Citigroup Inc (C) said it had agreed to pay as much as $100 million in order to settle a US litigation related with fraudulent activities involving the London Interbank Offered Rate (LIBOR).
Citigroup shares closed higher for the first time in the past five trading sessions on Friday. The stock edged up 0.27% ($0.18) to $66.34, after touching an intraday low at $65.24, or a price level not seen since May 29th ($65.20).
Shares of Citigroup Inc have retreated 10.85% so far in 2018 compared with a 3.97% gain for the underlying index, S&P 500 (SPX).
In 2017, Citigroup’s stock surged 25.21%, thus, it outperformed the S&P 500, which registered a 19.42% return.
Citi became the third major bank to settle charges, after Deutsche Bank AG did so by paying $220 million in October 2017 and Barclays Plc paid $100 million in August 2016.
Citigroup was accused by 41 states and Washington, D.C. of concealment that it made improper LIBOR submissions in 2008 and 2009 in order to avoid negative publicity and maintain its image.
LIBOR represents a benchmark reflecting the cost of borrowing between financial institutions and is also used to evaluate rates on credit cards, mortgages, student loans, as well as other transactions worldwide.
The New York-headquartered bank responded in a statement that industrywide reforms had been adopted with the aim to put an end to rate-rigging activities.
Citi also said that it “made substantial investments in its systems, controls and monitoring processes to better guard against inappropriate behavior.”
According to CNN Money, the 27 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $83.00, with a high estimate of $101.00 and a low estimate of $64.50. The median estimate is a 25.11% surge compared to the closing price of $66.34 on June 15th.
The same media also reported that 13 out of 28 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 10 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, today’s levels of importance for the Citigroup stock are presented as follows:
R1 – $66.47
R2 – $66.59
R3 (Range Resistance – Sell) – $66.72
R4 (Long Breakout) – $67.10
R5 (Breakout Target 1) – $67.54
R6 (Breakout Target 2) – $67.74
S1 – $66.21
S2 – $66.09
S3 (Range Support – Buy) – $65.96
S4 (Short Breakout) – $65.58
S5 (Breakout Target 1) – $65.14
S6 (Breakout Target 2) – $64.94
By using the traditional method of calculation, the weekly levels of importance for Citigroup Inc (C) are presented as follows:
Central Pivot Point – $66.92
R1 – $68.59
R2 – $70.85
R3 – $72.52
R4 – $74.20
S1 – $64.66
S2 – $62.99
S3 – $60.73
S4 – $58.48