Citibank (NYSE: C) Closes Above $4.00 per Share (NYSE: C)
ByCitibank (NSE: C) rallied through the closing bell to finish at the company’s highest share price since November 24th, after CEO Vikram Pandit issued a bullish-message about the company’s future at a Citibank sponsored investor conference in New York.
The company’s stock jumped 22 cents during the day, or nearly 6%, closing at $4.18 per share. The stock has risen 13% since last Friday’s close of $3.50. In after-hours trading, Citibank’s stock price has since risen to $4.20. 1.18 billion Citibank shares were traded on Thursday marking the third consecutive day that more than 1 billion shares of the company changed hands.
The $4.18 finish was the first time that the company’s stock rose above $4.00 per share since December 7th, when investors speculated that the company would repay its TARP debt.
Pandit spoke at the Citi 2010 Financial Service Conference, which was closed to the press. The speech was streamed online and presentation materials were made available to the public in the form of an “Form 8-K” that the company filed with the Securities and Exchange Commission.
The presentation slides that the company released said that the CEO was focused on a growing opportunity in emerging markets, an area that Pandit said would represent more than 55% of Citigroup’s potential revenue growth.
Pandit detailed the company’s goal for a compounded annual growth rate of 5% and a yearly return on assets of 1.25% to 1.5%
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