This morning, J.P. Morgan said that, based on a conversation with Bank of America Corporation BAC, the company “should likely not need to issue any material amount of common equity through issuance to employees to meet $1.1 bil remaining asset sale requirement due to equity benefits from two sales: gains from the sale of China Construction Bank (CICHY) stock offering rights and BlackRock, Inc. BLK stock.”
Temasek Holdings purchased BAC's share of CCB's 7% rights offering, a move that J.P. Morgan says should bring BAC's ownership closer to the Basel 3 limit and close to completing its asset sale requirement by YE '10 under its agreement to repay TARP last year.
Bank of America currently trades at $12.12; BlackRock trades at $173.07.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst RatingsAsset Management & Custody BanksBank of AmericaBlackrockChina Construction BankFinancialsJ.P. MorganOther Diversified Financial ServicesTemasek Holdings
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in