Citigroup CFO Says Will Do Around $500M In Share Buybacks In The Quarter
Portfolio Pulse from Benzinga Newsdesk
Citigroup's CFO announced at the Goldman Sachs conference that the bank plans to conduct approximately $500 million in share buybacks during the quarter.
December 06, 2023 | 2:16 pm
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Citigroup intends to buy back $500 million worth of shares, signaling confidence in the company's financial health and potentially leading to an increase in the stock's value.
Share buybacks often lead to a reduction in the number of shares outstanding, which can increase earnings per share and the stock price. Citigroup's announcement of a $500 million buyback plan is a positive signal to the market, suggesting management's belief in the intrinsic value of the stock and a commitment to returning value to shareholders. This can be seen as a bullish sign for investors in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100