Citigroup Incorporated
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    Citigroup Incorporated Citigroup Incorporated Document Transcript

    • Citigroup Incorporated (C) Noah Cutler Date: February 15th, 2007 Consensus Estimate 12/06A 12/07E 12/08E Sector: Financials EPS 4.26 4.50 4.70 Industry: Banks P/E 12.73 12.05 11.53 Current Price: $54.21 Long Term Growth Rate: 9.81 52 Wk Price Range: $45.80 - $57.00 Ratio Analysis Co. Indus. Sector SP500 Ave. Daily Vol: 18,140,000 P/E (TTM) 12.73 13.52 16.69 20.79 Beta: 1.26 P/S (TTM) 2.97 3.47 3.74 2.91 Market Cap ($million): $265,740 P/B (MRQ) 2.24 2.01 2.54 4.05 Shares Out (million): 4,900 ROA (TTM) 1.28 1.34 2.96 8.10 Inst. Hold %: 69.40% EBO Valuation $51.98 Div Yld: 3.99% Recommendation: HOLD Total Debt/Equity: 6.17 Stop-loss Price: $43.00 Member S&P 500? Yes Price 6-mo prob 12-mo prob Target Price $59.00 47% 66% Investment Thesis Summary • Although the number of retail branches has Fundamental Valuation: tripled in recent years, the locations are Bearish – Using a discount rate of 10.68 % the EBO viewed as sub-par when compared to valuation suggests share prices should be $51.98. competitors JP Morgan & Chase and Bank This is a 4.11% decrease from the current price of of America. In the middle of what has been $54.21. called a retail banking war, Citigroup has Relative Valuation: overextended itself and fallen behind. This Bullish/Neutral – P/B and ROE information could has not fully been incorporated into the not be found for all firms and the other indicators price. were bullish/neutral, bearish/neutral and bullish. • Citigroup has made a large number of This suggests that Citigroup may be slightly acquisitions in recent years revenues have undervalued when compared to similar firms. not been able to increase faster than Technical Analysis: expenses. Investors are losing confidence in Neutral – Two indicators were neutral, one was the stock, which will keep the price from bearish, one was bullish, one was slightly bullish, and increasing much, if at all. one was slightly bearish. • Citigroup is considering listing itself on the Earnings Analysis: Tokyo Stock Exchange later this year as part Bearish – Negative surprises in three of the past five of its global expansion strategy. This quarters. Earnings are estimated to grow in the information has not been incorporated into future, however there have been more downward the stock price, though it may not outweigh revisions than upward revisions the current lack of investor confidence Analyst Recommendations: because any benefits of the decision would Neutral – With a mean rating of 2.09, Citigroup is not be seen until later this year. currently considered an outperform. This rating is • Citigroup recently announced that it is re- down within the last two months, but is up from a branding itself as Citi, and that it sold off the year ago. trademark red umbrella in an effort to Institutional Ownership: update its image. This is increasing Bullish – Institutional ownership has increased by uncertainty around Citigroup’s future stock 131 positions and the percentage held by institutions prices and lowering investor confidence. has increased by 8.99% over the past three months. 1
    • Company Summary Citigroup, which was incorporated in 1988, is a diversified global financial services holding company. The company’s businesses provide a broad range of financial services to both consumer and corporate customers. Citigroup, which is a bank holding company, provides many services including underwriting and dealing in securities, insurance underwriting and brokerage, and making temporary investments in non-financial companies. Citigroup is divided into four main segments which are the Global Consumer Group, Corporate and Investment Banking (CIB), and Global Wealth Management and Alternative Investments (AI). Citigroup expands its business offerings by acquiring new businesses that offer the desired products, and as such has become known for its many acquisitions. In 2005 Citigroup completed the acquisition of First American Bank in Texas (FAB), which helped to establish Citigroup’s retail banking presence, particularly in Texas. Later that same year, Citigroup announced that it had entered into a long-term agreement with Federated Department Stores. Under the agreement, the two companies would partner to run Federated’s credit card business, including new and existing accounts. Two months later in August 2005, Citigroup merged its two intermediate bank holding companies into what is now known as