Morgan Stanley (NYSE:MS): Current price $27.04
The Wall Street bank will pay $100,000 to the New Jersey Bureau of Securities for its violation of state laws by selling non-traditional exchange-traded funds to investors. Included in the total is $65,000 in civil penalties, $25,000 to reimburse the bureau’s investigative expenses, and $10,000 for the bureau to use for investor education, said a statement from the New Jersey Office of the Attorney General. Prior to this, Morgan Stanley shelled out $96,940.34 to pay back New Jersey investors, according to the statement, which also revealed that the inquiry discovered that Morgan Stanley advisers recommended non-traditional ETFs to elderly investors who wanted assets that offered income. Morgan Stanley neither admitted nor denied the bureau’s findings.
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Citigroup Inc. (NYSE:C): Current price $51.70
On Thursday, Citigroup’s 8.125-percent Non-Cumulative Preferred Stock, Series AA will trade ex-dividend for its quarterly dividend of 0.5078 cents, payable on August 15. As a percentage of Citi’s recent share price of $29.71, this dividend represents about 1.71 percent. Preferred Stock Channel calculates that on an annualized basis, the current yield is roughly 6.83 percent, versus to an average yield of 5.35 percent in the Financial preferred stock category.
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UBS AG (NYSE:UBS): Current price $19.49
The Swiss lender UBS reveals that it has a business relationship with up to eight out of 10 billionaires in Asia, as it reduces its investment banking business to concentrate upon wealth management. Chief Executive Sergio Ermotti told analysts and reporters on a call following second-quarter earnings Tuesday that “We have a penetration of one in two billionaires in the world. In Asia, this was much deeper.”
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American International Group (NYSE:AIG): Current price $45.87
AIG posts its second quarter earnings on Thursday, and the majority of analysts are positive about the numbers, despite an expected dip in profit. Over the past month, the consensus estimate of 85 cents per share for the quarter has dropped from 88 cents, but that is still up from the consensus of 84 cents three months ago. Analysts are anticipate earnings of $3.82 per share for the fiscal year, and after standing at $17.12 billion in 2012, analysts forecast revenue to fall by 50 percent year-over-year to $8.62 billion. For the year, revenue is expected to come to $34.50 billion, after falling in the past two quarters.
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