Goldman Execs Given Stock, Citi Upgraded at Sterne Agee: Financial Business Review
On New Year’s Eve, ten senior Goldman Sachs Group (NYSE:GS) executives, including Chief Executive Lloyd Blankfein, were given stock pegged to prior restricted awards worth tens of millions of dollars. The executives received a total of 508,104 shares, according to multiple filings late Monday with the Securities and Exchange Commission. They then sold 245,838 of those shares to cover tax obligations and kept the remainder which were worth $33.1 million. The shares went for $126.24 on Monday.
On Thursday, the financial holding company Fulton Financial Corporation (NASDAQ:FULT) said that its board of directors has okayed the repurchase of as many as eight million shares, or roughly 4 percent of the firm’s outstanding shares, through June 30, 2013. As of January 2nd, Fulton had around 199 million shares of common stock outstanding.
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Brookfield Asset Management (NYSE:BAM) has notified General Growth Properties (NYSE:GGP) that its affiliates have purchased the GGP warrants held by affiliates of Pershing Square Capital Management. The warrants represent the right to buy more than 18 million shares of GGP common stock with a par value of one cent per share. In addition, Brookfield has offered the board of directors the option to acquire, in the next 30 days, the same warrants for the same purchase price paid by Brookfield, according to its Schedule 13D filed Thursday.
Citigroup (NYSE:C) was upgraded on Thursday at Sterne Agee from Neutral to Buy along with receiving a 12-month price target of $50. Analysts commented that the firm choosing Michael Corbat as chief executive officer in October “is a game changer.” Also noted was the potential volatility linked to the Euro zone that poses the biggest risk for Citigroup, but they said that the threat seems to be stabilizing.