Citigroup, Inc. At the end of 2005, Citigroup shifted its focus more to the distribution of financial services and in August 2006 the company completed the acquisition of TD Waterhouse Capital Markets Business. Recently, in February 2007, Citigroup completed the acquisition of the Affordable Housing Debt Business from Capmark Financial Group, Inc.i The Global Consumer Group provides various banking, lending, insurance, and investment services through Citigroup’s 7,237 branches, 6,920 ATM’s, and 682 automated lending machines (ALM’s), the Internet, and the Primerica Financial Services sales forceii. This segment services more than 200 million accounts, providing products and services to both consumers and small and middle-market businesses. The CIB segment provides corporations, governments, institutions and investors around the world with a variety of financial services and products. This segment includes Capital Markets and Banking, Transactions Services, and Other Corporate and Investment Banking. Capital Markets and Banking offers products and services that include investment banking and advisory services, debt and equity trading, institutional brokerage, foreign exchange, structured products, derivative and lending.iii The revenue from Capital Markets and Banking is mostly from fees associated with investment advice and loans. Transaction Services provides cash management and trade financing for corporations and financial institutions worldwide. Other CIB includes offsets to certain line items in other CIB segments, certain non-recurring items and tax amounts not allocated to CIB productsiv. The Global Wealth Management segment is made up of the Smith Barney Private Client business, Citigroup Private Bank, and Citigroup Investment Research. Smith Barney provides investment advice, financial planning and brokerage services to individuals, companies and non-profit organizations through a network of more than 13, 000 financial advisors located primarily in the United States. Smith Barney generates its earnings from their management of client assets, acting as a broker for clients in the purchase and sale of securities, financing customers' securities transactions and any other borrowing needsv Citigroup Private Bank provides personalized wealth management services for high-net-worth clients in 33 countries around the world. These services include comprehensive investment management, investment financing, including real estate financing, commitments and letters of credit, and banking The Alternative Investments segment (AI) manages capital on behalf of Citigroup, and does the same for third-party and wealthy investors.vii 2
    • Citigroup Earnings by Segmet (in millions) $(667), 3% Global Consumer $1,437 , 7% Corporate & Investment $1,244 , 6% Banking Global Wealth Management $10,897 , 51% $6,895 , 33% Alternative Investments Coporate/Other Competition and Strategy Citigroup Incorporated is a very large company and offers many different products and services through its various segments. Although it is difficult to compare Citigroup to many companies in the world, for the sake of this analysis the company will be compared to Bank of America, Deutsche Bank AG, JP Morgan Chase & Company, and Wells Fargo & Company. While each of these competitors is in the Financial Sector, each focuses on different customers, though many of the products are similar. Wells Fargo, for instance, is much smaller than Citigroup in terms of market capitalization and concentrates more on retail banking and providing for the common consumer and small businessesviii. Bank of America aims to be the world’s leader in retail banking and consumer financial services but also has a very strong focus on communitiesix. JP Morgan & Chase has a global focus on investment banking and credit card servicesx. Deutsche Bank AG, is a foreign company and is by far the smallest competitor in terms of market capitalization. Located in Germany, the Company aims to compete globally to be the leading provider of financial solutions for demanding clients, while creating exceptional value for the shareholders and employeesxi. Citigroup attempts to do everything that these competitors do and more. Citigroup is an extremely diverse company, as seen through the nine different companies that make up Citigroup, including Citibank, Citi Cards, Citi Financial, Citi Mortgage, Private Bank, and Smith Barneyxii. Citigroup Inc. has a very unique strategy when compared to competitors. While all of the competitors have made acquisitions at some time, most, like Wells