The stock is off its lows for the day at $44.08, down $1.12.
Citi: “Cosmetic Steps to Look More like a ‘Normal’ bank stock”
One thing to keep an eye on Monday. Citigroup’s 1-for-10 reverse stock split takes effect Monday, cutting its number of shares outstanding from 29 billion to 2.9 billion. And catapulting the shares over the $5 barrier for good. (At least Citigroup shareholders hope.) Some thoughts thoughts over the last few months from analysts reverse split.Previously:
David Hilder, Susquehanna Financial: Citigroup is clearly taking cosmetic steps to look more like a “normal” bank stock and less like a slim survivor of the financial crisis. By getting the stock price to the $45 range, C hopes to open the door for funds that may not be able to buy stocks priced under $5 a share. Similarly, a new quarterly dividend of $0.01 per share will provide a dividend yield of less than 10 bps but will allow funds that cannot buy non-dividend-paying stocks to buy C....MORE