Bank of America upgraded to Outperform from Market Perform at FBR Capital FBR Capital upgraded Bank of America to Outperform with a $20 price target citing book value growth following the company's Q3 results. Shares closed yesterday down 28c to $15.48.
AEGON agrees to sell Canadian operations for C$600M Aegon has reached an agreement with Wilton Re to sell its Canadian operations for C$600M. The net underlying earnings of Aegon's Canadian operations were C$26M over the trailing four quarters ending June, while its shareholders' equity excluding revaluation reserves on an IFRS basis amounted to C$1.8B at the end of June. As a result, the sale price represents a multiple of 23 times net underlying earnings. The transaction is expected to result in a book loss of approximately C$1.2B. The parties anticipate that the transaction will close in 1Q15, subject to regulatory approval.