Fargo, have grown organically at least in some part. Citigroup, while beginning this way, did not evolve into what it is today organically. The Company has acquired many of its largest competitors throughout time, and has purchased new businesses to offer new products and attract new customers. This is largely how Citigroup differs from its competitors. Also, each competitor attempts to focus on particular services, products, or customers. Citigroup seems to lack much focus at all, instead trying to be and provide everything to everyone. The Global Consumer segment is even divided into smaller segments that focus on operations in the United States and Internationally. Citigroup tailors to wealthier customers through the Global Wealth Management segment and operations such as Private Bank, while at the same time marketing the entire company under the Citigroup name and with the trademark red umbrella that appropriately represents the company structure. The Company competes with Deutsche Bank AG through the elitist appeal of the Private Bank and Global Wealth Management segment, and simultaneously competes with very different Wells Fargo and Bank of America in retail banking and card services. 3
    • Being so much larger and more diverse than its competitors, Citigroup has several advantages and disadvantages compared to its competitors. Wells Fargo, for instance, is small enough be the bank of the everyday consumer, but is large enough to compete nationally with Bank of America. Citigroup, while large enough to compete with Bank of America both nationally and globally, it likely too large to attract consumers on the community and regional levels. This same issue of size has enabled Citigroup to compete with the largest companies in the industry, sometimes acquiring and integrating them into the Company under the umbrella of Citigroup. This, in turn, has made Citigroup into the largest company in the Financial sector and a true global presence. If a particular segment is not performing well, say the Global Consumer segment which competes in retail banking, Citigroup can still perform well as a whole because of the other segments that compete with other whole companies. This is structurally similar to Citigroup’s competitors, however the competitors segments are not nearly as large or diversified as Citigroup’s are. Historical Revenue and Earnings: Historical Revenue (in millions) Historical Earnings (per share) FY 12/06 FY 12/05 FY 12/04 FY 12/06 FY 12/05 FY 12/04 1st Quarter $34,290.0 $28,620.0 $24,396.0 $1.14 $1.06 $1.03 2nd Quarter $35,899.0 $28,837.0 $25,826.0 $1.05 $0.98 $0.22 3rd Quarter $36,323.0 $31,147.0 $24,611.0 $1.13 $1.41 $1.03 4th Quarter $40,046.0 $31,714.0 $26,806.0 $1.04 $1.37 $1.04 Total $146,558.0 $120,318.0 $101,639.0 $4.36 $4.82 $3.32 The historical revenues have increased steadily from year to year. With the exception of the third quarter in 2004, quarterly revenues have increased every quarter and do not drop from the fourth quarter to the first quarter of the next year. The historical earnings per share have been somewhat sporadic. There are very large decreases in earnings per share in the second quarter of each year, with the second quarter in 2004 being the largest decrease. In each year, the earnings per share increases to more of a historically normal level, but only in 2005 is this increase above the first quarter earnings per share. There does not appear to be any other patterns in the historical earnings per share, though they appear to be increasing for the most part. No information related to the very pronounced second quarter decreases in earnings per share could be found and there are no corresponding decreases in historical revenue. 4
    • I. Fundamental Valuation Citigroup Incorporated PARAMETERS FY1 FY2 Ltg EPS Forecasts 4.50 4.70 9.81% Model 1: 12-year forecasting horizon (T=12). Book value/share (last fye) 24.39 and a 7-year growth period. Discount Rate 10.68% Dividend Payout Ratio 3.99% Next Fsc Year end 2007 Current Fsc Mth (1 to 12) 2 Target ROE (industry avg.) 15.19% Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Long-term EPS Growth Rate (Ltg) 0.0981 0.0981 0.0981 0.0981 0.0981 Forecasted EPS 4.50 4.70 5.16 5.67 6.22 6.83 7.50 Beg. of year BV/Shr 24.390 28.710 33.223 38.178 43.619 49.594 56.156 Implied ROE 0.164 0.155 0.148 0.143 0.138 0.134 ROE (Beg. ROE, from EPS forecasts) 0.185 0.164 0.155 0.148 0.143 0.138 0.134 0.137 0.141 0.145 0.148 0.152 Abnormal ROE (ROE-r) 0.078 0.057 0.049 0.042 0.036 0.031 0.027 0.030 0.034 0.038 0.041 0.045 growth