a company statement.

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