Five Dollar Flirt and Other Citigroup Notes
About nine months ago, Citigroup's (NYSE: C) share price managed to crack through $5 per share, but it wasn't able to hold that lofty level. Recently, the stock broke the $5 mark again and then pulled back after a weak earnings report. Can Citi reclaim a five-handle and keep going?
In this article, I pulled institutional holding stats for Citi and a few of the other members of the formerly bailed out, big bank brigade. Despite the recent punk earnings report, I think Citi has a good shot at taking out five bucks and continuing up from there.
In addition to my scribbles, there's some good coverage of Citi and big bank prospects here at The Fool. Morgan Housel did his usual excellent job summarizing Citi's earnings report in Looking Pretty in the Citi, Alex Dumortier concluded This Crisis Is In the Books after reviewing a few earnings reports, and Nick Nejad weighs in on What the Massachusetts Decision Means for the Major Banks.
Some other Citi highlights include:
Citi's board announced a nice pay raise for the CEO bumping his salary from $1 per year to $175 million per year. That's like 17.5 billion percent. I doubt even Ben Bernanke can bump prices that fast. In all seriousness, Citi's turnaround (with taxpayer help) has been truly impressive and, if I were a C shareholder, I'd want the board to do what it takes to keep Dr. Pandit on the job.
And, Treasury announced it will be auctioning its Citi warrants sometime this quarter. With the common stock all sold, the Citi pick in my TARPedBanks profile was closed.
Disclosure: No position in Citi, although it's tempting to swap a little of my WFC out for it.
Any thoughts on Citi or good bank news/analysis links you'd care to share?