4 Financial Stock Stories To Take To the Bank
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On Thursday, the PNC board named President William S. Demchak as director and said that he will succeed Chairman James E. Rohr as chief executive, effective April 23rd.
ARMOUR Residential REIT (AMEX:ARR): Current price $6.59
The firm said Thursday that it has priced an underwritten public offering of 65 million shares of common stock, and has granted the underwriters a 30-day option through which to buy as many as 9.75 million additional shares. The underwriters are offering the shares at the prevailing market prices or otherwise periodically through the NYSE, the over-the-counter market, negotiated transactions or otherwise. The offering should close on February 20th.
Wells Fargo & Co. (NYSE:WFC): Current price $35.19
The lender is broadening commercial property lending in the United Kingdom while European banks are forced to pull back. The company’s chief of institutional and metro-markets at the bank’s commercial real estate division, Chip Fedalen, said in a phone interview that, “Coming in now, when there is scarcity of capital, we can start to bank U.K. companies and have a very good chance of developing a long-term relationship. We want to be there forever.” Meanwhile, Wells Fargo Chief Executive John Stumpf is looking beyond the United States after his bank becoming the country’s leading home-lender, biggest commercial-property servicer and owner of the biggest retail-branch network. The company has acquired debt portfolios from European lenders who are exiting American markets.
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