John Paulson increased stake in Citigroup

John Paulson, a billionaire hedge fund investor reported that his company Paulson & Co. took a 300 million stake in Citigroup (NYSE: C). Paulson & Co. also increased its stake in First Horizon National Corp. and Hartford Financial Services (NYSE: HIG) to 7.1 million shares and 2.75 million shares. According to Institutional Investor’s Alpha Magazine, Paulson was ranked 2nd in earnings for fund-managers last year.

However, Paulson reduced its holdings in JP Morgan Chase which it bought at the end of 2Q from 7 million shares to around 2 million shares and also sold 2 million shares of Goldman Sachs. Benzinga reported last week that John Paulson bought more shares of Citi.

As a result, Citigroup Inc. (NYSE: C) is currently trading at $4.19, increased by 3.70% or $0.15 on a huge volume of 23.89 million shares in the mornings trading hours. The 52 week trading range for Citigroup is $0.97 - $10.1. In the current fiscal, Citigroup declined by around 37%.