King of All Trades » Citigroup

Citigroup Attempts Improvements in Face of Mortgage Crisis

Andrew Montero — Mon, 18 Apr 2011 11:19:58 +0000

Last month, Citigroup announced plans for a 10 for 1 reverse stock split, which will move the share price somewhere near $40 by reducing the number of outstanding shares from the current 29 billion to a much more reasonable number of 2.9 billion. Citigroup share price is down 92% from its 2006 high of $55.70 which was achieved with close to 5 billion shares outstanding. The reverse split will take effect May 6, Citigroup CEO Vikram Pandit believes that the reverse split, together with with the reinstatement of a penny per share dividend as an initial step are important first moves as the company anticipates returning capital to shareholders starting next year.

Citigroup Attempts Improvements in Face of Mortgage Crisis King of All Trades

Citigroup (NYSE:C) Still Can’t Totally Get Stink off of Itself

Andrew Montero — Fri, 29 Oct 2010 11:43:30 +0000

Citigroup (NYSE:C) is trading above the $ 4 dollar mark once again, after recently beating earnings estimates reporting income of 2.2 billion or .07 cents a share, which is interesting given Citigroup was recently mentioned, along with Bank of America (NYSE:BAC) and others, as being among a group of financial institutions that are plagued by mortgage risk. Citigroup could face heavy legal challenges related to their handling of underwriting mortgages and foreclosing on homeowners. The company did report improvements in retail banking business in both North and South America. Citicorp revenues were also up in Latin America and Asia.

Citigroup (NYSE:C) Still Can’t Totally Get Stink off of Itself King of All Trades

Citigroup (NYSE: C) Continues Walking the Green Mile to Sustained Profitability

Andrew Montero — Mon, 26 Jul 2010 12:02:27 +0000

Last week, Citigroup (NYSE:C) showed a net profit of $2.7 billion, or 9 cents per share when they announced Q2 results, which was down from the 49 cents per share profit of Q1. Citigroup revenue was $22.1bn, down $3.4billion from Q1 2010. Citigroup CEO Vikram Pandit, was happy with what he termed ‘solid’ figures for the latest quarter. Compared with same period last year numbers, consumer banking revenue rose 9% in Latin America and 10% in Asia, more than offsetting declines of 3% in North America and 5% in the Europe-Middle East-Africa region. On a global basis, consumer banking revenue rose 2% from a year earlier, to $8.03 billion. Trends were similar for transaction services, with revenue rising 5% in Latin America and 6% in Asia and falling 3% in North America and 1% in the Europe-Middle East-Africa region. With that in mind; Citigroup continues walking the green mile to sustained profitability this quarter as the Treasury Department announced it will sell 1.5 billion more shares of Citigroup (NYSE: C) stock over the next couple of months. This is the third tranche sale in the government’s Citigroup bailout fund recovery effort. The proceeds are part of the repayment of funds from Citigroup’s portion of the $700 billion financial bailout. The third tranche of Citigroup stock sales will start immediately and be completed by Sept. 30, according to a spokesperson at the Treasury. The government has already sold 2.6 billion shares for $10.5 billion in the first 2 tranche sales over the course of the last 2 fiscal quarters. Citigroup originally received $45 billion in taxpayer funds through the Troubled Asset Relief Program (TARP). Of the $45 billion, $25 billion was converted to a government-ownership stake through shares of common stock with Treasury receiving 7.7 billion shares at a share price of $3.25. At that time, the stake equated to 27 percent of the company. Citigroup repaid the $20 billion unconverted portion of the loan last December. Citigroup stock over the past 52 weeks has ranged in price from a low of $2.56 to a high of $5.43. The Treasury Department has stated its intentions to sell its entire stake in Citigroup by the end of this year. The first tranche of sales, covering 1.5 billion shares, concluded in May. The second, which covered another 1.1 billion shares, ended recently after beginning in June. Once those shares are all sold, I would expect some sort of share repurchase by the company, or perhaps a reverse split to reduce the bloated share count.

