Citigroup Shares: The Selling Continues

Citigroup Government Owned (NYSE:C)

Citigroup Inc. (NYSE:C) shares continue to rise, today they are up 3.6% to $4.61, the market is happy that Uncle Sam is getting out of their business. Sponsors - Become one Today

Over the past 12 months Citigroup Inc (C) shares have traded between $3.11 and its 52-week high of $5.07.  Citigroup shares have rallied 21% in the last three months and in 2010 they are up 39.4%.  Great news today as the U.S. Treasury Department announced it sold its remaining stock in Citigroup Inc. for $10.5 billion, bringing the country’s third-biggest bank a step closer to independence from the government following a $45 billion bailout in 2008.

The Treasury said it disposed of 2.4 billion shares at $4.35 each, compared with yesterday’s closing price of $4.45 on the New York Stock Exchange. The sale raises the profit for taxpayers on the rescue to about $12 billion, including the share gain, dividends and proceeds from other securities.

The sale helps Citigroup exit the 2008 bailout, which was provided to keep the New York-based bank from collapsing as its stock sank below $5 and some depositors started withdrawing their money. Citigroup also had to get $301 billion of government guarantees on its riskiest assets, making the bailout the biggest among U.S. banks.



WallStNation.comThanks for visiting, to assist your investing research try using our Search (click to access) or review the list of Tickers (click to access) that link directly to articles related to the given stock/security.

To Browse our Most Recent Stories (click here)

Share Content

Share this article with others, is the Independent Wall Street Newspaper. Thanks for Reading!

Daily Market Summary

Please Review the Disclaimer and remember that information provided by our site is at the investor's sole financial risk. Please Review for more Details