Implications of "Best Interest" Rule for Annuities
Aaron Levitt
|
With broker-dealers and agents now acting in favor of clients, investors may be...
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Bank of America (BAC) – The bank’s capital plan was approved by the Fed, but the bank will not be able to boost its 5 cent dividend. The bank was told that it would have to resubmit its plans in the fall. BAC has been authorized to buy back up to $4 billion in shares.
Citigroup (C ) – The bank’s plan has been approved. It will finally be able to raise its 1 cent quarterly dividend to 5 cents per share. The bank was also given permission to buy back $7.8 billion in shares.
Goldman Sachs (GS) – Goldman had to make changes to its original plan, but the Fed approved its dividend hike from 60 cents to 65 cents quarterly.
JP Morgan (JPM) – The firm’s adjusted capital plan was approved by the Fed, and the bank was given permission to increase its dividend from 40 cents to 44 cents. The Fed will also allow JPM to buy back $6.4 billion in shares.
Wells Fargo (WFC) – The bank’s capital plan was approved by the Fed. WFC will be boosting its quarterly distribution by 7% and will also be buying back shares.
Morgan Stanley (MS) – Morgan Stanley’s capital plan was approved by the Fed. The bank has been given permission to buy back $3.1 billion in shares, and to raise its dividend from 10 cents to 15 cents.
For investors bullish on banks, a mutual fund may be a good choice to gain exposure to the industry.
Symbol | Mutual Fund | Top Five Holdings |
---|---|---|
FSRBX | Fidelity® Select Banking Portfolio | WFC, USB, BAC, JPM, C |
FIDSX | Fidelity® Select Financial Services | BRK-B, JPM, C, BAC, USB |
PRISX | T. Rowe Price Financial Services | C, JPM, BAC, STT, MS |
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Bank of America (BAC) – The bank’s capital plan was approved by the Fed, but the bank will not be able to boost its 5 cent dividend. The bank was told that it would have to resubmit its plans in the fall. BAC has been authorized to buy back up to $4 billion in shares.
Citigroup (C ) – The bank’s plan has been approved. It will finally be able to raise its 1 cent quarterly dividend to 5 cents per share. The bank was also given permission to buy back $7.8 billion in shares.
Goldman Sachs (GS) – Goldman had to make changes to its original plan, but the Fed approved its dividend hike from 60 cents to 65 cents quarterly.
JP Morgan (JPM) – The firm’s adjusted capital plan was approved by the Fed, and the bank was given permission to increase its dividend from 40 cents to 44 cents. The Fed will also allow JPM to buy back $6.4 billion in shares.
Wells Fargo (WFC) – The bank’s capital plan was approved by the Fed. WFC will be boosting its quarterly distribution by 7% and will also be buying back shares.
Morgan Stanley (MS) – Morgan Stanley’s capital plan was approved by the Fed. The bank has been given permission to buy back $3.1 billion in shares, and to raise its dividend from 10 cents to 15 cents.
For investors bullish on banks, a mutual fund may be a good choice to gain exposure to the industry.
Symbol | Mutual Fund | Top Five Holdings |
---|---|---|
FSRBX | Fidelity® Select Banking Portfolio | WFC, USB, BAC, JPM, C |
FIDSX | Fidelity® Select Financial Services | BRK-B, JPM, C, BAC, USB |
PRISX | T. Rowe Price Financial Services | C, JPM, BAC, STT, MS |
If you’ve enjoyed this article, sign up for the free MutualFunds.com newsletter; we’ll send you similar content weekly.
Receive email updates about best performers, news, CE accredited webcasts and more.
Aaron Levitt
|
With broker-dealers and agents now acting in favor of clients, investors may be...
Justin Kuepper
|
Let’s take a look at what sets China apart from other emerging markets,...
News
Iuri Struta
|
Check out the latest edition of mutual fund scorecard.
Find out why $30 trillon is invested in mutual funds.
Download our free report
Find out why $30 trillon is invested in mutual funds.
Download our free report
Find out why $30 trillon is invested in mutual funds.
Mutual Fund Education
Justin Kuepper
|
Let's take a closer look at how ESG investments have outperformed during the...
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Daniel Cross
|
While CITs and mutual funds share many similarities, there are some key differences...
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Sam Bourgi
|
The phrase ‘bear market’ has been thrown around a lot lately, but it...