According to a statement by Citigroup Inc on Friday, Chief Executive Officer Michael Corbat is to receive $24 million as total compensation for 2018, or a 4.35% increase compared to 2017. Members of the board took into account the group’s earning operating performance as well as market levels of pay, when they decided on the CEO’s compensation, Citi said.
Citigroup shares closed higher for the fifth time in the past eleven trading sessions in New York on Friday. It has also been the sharpest daily surge since January 15th. The stock went up 2.96% ($1.85) to $64.27, after touching an intraday high at $64.58, or a price level not seen since February 6th ($64.61).
Shares of Citigroup Inc have risen 23.45% so far in 2019 compared with a 10.72% gain for the benchmark index, S&P 500 (SPX).
In 2018, Citigroup’s stock went down 30.04%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
The bank’s CEO received a base salary of $1.5 million, cash bonuses of nearly $6.75 million, equity awards of about $7.88 million as well as a long-term performance based pay worth $7.88 million.
In 2017, Corbat’s total annual compensation rose 48% from a year ago to $23 million, as Citis adjusted earnings grew 4%.
The Wall Street bank reported Return on Average Tangible Common Shareholders Equity (ROTCE) of 10.9% in 2018, which exceeded a targeted level of 10.5%. On the other hand, Citi’s efficiency ratio was 57.4% in 2018 due to revenue pressure at the end of the year. The bank’s objective for this metric was 57.3%.
According to CNN Money, the 26 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $76.00, with a high estimate of $94.00 and a low estimate of $51.00. The median estimate represents an 18.25% upside compared to the closing price of $64.27 on February 15th.
The same media also reported that 18 out of 29 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 6 – as “Hold”. On the other hand, 1 analyst had recommended selling the stock.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Citigroup Inc (C) are presented as follows:
Central Pivot Point – $63.42
R1 – $65.43
R2 – $66.58
R3 – $68.59
R4 – $70.59
S1 – $62.27
S2 – $60.26
S3 – $59.11
S4 – $57.95
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