Last Friday at the close, shares in Charlotte, North Carolina-based Bank of America Corp. ended 0.13% higher at $16.00. The stock recorded a trading volume of 100.74 million shares, which was above its three months average volume of 90.30 million shares.
The Company’s shares have advanced 11.01% in the last one month and 10.71% in the previous three months. The stock is trading above its 50-day and 200-day moving averages by 11.70% and 11.26%, respectively. Furthermore, shares of Bank of America, which through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide, have a Relative Strength Index (RSI) of 77.27.
On August 5th, 2016, Bank of America announced that it will report its Q3 2016 financial results on October 17th, 2016. The results are scheduled to be released at 6:45 a.m. ET, followed by an investor presentation at 8:30 a.m. ET.
New York-based Citigroup Inc.’s stock finished Friday’s session 0.32% higher at $47.51 with a total trading volume of 16.29 million shares. The Company’s shares have advanced 8.37% in the last one month and 4.25% over the previous three months. The stock is trading above its 50-day and 200-day moving averages by 7.15% and 5.97%, respectively. Additionally, shares of Citigroup, which provides various financial products and services for consumers, corporations, governments, and institutions worldwide, have an RSI of 71.87.
On August 30th, 2016, Bloomberg reported that Banco Santander S.A. has hired Morgan Stanley as an adviser to help it buy Citigroup Inc.’s retail assets in Brazil for $350 million to $450 million. According to the article, Citigroup said in February it would sell its retail-banking and credit-card operations in the three countries, and hold on to the businesses that serve institutional and corporate clients there.
Shares in San Francisco, California headquartered Wells Fargo & Co. ended the session 0.24% higher at $50.55 with a total trading volume of 12.68 million shares. The stock has gained 5.66% in the past month and 0.92% in the previous three months. The Company’s shares are trading above their 50-day and 200-day moving averages by 5.55% and 3.17%, respectively. Moreover, shares of Wells Fargo, which provides retail, commercial, and corporate banking services to individuals, businesses, and institutions, have an RSI of 71.06.
On September 2nd, 2016, Wells Fargo announced that Laura Oberst will succeed Hugh Long as head of its Business Banking Group, effective immediately. Long will retire at year-end. Business Banking serves more than 100,000 U.S. businesses with annual sales from $5 million to $20 million.
New York headquartered JPMorgan Chase & Co.’s shares recorded a trading volume of 13.66 million shares. The stock closed 0.42% higher at $67.49. The Company’s shares have gained 4.54% in the past month, 4.19% in the previous three months, and 4.47% on an YTD basis. The stock is trading 5.43% and 9.49% above its 50-day and 200-day moving averages, respectively. Additionally, shares of JPMorgan Chase, which operates as a financial services company worldwide, have an RSI of 76.81.
On August 16th, 2016, research firm Bernstein downgraded the Company’s stock rating from ‘Outperform’ to ‘Market Perform’.
On September 1st, 2016, Reuters reported that JP Morgan Chase has been granted a business licence to operate a fully-owned fund management business in China, as the world’s second-largest economy moves to further open its financial markets to foreigners. As per the article, the licence issued to the U.S. bank, which already has a fund management joint venture in China, will enable it to set up an office in Shanghai free-trade zone, as per the notice on the website of the Shanghai Industry and Commerce Administration.
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