4 Financial Stock Stories to Close Out a Hectic Trading Week
The Blackstone Group Lp (NYSE:BX): Current price $26.75
It is hoped by bankers that a United States home-rental asset-backed security from the private equity player Blackstone will launch a brand new single-family rental asset class with issuance of $10 billion, likely over the next 18 months, assuming they can entice investors. However, the new sector, formed upon what critics are calling the housing “detritus” of the financial crisis, is not likely to garner much praise from public opinion, according to certain industry participants. One RMBS investor quipped, “I think there’s a potential for a backlash on this.”
U.S. Bancorp (NYSE:USB): Current price $37.75
U.S. Bank, a longtime supporter of small businesses via the Small Business Administration lending program, concluded the 2013 SBA fiscal year on September 30 with $639 million in volume and 2,519 loans committed. The totals mark a 22-percent increase in dollar volume year-over-year, and a 52-percent rise in the number of loans provided. U.S. Bank was the number-two SBA lender by volume in the United States for 2013, and ranked first in both units and volume in the SBA districts of Kentucky, Portland, Seattle/Spokane, and Tennessee.
Wells Fargo & Co. (NYSE:WFC): Current price $42.72
A Wells Fargo spokesman said Thursday that the number-one mortgage lender in the United States will not assess late fees on borrowers who missed their payment deadlines in deference to the 16-day government shutdown from October 1 to October 16. However, Wells has not formally announced the waiver, and the spokesman would not say the amount it collects in late charges during an average month.
Citigroup Inc. (NYSE:C): Current price $50.03
Citi, acting through Citibank N.A., has been named as depositary bank for Abengoa, a firm that applies tech solutions for sustainability in energy and environment sectors, for its American Depositary Receipt program. Abengoa’s American Depositary Shares trade on the NASDAQ Stock Market under the symbol ABGB, with each ADS representing five ordinary Class B shares. The company’s Class B shares are listed both on the Madrid and Barcelona stock exchanges.
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