U.S. Bank Stocks Rise: Citi, JPMorgan, XLF
The financials are on the move today, Citigroup (NYSE:C) is finally above $5, JPMorgan (NYSE:JPM) is up 2.5%, and the Financial Select Sector SPDR (ETF) (NYSE:XLF) has inched up 1.6%.
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Citigroup (C) shares almost touched its 52-week high of $5.07, shares got up to $5.04 and have since come down to trade around $5.02. JPMorgan (JPM) shares are moving up today thanks to company announcing it will increase their dividend between 75 Cents to $1 per share, a huge increase from the current $0.20 per share rate. This is all good news for the Financial Select Sector SPDR (XLF) which is trading just 3.69% below its 52-week high.
CITI ON DECK NEXT WEEK
Citi reports Q4 2010 earnings before the bell ahead Tuesday (Jan 18th) and expectations are high. The Street expects a profit of 8 cents per share, consider last year when Citi delivered a loss of 34 cents per share in Q4 2009.
Last month the U.S. Treasury Dept. sold its last shares of Citigroup (C), paying back taxpayers after the company drained us all for $45 billion in TARP handouts. This is a big plus for Citi shareholders, Citi is done with the U.S. government, they are back in control of their company and can now focus on making money without big brother watching their every move. Thanks to Citi getting back to business, this may help the company to buyback shares or even pay out a dividend to shareholders.
Let's hope for all of us Citi has something good to say next week and 2011 marks the comeback of U.S. financials.