Visitors Now:
Total Visits:
Total Stories:
Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Citigroup Boosts Share Buyback By $1.75 Billion

Monday, November 21, 2016 8:33
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Citigroup Inc (NYSE:C) said it would boost its share repurchase plan by up to $1.75 billion this morning, citing the need to return more to shareholders.

The additional $1.75 billion worth of buybacks is in addition to the already-planned $10.4 billion worth of capital actions. Those actions include a higher dividend of $0.16 per share and a common stock repurchase program of up to $8.6 billion.

When combined with the new repurchase plans announced today, Citi’s total planned capital actions rise to $12.2 billion.

The company commented via press release:

“We continue to make strong progress on the factors that will allow us to deliver the returns our shareholders expect and deserve – generating consistent earnings, investing in businesses well positioned to drive growth and continuing to strengthen our capital planning process. We believe this solid foundation will enable us to deliver more of the capital we generate from earnings, DTA utilization and divestments back to our shareholders, while also positioning our firm for long-term success.”

Citigroup has struggled to regain its spot among the banking world’s elite following the disastrous financial crisis of 2008-2009. The company’s stock languished around $4 per share for years until it executed a 1:10 reverse split in early 2011. Since that split, C has gained about 20% in value, but the S&P 500 has soared 64% in the same period.

Citi shares were mostly flat in Monday morning trading at $55.40.

C-2016-11-21

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.