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Citigroup Shares Hamstrung Since Report

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.

The Citi Trade

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.

Furious trading in Citi shares has also calmed since the summer. The stock's average daily three-month volume still stands at 775 million, but that's a level it's reached only six times since mid-September.
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BAC $15.94 0.57%
C $51.79 0.08%
JPM $62.68 0.18%
USB $41.44 1.02%
WFC $52.43 0.85%


Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

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