rate for B (1-k)*(ROEt-1) 0.000 0.177 0.157 0.149 0.143 0.137 0.132 0.128 0.132 0.135 0.139 0.142 Compounded growth 1.000 1.177 1.362 1.565 1.788 2.033 2.302 2.598 2.940 3.338 3.801 4.343 growth*AROE 0.078 0.067 0.066 0.065 0.064 0.063 0.062 0.079 0.100 0.126 0.158 0.196 required rate (r) 0.107 0.107 0.107 0.107 0.107 0.107 0.107 0.107 0.107 0.107 0.107 0.107 0.107 discount rate 1.107 1.225 1.356 1.501 1.661 1.838 2.035 2.252 2.492 2.759 3.053 3.379 div. payout rate (k) 0.040 Add to P/B PV(growth*AROE) 0.07 0.05 0.05 0.04 0.04 0.03 0.03 0.04 0.04 0.05 0.05 0.06 Cum P/B 1.07 1.12 1.17 1.22 1.26 1.29 1.32 1.36 1.40 1.44 1.49 1.55 Add: Perpetuity beyond current yr (Assume this yr's AROE forever) 0.66 0.51 0.46 0.41 0.36 0.32 0.28 0.33 0.38 0.43 0.48 0.54 Total P/B (P/B if we stop est. this period) 1.73 1.64 1.63 1.62 1.62 1.61 1.60 1.68 1.77 1.87 1.98 2.09 Implied price 42.88 40.63 40.47 40.31 40.15 39.99 39.84 41.82 44.01 46.41 49.06 51.98 Check: Beg. BV/Shr 24.39 28.71 33.22 38.18 43.62 49.59 56.16 63.36 71.71 81.42 92.72 105.91 Implied EPS 4.50 4.70 5.16 5.67 6.22 6.83 7.50 8.70 10.11 11.77 13.75 16.09 Implied EPS growth 0.044 0.098 0.098 0.098 0.098 0.098 0.159 0.162 0.165 0.168 0.170 Inputs: 1. EPS Forecasts and long-term growth rate (LTG) were obtained from on February 18th, 2007. 2. Book value per share derived from balance sheet figures on Total equity equaled $119,783,000,000 and total shares outstanding equaled 4,912,000,000 on December 31st, 2006. Therefore, the book value per share equaled $24.39 ($119,783,000,000/9,120,000,000=24.3857). 3. Discount rate: The risk free rate was based on the rate of the 20-year Treasury bond, which equaled 4.96% on February 9th, 2007. The discount rate was calculated using the risk free rate, an expected market return rate of 9.5%, and an estimated beta of 1.26 from This yielded a CAPM discount rate of 10.68% (.0496 + 1.26 [0.95 - .0496]) = .1068). 4. Dividend payout ratio is the trailing 12 months for Citigroup, Incorporated as reported by on February 19th, 2007. 5. Next fiscal year-end is December 31st, 2007. 6. Current fiscal month is February, 2007. 7. Target ROE for the Money Center Banks industry (industry named according for for this section) equaled 15.19% as reported by Output and Sensitivity Analysis: 1. Based on these parameters, a 12 year forecasting horizon and a 7 year growth period, the EBO valuation is $51.98. 2. Changing the discount rate to 10.388% (-0.292) the EBO valuation equals the current price of $54.21. If these expectations are realized, we expect to earn an annual return of 10.388% on the stock. 3. Changing the growth rate to 12.26% (+2.45%) the EBO valuation equals the current price of $54.91. 4. Changing the industry ROE to 15.885% (+0.695%) the EBO valuation equals the current price of $54.91. 5
    • II. Relative Valuation Comparables Mean FY2 Earnings Estimate Forward Mean LT PEG P/B ROE Value Ticker Name Mkt Cap Current Price (next fiscal year) P/E Growth Rate (MRQ) 5 yr ave Ratio P/S 1 BAC Bank of America Corporation $ 240.96 $ 54.05 5.33 10.14 8.91% 1.14 NA NA #VALUE! 3.32 2 DB Deutsche Bank AG $ 63.82 $ 141.20 13.57 10.41 12.00% 0.87 NA NA #VALUE! 1.89 3 JPM JP Morgan Chase & Company $ 177.41 $ 51.25 4.47 11.47 9.90% 1.16 1.57 7.46% 0.21 3.00 4 WFC Wells Fargo & Company $ 120.77 $ 35.76 3.02 11.84 11.27% 1.05 2.63 19.50% 0.13 3.38 C Citigroup, Incorporated $ 265.74 $ 54.21 4.97 10.91 9.81% 1.11 2.24 17.42% 0.13 2.97 Implied Price based on: P/E PEG P/B Value P/S 1 BAC Bank of America Corporation $50.40 $55.49 #VALUE! #VALUE! $60.60 2 DB Deutsche Bank AG $51.71 $42.28 #VALUE! #VALUE! $34.50 3 JPM JP Morgan Chase & Company $56.98 $56.46 $38.00 $88.72 $54.76 4 WFC Wells Fargo & Company $58.85 $51.23 $63.65 $56.86 $61.69 High $58.85 $56.46 #VALUE! #VALUE! $61.69 Low $50.40 $42.28 #VALUE! #VALUE! $34.50 Median $54.35 $53.36 #VALUE! #VALUE! $57.68 Indicator Interpretation P/E Bullish/Neutral - Citigroup has a lower P/E ratio than two of the competitors, but has a higher P/E ratio than two of the competitors. Relative valuation suggests that Citigroup should be trading around $54.35 based on the P/E ratios of the competitors. Assuming equal growth and risk, this implies that Citigroup is currently undervalued. However, this could be an indicator that Citigroup is a higher risk or lower growth security. With a beta of 1.26, Citigroup could be a riskier stock. PEG (P/E/G) Bearish/Neutral - Citigroup has a higher PEG ratio than two of the competitors, but has a lower PEG ratio than the other two competitors. Relative valuation indicates