For Immediate Release
Chicago, IL – December 28, 2009 – 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: Wells Fargo & Co. (WFC), Bank of America Corp. (BAC), Citigroup Inc. (C), JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS).
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Here are highlights from Thursday’s Analyst Blog:
Wells Fargo Exits TARP
On Wednesday, Wells Fargo & Co. (WFC) finally exited the Troubled Asset Relief Program (TARP) by repaying the entire $25 billion that it had taken as aid in October 2008. Accordingly, the company bought back the $25 billion of series D preferred stock issued to the US Treasury under the TARP and also paid accrued dividends of $131.9 million as part of the redemption. Last week, Wells Fargo had sold 489.9 million new shares of its common stock at $25 each, raising $12.25 billion to help repay the TARP money.
Since issuing of the preferred stock in October 2008, Wells Fargo has paid a total of $1.441 billion in dividends to the US Treasury and US taxpayers. However, the timely repayment of TARP funds has helped the company save the annual preferred stock dividend payment of $1.25 billion to the government. This is projected to be slightly accretive to earnings in 2010.
The repayment of the entire bailout money to the US Treasury has additionally relieved Wells Fargo from pay restrictions and other government regulations. The company will now be able to focus on its core growth strategies to rebuild its historical position as the global economy goes into a recovery mode.
Wells Fargo has been the third largest bank in the US to repay TARP loans in Dec 2009. Recently, Bank of America Corp. (BAC) exited TARP by repaying the $45 billion that it had received in two government bailouts. On Wednesday, Citigroup Inc. (C) also announced its final departure from TARP after buying back $20 billion of trust preferred securities it had sold to the Treasury Department under TARP’s Capital Purchase Program. About ten other giant banks such as JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS).
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