4 Financial Stock Stories to End a Big Trading Week

Lloyds Banking Group (NYSE:LYG): Current price $4.10

Should a provisional scenario being mapped out by officials become effective, up to half of the government’s £18 billion interest in Lloyds would be divested to retail investors. The sell-off could commence as soon as September, with a 5-to-10 percent stake in Lloyds potentially being placed with institutional investors at a nominal discount to the share price. Those involved in the process anticipate a second institutional placing early in 2014, followed by a retail tranche, smoothing the way for the government to completely offload its 39 percent stake by the end of that year, assuming the markets remain stable.

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LYG

Citigroup Inc. (NYSE:C): Current price $50.71

Citigroup is set to report its second quarter earnings before the open on Monday, with a conference call scheduled for 10:00 am Eastern Time. However, JPMorgan has predicted that Citigroup would be negatively impacted more than other banks by the sell-off in emerging market bonds, owing to its large presence in a number of markets. JPMorgan also noted that Citigroup obtained a significant amount of revenue from rising emerging market bonds in 2012.

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C

BlackRock Inc. (NYSE:BLK): Current price $268.28

On Friday, the U.K.’s ministry of finance said it has named BlackRock to advise it on whether it should break up part-nationalized Royal Bank of Scotland Group. BlackRock will supply specialist advice on RBS assets, and joins the investment bank Rothschild and legal firm Slaughter & May as advisers on the review, which should be finished by autumn. In June, Finance Minister George Osborne said that Britain would explore whether to split the bank — in which it owns an 81-percent interest — pushing off its remaining toxic loans into a so-called ‘bad bank.’

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BLK

The Bank of Nova Scotia (NYSE:BNS): Current price $54.83

Scotiabank announced Friday that it has pulled back its application to purchase a 19.99-percent stake in the Bank of Guangzhou. Since reporting the proposed investment in September 2011, Scotiabank and the City of Guangzhou have re-examined the proposed partnership in light of changing conditions. Scotiabank’s Group Head of International Banking Dieter Jentsch said, “Scotiabank will continue to consider future opportunities for investment in China that are in line with our strategy and footprint in the region. The Bank also remains focused on our existing operations in the country including the recently announced Bank of Beijing Scotia Asset Management Joint Venture and 19-percent stake in Bank of Xi’an.”

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BNS

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