that Citigroup should be trading around $53.36 per share based on the PEG ratios of the competitors. This indicates that, assuming equal risk among competitors, Citigroup is currently slightly overvalued. P/B Neutral – Citigroup has a P/B ratio that is higher than one competitor and lower than one competitor. However, P/B ratio information could not be found on all competitors and therefore this indicator is considered neutral. Value (P/B/ROE) Neutral – Citigroup has a value ratio that is lower than one competitor and equal to one competitor. However, P/B and ROE information could not be found on all of the competitors and therefore this indicator is considered neutral. P/S Bullish - Citigroup has a P/S ratio that is lower than all but one of the competitors, second only to Deutsche Bank AG. This suggests that Citigroup is currently undervalued, higher risk, or has a lower profit margin that the competitors. Relative valuation based on the P/S ratios of the competitors suggests that Citigroup should be trading around $57.68 per share and is currently undervalued. Summary Bullish/Neutral – Relative valuation suggests that Citigroup may be undervalued when compared to competitors, or may be a riskier security. This indicator should not be heavily weighted into the overall recommendation given that much of the information on the competitors could not be obtained. Additionally, this company is difficult to compare to any competitors because it is the largest in the industry and none of competitors compete on all levels and many have much smaller market capitalizations. Overall, it seems that Citigroup is undervalued, as suggested by the low P/E ratio and is likely a company that will steadily grow. When compared to the two closest competitors, Bank of America and JP Morgan Chase, Citigroup has a lower beta than JP Morgan Chase, but a higher beta than Bank of America. This suggests that Citigroup has an average amount of volatility and risk for the industry. 6
    • III. Technical Analysis Chart 1: Chart 2: Chart 3: 7
    • Indicator Interpretation Bollinger Bands Neutral - The upper and lower bands are very wide apart, indicating that there has been a large amount of volatility in the price of the security. However, the price is not near either band, giving a neutral indicator. Stochastics Neutral/Bearish - %K (38.63) is slightly below %D (38.69) and the gap between the two has been decreasing, which are both bearish indicators; however the gap between %K and %D is very small. %K is below 80% but above 20%, indicating that it is neither overbought nor oversold. This gives a neutral indicator. Moving Averages Neutral/Bullish - The current price is slightly below both the short and long-term moving averages which are both bearish indicators. However, the gap between the price and both of the moving averages has been decreasing, which is a bullish indicator. The short-term moving average is above the long-term moving average which is a bullish indicator. The short-term moving average is leveled off, but the long-term moving average is headed upward, which is a bullish indicator. With all of these indicators, the margins of difference are extremely small, so overall a neutral/bullish indicator is given. MACD Bearish - The MACD line and the signal line are both above zero, giving a bullish signal. The MACD line is below the signal line which gives a bearish indicator, and both the MACD line and the signal line appear to be decreasing, which give two more bearish indicators. Overall, a bearish indicator is given. Regression Neutral - The regression line is downward sloping giving a bearish indicator. The price is slightly below the regression line, which gives a bullish indicator. With one bullish indicator and one bearish indicator a clear conclusion cannot be reached. PriceROC Bullish - The momentum line for the past 100 days is upward sloping, and although for the past month or so it has been downward sloping, it is still above where it started. Overall, this is a bullish indicator. The line is also well above zero and has been since October, giving another bullish indicator. 8
