Citigroup shares gain the most in three weeks on Wednesday, $18.9 billion in capital payouts planned over a period of 12 months

According to a statement by Citigroup Inc (C), it intends to re-purchase common stock worth $15.6 billion during the upcoming 12 months. Additionally, the fourth-largest bank in the United States by assets plans to double its quarterly dividend to $0.32 per share, with total payout on capital reaching $18.9 billion.

Citigroup shares closed higher for a third consecutive trading session on Wednesday. It has also been the sharpest daily surge since June 9th. The stock went up 1.48% ($0.95) to $65.18, after touching an intraday high at $65.36, or a price level not seen since June 12th ($65.40). In the week ended on June 25th the shares of the financial group lost 0.75% of their market value compared to a week ago, which marked a second consecutive period of decline, but yet, it has been the smallest drop since the week ended on April 23rd. The stock has extended its advance to 7.66% so far during the current month, following a 2.40% surge in May. The latter has been the best monthly performance since February. For the entire past year, the shares of the NYSE-listed financial holding company gained 14.84%.

According to CNN Money, the 27 analysts, offering 12-month forecasts regarding Citigroup Inc’s stock price, have a median target of $67.00, with a high estimate of $78.00 and a low estimate of $50.00. The median estimate is a 2.79% surge compared to the closing price of $65.18 on June 28th.

The same media also reported that 14 out of 29 surveyed investment analysts had rated Citigroup Inc’s stock as “Buy”, while 8 – as “Hold”. On the other hand, 2 analysts 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 – $65.26
R2 – $65.33
R3 (Range Resistance – Sell) – $65.41
R4 (Long Breakout) – $65.64
R5 (Breakout Target 1) – $65.91
R6 (Breakout Target 2) – $66.03

S1 – $65.10
S2 – $65.03
S3 (Range Support – Buy) – $64.95
S4 (Short Breakout) – $64.72
S5 (Breakout Target 1) – $64.45
S6 (Breakout Target 2) – $64.33

By using the traditional method of calculation, the weekly levels of importance for Citigroup Inc (C) are presented as follows:

Central Pivot Point – $63.82
R1 – $64.48
R2 – $65.55
R3 – $66.21
R4 – $66.87

S1 – $62.75
S2 – $62.09
S3 – $61.02
S4 – $59.95