4 Financial Stock Stories Not to be Missed
Invesco Mortgage Capital (NYSE:IVR): Current price $21.79
Late Monday, Invesco announced the conclusion of its public offering of 15 million shares of common stock and issuance of 2.25 million shares of its common stock pursuant to the underwriters’ full exercise of their option to buy additional shares. The total offering of 17.25 million shares brought aggregate proceeds of about $362.2 million, prior to deducting underwriting discounts and estimated offering expenses.
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American International Group (NYSE:AIG): Current price $37.78
The Special Inspector General for the Troubled Asset Relief Program has said that the United States Treasury Department signed off on all 18 requests it received in 2012 to raise pay for executives at American International Group, General Motors Company, and Ally Financial, all of which received taxpayer-funded bailouts during the financial crisis. Treasury also approved pay packages totaling $5 million or more for nearly 25 percent of the executives at those firms, according to the report.
HSBC Holdings (NYSE:HBC): Current price $56.75
American International Group has made 10-year bancassurance agreements with HSBC Group firms to which AIG will become the exclusive supplier of non-life insurance products to HSBC Group customers in Turkey and France, along with other countries in Continental Europe as may be required. AIG anticipates paying an aggregate amount of about $55 million for the exclusive distribution access in Turkey and France, and expects to initiate the partnerships in the first half of this year.
Fifth Third Bancorp (NASDAQ:FITB): Current price $16.20
On Tuesday, Fifth Third was raised to Outperform from Market Perform at Wells Fargo Securities, as its earnings-per-share forecast for 2013/2014 was changed to a range of $1.67 to $1.80 from $1.65 to $1.70 due to “recent management guidance and enhanced capital return potential.” At the same time, PNC Financial Services Group (NYSE:PNC) was downgraded to Market Perform from Outperform by Wells Fargo.