They're Out

Shares of Citigroup (NYSE: C) are higher today after the U.S. government announced that is sold its final chuck of common stock, sooner than expected.

Treasury announced the offering of its final 2.4 billion common shares at $4.35 per share, 10 cents below yesterday's closing price of $4.45.

Now the government's entire 7.7 billion shares received as a result of the bailout have been sold. Citigroup TARP warrants are still held by the government. Treasury's average selling price for the entire 7.7 billion shares is $4.14.

Treasury said it has made a profit of $12 billion on its $45 billion Citigroup investment.

Wall Street is positive on the news, with a number of analysts weighing in already today.

Goldman Sachs the overhang in the stock will not be removed sooner-than-expected and the company may not be in a position to begin redeploying capital sooner than expected. The firm maintained their Conviction Buy List rating and $5.50 price target on Citigroup in light of the news.

Deutsche Bank echoed Goldman's sentiment saying, "we view the exit of Treasury as a positive for Citi shares, as the US gov't ownership has been at least somewhat of an overhang/concern for many investors and analysts this year." The firm reiterated its Buy rating on Citigroup.

Shares of Citigroup are up 2.5 percent to $4.57 in early trading today.

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