MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, August 28, 2003 FleetBoston Less of a Target Stock analysts no longer see FleetBoston as a prime takeover target, reports the Boston Herald. The paper based its report on an equity report issued by Prudential Financial and its rising stock price. Prudential analyst Michael Mayo wrote in his report that the bank's higher stock price makes it less attractive to bigger banks. However, he also believes that the bank will continue to report weak revenue growth. That analysis led him to downgrade the stock to a "sell" rating. Meanwhile, the bank yesterday inked a deal to purchase Blue Bell, Pennsylvania-based Progress Financial Corp. for about $211 million in stock. The deal will bring the bank into eastern Pennsylvania and Philadelphia where Progress has a franchise with affluent investors and 21 branch offices. Progress claims $1.1 billion of assets and $741 million of deposits as of June 30. Printed from: MFWire.com/story.asp?s=5738 Copyright 2003, InvestmentWires, Inc. All Rights Reserved |