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Banking News: Bank of America Corp (BAC), Citigroup Inc (C) & Wells Fargo & Co (WFC)

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Editor’s Note: Related tickers: Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C), Wells Fargo & Co (NYSE:WFC), Precision Castparts Corp. (NYSE:PCP), Ameriprise Financial, Inc. (NYSE:AMP), HSBC Holdings plc (NYSE:HBC)

Bank of America Increases Precision Castparts Corp. Price Target to $262.00 (PCP) (Zolmax)
Research analysts at Bank of America Corp (NYSE:BAC) upped their target price on shares of Precision Castparts Corp. (NYSE:PCP) to $262.00 in a report released on Thursday, Analyst Ratings.Net reports. The firm currently has a “buy” rating on the stock. Bank of America Corp (NYSE:BAC)’s price objective points to a potential upside of 19.26% from the stock’s previous close. Precision Castparts Corp. (NYSE:PCP) traded up 2.89% on Thursday, hitting $226.05. Precision Castparts Corp. (NYSE:PCP) has a 1-year low of $150.53 and a 1-year high of $221.90. The stock’s 50-day moving average is currently $213.4. The company has a market cap of $33.079 billion and a price-to-earnings ratio of 22.59.

Bank of America Corp (NYSE:BAC)

Bank of America Merrill Lynch Adopts SWIFT MyStandards for Global Custody (FortmillTimes)
Bank of America Corp (NYSE:BAC) Merrill Lynch today announced that it has licensed the SWIFT MyStandards product, an innovative web-based application designed to facilitate the management of global standards and market practices across the financial industry. BofA Merrill, a global provider of custody and agency services, will initially use MyStandards for its custody message expansion program. The expansion will broaden the instruction and reporting messages used by clients, agents and internally across BofA Merrill Global Transaction Services business lines to facilitate greater straight through processing.

Bank of America Merrill Lynch Study Finds Retirement Readiness and Overall Financial Wellness Increa (DailyFinance)
Bank of America Corp (NYSE:BAC) Merrill Lynch today announced findings from its 2013 Workplace Benefits Report, a study of the increasingly significant role financial benefit plans play in helping the American workforce achieve financial wellness. Based on a nationwide survey of more than 1,000 employees from companies of all sizes, this research offers new insights into the availability, utilization and evolution of these workplace benefits – from 401(k) plans and health savings accounts (HSAs) to financial advice and education.

Bank of America: Making Sense of Why It’s Higher Today (Fool)
Shares of Bank of America Corp (NYSE:BAC) are following the bank’s blue-chip brethren higher today on the heels of multiple better-than-expected economic reports. Roughly halfway through the trading session, the nation’s second largest bank by assets is up by $0.14, or 1.1%. There are a number of likely catalysts for the positive sentiment in the market today. Among others, the Commerce Department reported that personal income and consumer spending both rose more than expected last month, and that core consumer price inflation came in on the low side. In addition, the Labor Department estimated that there were 9,000 fewer applications for unemployment benefits filed last week than the week before.

Citigroup Raises Earnings Estimates on Ameriprise Financial (AMP) (Dividend)
Even though its flow outlook remains cautious, Citigroup Inc (NYSE:C) analysts raised the earnings estimates on Ameriprise Financial, Inc. (NYSE:AMP) on Thursday, as the company now has a more favorable sales mix. Ameriprise Financial, Inc. (NYSE:AMP) shares were up 93 cents, or 1.16%, during morning trading on Thursday. The stock is up 29.65% year-to-date. …Shares of Ameriprise Financial, Inc. (NYSE:AMP) have a dividend yield of 2.57% based on Thursday’s intraday trading price of $81.02 and the company’s annualized dividend payout of $2.08 per share.

Citigroup Looks for Growth in the Middle East (WallStCheatSheet)
Leading global bank Citigroup Inc (NYSE:C) has been granted preliminary approval by the Central Bank of Iraq to open a representative office in Baghdad. The Honorable Stephen Beecroft, United States Ambassador to Iraq, formally announced the approval during an official ceremony hosted at the U.S. Embassy in Baghdad on June 24. Citigroup Inc (NYSE:C) Chief Executive Officer for Europe, Middle East and Africa, James Cowles, said Iraq was an important market, with an economy that had substantial potential over time. …In a press release Citigroup Inc (NYSE:C) stated that Dennis Flannery, who has managed the bank’s Iraq desk based in Amman, Jordan for the past two years, would lead the representative office.

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