Wednesday, February 17, 2010

C --- More positive news and new upward momentum

More positive news for C in the long run. Big investors are starting to jump on board.

Posted on 02/17/10 at 3:17pm by Christopher Henry
http://www.benzinga.com/media/cnbc/131077/13f-filings-boost-citigroup


Citigroup (NYSE: C) gets a boost from 13F filings was discussed on Fast Money Halftime report. The most recently 13F filings showed big name investors established new positions in the stock last quarter. Some of these large investors include Jim Paulson, George Soros and Eddie Lampert.

Mr. Soros initiated a position in Citigroup with 95 million shares. John Paulson, who in the last few quarters has begun to buy banks after being known as a short seller of banks bought 507 million shares, which brought his total to 807 million shares. Eddie Lampert, who is best known for his merger of Kmart and Sears Holdings (NASDAQ: SHLD) added 31 million shares of Citigroup to total a holding of 50 million shares.

Brian Kelly of Fast Money said, “The move makes me very bullish, as long as Citigroup stays above $3.15, I’m interested. The traders also looked at the relationship between Citigroup and the current book value. Currently Citigroup’s book value is near $4.20, and the stock is trading 18% below book value. Most banks tend to trade near, or above their book value.

Citigroup is trading up 4% intraday
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