Citibank To Redeem $2.1 Billion In Notes This Month

Market Trading EssentialsSeptember 6, 2020

1 minute read

C) consumer banking division Citibank on Friday announced that it will redeem $2.1 billion worth of 2.125% notes due October 20, 2020. Shares of the financial services company gained nearly 2% on Sept. 4.” data-reactid=”12″>Citigroup’s (C) consumer banking division Citibank on Friday announced that it will redeem $2.1 billion worth of 2.125% notes due October 20, 2020. Shares of the financial services company gained nearly 2% on Sept. 4.

See C stock analysis on TipRanks).” data-reactid=”13″>Citibank has set Sept. 20 as the redemption date. The cash redemption price payable for the notes on Sept. 2 notes will equal par plus accrued and unpaid interest. Citibank stated, “The redemption announced is consistent with Citibank’s liability management strategy, and reflects its ongoing efforts to enhance the efficiency of its funding and capital structure.” (See C stock analysis on TipRanks).

Eoin Mullany lifted Citigroup’s price target to $65 (23.8% upside potential) from $50 and reiterated a Buy rating. Mullany was impressed with the 2Q financial performance of US banks and stated that the investment banking revenues were “exceptionally strong” in the quarter.” data-reactid=”14″>On July 20, Berenberg Bank analyst Eoin Mullany lifted Citigroup’s price target to $65 (23.8% upside potential) from $50 and reiterated a Buy rating. Mullany was impressed with the 2Q financial performance of US banks and stated that the investment banking revenues were “exceptionally strong” in the quarter.

price target of $72.20 implies upside potential of 37.5% to current levels. Shares are down by 34.3% year-to-date.” data-reactid=”19″>Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 11 Buys, 2 Holds, and 1 Sell. The average price target of $72.20 implies upside potential of 37.5% to current levels. Shares are down by 34.3% year-to-date.