    • IV. Earnings Analysis Earnings Surprises Dec. 2006: Sept. 2006: June 2006: March 2006: Dec. 2005: (Last qtr) (2 qtrs prior) (3 qtrs prior) (4 qtrs prior) (5 qtrs prior) Estimate 1.01 1.03 1.06 1.02 1.0 Actual 1.03 1.01 1.05 1.08 0.98 Difference 0.02 -0.02 -0.01 0.06 -0.02 Mean Earnings Estimates March 2007: June 2007: Dec. 2007: This Dec. 2008: LT Growth This Quarter Next Quarter Fiscal Year Next Fiscal Rate Year Earnings 1.09 1.11 4.50 4.97 9.81 # Estimates 19 18 22 20 13 Earnings Per Share Estimates Revisions Summary Last Week Last 4 Weeks Revised Up Revised Down Revised Up Revised Down Quarter ending 03/07 0 0 5 8 Quarter ending 06/07 0 0 1 10 Year ending 12/07 0 0 3 9 Year ending 12/08 0 0 6 6 The sizes of the surprises have been sporadic and do not appear to have a specific pattern. Earnings surprises have been negative in three out of the past five quarters, which is a bearish indicator. With the exception the quarter for March 2006, the earnings surprises have been roughly the same size. Whether negative or positive, the earnings surprises have been about 0.02 (0.01 in June 2006) from the estimates. In March 2006, Citigroup beat the estimates by 0.06 which produced higher estimates for the next two quarters that Citigroup was not quite able to meet. The earnings estimates have been decreasing for the past two quarters, which is a bearish indicator, however the estimates or earnings have not dropped below their starting points five quarters prior. It is a slightly bullish indicator that the earnings from December 2006 are a little higher than the earnings from December 2005. If analyst expectations are realized, Citigroup will earn $4.50 per share. It is a bullish indicator that analysts’ estimate earnings to be higher for the current quarter than for the same quarter last year. It is also a positive indicator that earnings estimates for next quarter are higher than estimates for the current quarter. The fact that the earnings estimate for next year is higher than the estimate for the current year is also a bullish indicator. These very positive estimates for the future could be the result of Citigroup making many acquisitions that analysts’ believe will be adding significant value to the company in the future quarters and years. Over the past week there have been not been any revisions up or down, giving a neutral signal. This could be due to analysts’ believing that their previous estimates are accurate. Over the past four weeks there have been more downward revisions than upward revisions in every category except for the year ending December 2008, where the number of upward revisions is equal to the number of downward revisions. This is a bearish indicator overall, especially when considering that analysts appear to be confident in their revisions, as evidenced by the lack of revisions in the past week. Although the earnings estimates for the future are very positive, overall, the earnings indicators are bearish. 9
    • V. Analysts’ Recommendations Current 1 Month Ago 2 Months Ago 1 Year Ago Buy 7 7 7 8 Outperform 6 5 5 6 Hold 9 10 10 6 Underperform 0 0 0 0 Sell 0 0 0 0 No Opinion 0 0 0 0 Mean Rating 2.09 2.14 2.14 1.90 The mean rating for Citigroup is 2.09, which indicates that analysts believe that the security should be classified as an outperform. Considering that the score is close to a buy classification, but that the hold category is most heavily recommended, this is a slightly bullish/neutral indicator for the stock. The mean rating has decreased by 0.05 or 2.33% in past two months, which is a bullish indicator. However, the mean rating has increased by 0.19 or 10% from one year ago, which is a bearish indicator. There are contradicting indicators and a clear signal cannot be determined, therefore a neutral indicator is given overall. 10
    • VI. Institutional Ownership # of Holders % Beg. Holders Shares % Shares Shares Outstanding 4,917,444,611 100.00% Total Positions 1,486 109.67% 3,412,706,560 69.40% New Positions 171 12.62% 221,816,160 4.51% Soldout Positions 40 2.95% -5,650,280 -0.11% Buyers 736 54.32% 564,967,104 11.49% Sellers 671 49.52% -123,059,256 -2.50% Beg. Total Inst. Positions 1,355 100.00% 2,970,798,712 60.41% # Net New Buyers/3 Mo. Net Chg. 131 9.67% 441,907,848 8.99% The overall institutional ownership is a bullish indicator with an increase of 131 institutional investors and an 8.99% increase in the fraction of shares held over the past three months. There were also 65 more buyers than there were sellers over the past three months, which is a bullish indicator. The new positions purchased more shares than the sold-out positions traded out of which is a positive indicator. The existing owners also purchased more shares than the other existing shareholders sold off during the same time period, which is another bullish indicator. This all suggests a large amount of institutional confidence in Citigroup and is a bullish indicator overall. 11
    • i ii iii iv v vi vii viii ix x xi xii