Why Citigroup (C) Stock Is Up Today

NEW YORK (TheStreet) -- Citigroup (C) was gaining 1.1% to $51.81 Wednesday after announcing a plan to purchase two series of outstanding notes.

The bank announced it will start offers to purchase certain notes for cash. The notes Citigroup intends to buy back had an aggregate principal amount of about $3.77 billion as of Sept. 8, 2014.

Citigroup's offers cover about $1.25 billion of 5.5% notes due in 2017, and about $2.5 billion of notes due in 2018.

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The offers currently total up to about $410 million aggregate principal amount of the notes. The offers will expire on Oct. 6, 2014 at 11:59 p.m.

TheStreet Ratings team rates CITIGROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate CITIGROUP INC (C) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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