Bill Ackman Cuts Citigroup, Adds Procter & Gamble

NEW YORK ( TheStreet) - Pershing Square hedge fund manager Bill Ackman liquidated his stake in Citigroup ( C), according to his latest 13F filing.

In the second-quarter, Ackman owned 1.1 million shares of the New York-based bank. By the third-quarter, Ackman had sold all of it.

The activist investor, known for his stake in J.C. Penney ( JCP), also added to his stakes in Procter & Gamble ( PG) and General Growth Properties ( GGP).

He added to his call position in Procter & Gamble. In addition to the options, Ackman owns more than 27.8 million shares in the Cincinnati, OH.-based consumer products conglomerate. A call is the right to own shares at a predetermined price.

Shares of Citigroup fell 3.15% today to close at $35.02, while Procter & Gamble fell 0.48% to close at $66.53.

Interested in more on Citigroup? See TheStreet Ratings' report card for this stock.

-- Written by Chris Ciaccia in New York

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