Citigroup insiders bought a remarkably small amount of their own stock during the past six months–virtually nothing, in fact. Managers have bought stock on only five occasions during the past six months, and only 2.7 million shares’ worth (by contrast institutions bought 3.7 billion shares in that period). In fact, the bank has offered all-cash deals to mid-level hires, which bespeaks a very low confidence level. I sold my entire position late last summer after the preferred conversion–between March and July it had been the biggest play in my portfolio–and missed the stock’s brief dalliance above $5. But I also netted well over $4. I was an early advocate for a bounceback in bank stocks and an early profit-taker. The stock is around $3.20 this morning after shareholders bridled at massive dilution.
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