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Citigroup (NYSE:C) is a Diamond in The Rough

Andrew Montero — Fri, 28 May 2010 12:02:44 +0000

Citigroup (NYSE:C) is slowly ascending once again, which is interesting given Citigroup was recently mentioned, along with Bank of America (NYSE:BAC) and Deutsche Bank (NYSE:DB), as being among a group of financial institutions that shed debt just before quarter’s end to disguise levels of risk. The companies have been lowering their net borrowing in the repo market by an average of 41% at the end of each of the last 10 quarters, according to Fed Reserve data. This points out the systemic issues that have yet to be fully addressed in the Banking industry; as extensive use of repos was what allowed Lehman to improve its risk appearance quarter after quarter before that firm was forced into bankruptcy in September of 2008.

Citigroup (NYSE:C) is a Diamond in The Rough King of All Trades

Citigroup (NYSE:C) Remains a Solid if Unspectacular Choice

Andrew Montero — Tue, 18 May 2010 13:38:43 +0000

Citigroup (NYSE:C) shares continue to be volatile. Citigroup shares have began to recover, trading at more than $55 per share in 2007 plummeted to less than $2 in 2009 , reaching more than 5 dollars now in April. Citigroup shares closed below 4 dollars in trading yesterday at $3.86 per share. This is not an unexpected situation for informed investors; as the government owns more than one quarter of Citigroup, and has been unloading roughly 20% of their stake of approximately 7.7 billion shares in the company since late April.

Citigroup (NYSE:C) Remains a Solid if Unspectacular Choice King of All Trades

Citigroup (NYSE:C) Continues to Deleverage and Defend Itself

Andrew Montero — Mon, 10 May 2010 13:12:20 +0000

Citigroup (NYSE:C) said Friday that it will buy back $535.9 million worth of its notes as part of tender offer which was previously announced. The cash tender offer expired at 5 p.m. Thursday. As of the expiration date about $535.9 million aggregate principal amount of notes were validly tendered and not withdrawn or were subject to binding commitments to sell to Citigroup. All of the debt notes being repurchased were scheduled to come due this year and in 2011. The move is part of Citigroup's strategy to utilize available cash to terminate debt nearing maturity and reduce overall interest payments. The tender offer is not expected to impact liquidity, the company said. Citigroup expects to settle all tenders May 11.

Citigroup (NYSE:C) Continues to Deleverage and Defend Itself King of All Trades

Citigroup;(NYSE:C) a Steady Return to its Former Strength

Andrew Montero — Thu, 29 Apr 2010 11:57:37 +0000

By Steve Garcia As the enthusiasm for shares of Citigroup (NYSE:C) following an incredible turnaround quarter begins to fade, there appears to be more good news coming. Prince Alwaleed Bin Talal, the Saudi Prince who is a large investor in Citigroup, announced this week that the globally reaching, New York based bank is applying to open an office in Saudi Arabia. Citigroup stock traded in the mid 4 dollar range at close yesterday; down from the previous day’s trading with continued heavy volume. Profit taking and slow but steady unloading of the US governments position most likely has been a factor in the downward momentum.

Citigroup;(NYSE:C) a Steady Return to its Former Strength King of All Trades

Citigroup (NYSE:C) Moves Forward by Moving Away from Weil’s Model

Andrew Montero — Thu, 15 Apr 2010 12:07:45 +0000

This is a perfect example of what Citigroup needs to do to reposition itself and strengthen itself as a Bank first and foremost again. It is also a far cry from recent testimony at Banking related hearings from Charles Prince and others.

Citigroup (NYSE:C) Moves Forward by Moving Away from Weil’s Model King of All Trades

Citigroup (NYSE:C) Still on a Perilous Slope with Recent Revelations

Andrew Montero — Thu, 08 Apr 2010 12:39:47 +0000

As we watch Citigroup (NYSE:C) continue to trade above 4.20 a share, I have to ask investors what they are driving this stock price up on? Certainly with the recent news that the government would like to divest itself of its shares, the price per share of this equity theoretically should drop. Also amid all the recent speculation, we are seeing bits and pieces of a massive fraud and lack of competence among the Mortgage and Banking industries with Citigroup smack dab in the middle of it all.

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Citigroup (NYSE:C) Refocuses to Investor Delight

Andrew Montero — Fri, 12 Mar 2010 16:56:49 +0000

By Steve Garcia - Citigroup is looking healthier today though still in critical condition. It is both technically and fundamentally a different company than it was prior to the market crash two years ago.

Citigroup (NYSE:C) Refocuses to Investor Delight King of All Trades