New York ( TheStreet) -- Citigroup's (C - Get Report) stock has languished in recent weeks, exemplifying the continued troubles of the big financial firm and observers say they don't foresee a recovery in the shares any time soon.
Shares of Citi, which dipped below $1 in early March, ran up in the back half of summer as the financial institution executed a $58 billion preferred-to-common stock exchange beginning in late July. A summer market rally in the broad market was a contributing factor, and the bank sector on the whole did well.
The share swap was formally completed on Sept. 10, but Citi's stock topped out on Aug. 28 at $5.23. Shortly after that the shares pulled back and have mostly hovered in the upper $4 range. But since Oct. 14, the day before the company reported its third-quarter results registering a small profit, the stock is off nearly 20% and just this week closed below $4 for the first time since August 12.
Other big banks including JPMorgan Chase (JPM - Get Report), Wells Fargo (WFC - Get Report), even U.S. Bancorp (USB - Get Report) have seen their shares rise in the double digits on a percentage basis since July. Bank of America's (BAC - Get Report) stock has actually fallen since the end of July - but the litigation-heavy Southern bank, which is searching for a new CEO, is another story.