4 Financial Stock Stories to Take to the Bank
Goldman Sachs Group (NYSE:GS): Closing price $145.02
A large shareholder, CtW Investment Group, sent a letter to the firm on December 13th, calling on the board to adopt an independent chairman. CtW works with pensions sponsored by a group of unions, with 5.5 million members and $200 billion in assets. Goldman is now attempting to keep the proposal off the proxy ballot, following an endeavor in 2012 against a like proposal by a different activist group that resulted in the company naming a lead outside director.
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The Blackstone Group (NYSE:BX): Closing price $18.25
Blackstone has announced a partnership with a management team, led by the former Executive Chairman at Element Power and former head of Iberdrola Renewables Pedro Barriuso, through which to form Fisterra Energy, a firm owned by funds managed by Blackstone on behalf of its private equity investors. The new company’s primary concentration will be to identify, develop, finance, construct and operate large scale independent power projects in markets seeing capacity or transmission shortfalls, with a focus in Europe, Latin America, and the Middle East.
Home Loan Servicing Solutions (HLSS): Closing price $20.42
The firm sees Eagle Asset Management take a 10.94 percent interest, by its now holding a bit over 1.5 million shares. Data from a 13-G filing by HLSS on Wednesday.
KeyCorp (NYSE:KEY): Current price $9.23
On Thursday, KeyCorp shareholders were disappointed as the Cleveland-based bank posted an unanticipated jump in expenses during the fourth quarter during the previous three months. Along with other banks trimming costs to outweigh the pressure on revenue from falling interest rates, KeyCorp has been doing the same, but it has also said that it will continue to invest in future growth, so it might take until the second half for expenses to start decreasing. Expenses increased by 5.4 percent year-over-year, and 3 percent from the third quarter to $756 million, while revenue rose by 9.8 percent to $1.1 billion for the same period but fell 4.4 percent from the third quarter.
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