Financial Stocks up After Basel III (BAC, Citigroup, BCS, JPM)

Financial stocks edged higher and outperformed the broader market after the global regulators agreed the New bank capital rules over the weekend which would give lenders transition periods that could extend to January 2019 or later, much higher time than estimated by the Wall Street analysts.

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Under the new requirements, known as Basel III, Banks need to hold top-quality capital totaling 7% of their risk-bearing assets, but a long lead-in time eased fears that lenders will have to rush to raise capital.

The new capital ratio represents a substantial increase from the current requirement of 2 %, but is significantly lower than what banks had feared earlier this year and comes with a phase-in period extending in part to January 2019.

Bank of America Corporation (NYSE:BAC) is one of the biggest gainers on the DOW and soared 3.32% to $14 with over 45 million shares. The Stock also made a new 52-week low of $12.18 recently. The stock has fallen over 8% year to date. The stock has a 52-week high and low of $12.17-$19.86 respectively.

The median Wall Street price target on the stock is $20 and the high target is set at $26 with majority of analysts have a Hold rating on the company's stock. The stock has the 50- Day Moving Average and 200-Day Moving Average prices of $13.71 and $15.84 respectively.

Citigroup Inc. (NYSE:C) climbed 2.17% to $3.99 with over 103 million shares. So far this year, the stock has jumped over 16%. The stock has a 52-week range of $3.11-$5.07.

The median Wall Street price target on the stock is $5.50 and the high target is set at $6.90 with majority of analysts have a Buy rating on the company’s stock. The stock has the 50- Day Moving Average and 200-Day Moving Average prices of $3.93 and $4.01 respectively.

Barclays PLC (ADR) (NYSE:BCS) surged 2.04% to $20.04 on over 4.20 million shares. So far this year, the stock has jumped over 13%. The stock has a 52-week range of $15.36-$25.68.

Barclays PLC (Barclays) is a global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management. It operates through branches, offices and subsidiaries in the United Kingdom and overseas.

Morgan Stanley (NYSE:MS) jumped 1.73% to $27.66 with over 1.72 million shares. So far this year, the stock has fallen over 8%. The stock has a 52-week range of $22.40-$35.78.

Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the Company operates as a global financial services company that provides its products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals.

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