CHICAGO, July 15, 2014 /PRNewswire/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include the Wells Fargo & Company (NYSE:WFC-Free Report), Citigroup Inc. (NYSE:C-Free Report), Bank of America Corporation (NYSE:BAC-Free Report), JPMorgan Chase & Co. (NYSE:JPM-Free Report) and Capital One Financial Corp. (NYSE:COF-Free Report).
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
Here are highlights from Monday's Analyst Blog:
Bank Stock Roundup
The time has come for the banks to gear up for the release of their second-quarter results against the tough industry backdrop. Wells Fargo & Company (NYSE:WFC-Free Report) kicked off second-quarter bank earnings season last Friday.
However, efforts by the banks to remove litigation overhang remained the key trend last week. Some streamlining activities made headlines too. All these generated optimism about bank financials getting some support going forward. (Read last to last week's developments: Major Regional Banks Stock Roundup: SunTrust and U.S. Bancorp in Focus for Settlements)
Recap of the Week's Major Happenings:
1. Driven by prudent expense management, Wells Fargo earned $1.01 per share, in line with the Zacks Consensus Estimate and up 3.6% year over year. Total loans and deposits grew and non-interest expenses declined. However, fall in non-interest income acted as a dampener. (Read More: Wells Fargo Posts Solid Earnings, Expenses Down Y/Y).
2. Citigroup Inc. (NYSE:C-Free Report) is in talks with the Department of Justice (DOJ) to pay more than $7 billion for the resolution of several litigations and probes related to its pre-crisis mortgage practices. The charges were imposed for allegedly providing mortgages to ineligible customers and sale of mortgage-backed securities (MBS) to investors without disclosing the associated risks. (Read More: Citigroup to Pay $7B to Settle Mortgage Issues?)
3. Wells Fargo, Citigroup and Bank of America Corporation (NYSE:BAC-Free Report) were able to escape the clutches of litigation filed by the city of Miami, as a federal judge dismissed the mortgage-discrimination allegations against them. However, Wells Fargo will have to face the lawsuit filed by the Los Angeles city accusing it of similar charges, as the U.S. District Judge dismissed the bank's plea. (Read More: Wells Fargo, Citi, BofA Dodge Miami Discrimination Lawsuit and Wells Fargo to Face Los Angeles Discrimination Lawsuit).
4. In order to regain the confidence of its shareholders, BofA has sought re-approval of 5 cents per share of quarterly dividend. The news was reported by the Wall Street Journal. BofA had resubmitted a tapered 2014 capital plan in May, but had not divulged any details at that time. (Read More: BofA Seeks 5 Cent Dividend Payout).
5. At a time when the banking industry is struggling with slow top-line growth, banks are attempting to cut expenses in order to remain profitable. Wall Street biggies including JPMorgan Chase & Co. (NYSE:JPM-Free Report) are among the front runners. The company is seeking avenues to slash wasteful expenditure, per a Wall Street Journal report. (Read More: JPMorgan Aims at Prudent Cost Management).
Last week, BofA and Citigroup were the major gainers, with their share prices increasing 3.6% and 2.1%, respectively. On the other hand, Capital One Financial Corp. (NYSE:COF-Free Report) witnessed a marginal decline.
Today, Zacks is promoting its ''Buy'' stock recommendations. Get #1Stock of the Day pick for free.
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