C - Citigroup Inc.
| Previous Close | 63.90 |
| Open | 64.29 |
| Bid | 64.51 x 900 |
| Ask | 64.52 x 3000 |
| Day's Range | 64.07 - 64.71 |
| 52 Week Range | 48.42 - 75.24 |
| Volume | 5,274,812 |
| Avg. Volume | 14,595,968 |
| Market Cap | 149.216B |
| Beta (3Y Monthly) | 1.84 |
| PE Ratio (TTM) | 9.39 |
| EPS (TTM) | 6.87 |
| Earnings Date | Jul 15, 2019 |
| Forward Dividend & Yield | 1.80 (2.55%) |
| Ex-Dividend Date | 2019-05-03 |
| 1y Target Est | 79.92 |
Associated Press•2 hours agoPennsylvania accuses financial firms of bond price-fixing
Pennsylvania's treasury department is accusing about a dozen large financial firms of working together to illegally inflate the price of bonds issued by Fannie Mae and Freddie Mac over seven years. A federal court filing by Pennsylvania Treasurer Joe Torsella late Thursday cites what his office says is evidence from a "cooperating co-conspirator" in a U.S. Department of Justice investigation into price-fixing in the secondary market for bonds issued by government-controlled companies.
- InvestorPlace•yesterday
Why U.S.-China Trade Tensions Pulled Bank of America Stock Lower
Financial institutions are getting caught in the downdraft created by the ongoing U.S.-China trade tensions. If trading activity slows, banks have fewer business deals to work on, hurting revenues. Bank of America (NYSE:BAC), which fell 4% last week, is set to erase the post-earnings rally that continued after its earnings report posted in April. At a recent price of $28.40, should investors consider BAC stock?Source: Shutterstock Bank of America reported first-quarter earnings of 70 cents, up 13% from last year but adding to its 27% CAGR since Q1 2015. Its operating leverage fell to 4%, while its share count dropped 7% to 9.8 billion.Expect management to continue its shareholder-friendly moves over the long-term. If investors view trade tensions as noise, then the stock's recent dip of around 5.4% in the last month created another entry point for investors.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Operating LeverageBank of America, like other banks, is investing heavily on its own business to gain operating leverage. It will increase spending in technology/digitization by 10% this year. Its physical delivery network expanded as it added 31 financial centers in new and existing markets in the last 12 months. These investments are already having a positive impact on the business. It now has 37 million active digital banking users, compared to 32 million in Q1 2016. Total payments topped $705 billion, with non-digital growing 3% year-over-year and digital up 8%. With each digital transaction displacing the traditional ones, Bank of America is saving on operating costs. * 10 Names That Are Screaming Stocks to Buy The growth in mobile channel usage and digital deposit transactions all point to the bank becoming an online bank giant. And while the growth in loans and leases may slow due to macro issues, Bank of America is building a leaner operation to grow profits. First-Quarter By the NumbersBank of America's client balances grew 4% while the average deposit size increased 5%. GWIM now has assets under management of $1.1 trillion. The company bought back $6.3 billion in shares and paid out $1.5 billion in dividends. The stock's dividend yields 2.12%. This is below Citigroup's (NYSE:C) 2.77% and Wells Fargo & Company's (NYSE:WFC) 3.94%. Overall, it returned 112% of net income to common shareholders.BAC stock is more attractive than Wells Fargo because the latter still has the account fraud scandal controversy to deal with. Rate Hikes on PauseThe Fed's pause on rate hikes is another negative headwind that investors should consider despite the strong quarterly report from Bank of America. Without rates rising, the growth in income from interest rate spreads will slow. Still, Bank of America's net interest income grew 5% year-over-year by $0.6 billion. It benefited from past rate hikes and loan and deposit growth. This was partially offset by loan spread compression.Steady Non-performing loans, consumer and commercial net charge-offs in the first quarter could worsen if the U.S. economy worsens. For now, trade war tensions are unlikely to hurt the economy, but investors consider an escalation in tariff levels as a potential risk for BAC stock. ValuationOnly nine analysts cover Bank of America stock and have an average price target of $35.33 (according to Tipranks). Conversely, investors could use a price-to-earnings multiple valuation model to determine the fair value of BAC stock. This involves comparing its value with Citi, Wells Fargo, JP Morgan (NYSE:JPM) and Morgan Stanley (NYSE:MS). With this model, the fair value of ~$30, giving an upside of 6%.Investors could instead choose WFC stock, whose P/E of 10X is similar to that of BAC stock. Citi's P/E is 9.5 times and its dividend yield is higher. Yet investors chose to sell the stock, too, by 4.2% in the week and 7.5% lower in the month. That is more than the drop in BAC stock. Your TakeawayTrade tensions will dominate the headlines and move BAC stock in either direction. But Bank of America demonstrated its transformation to digital banking is paying off regardless of the trade war stories.As of this writing, Chris Lau did not hold a position in any of the aforementioned securities. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 6 Stocks to Buy for This Decade's Massive Megatrend * The 7 Best Stocks to Buy From the IPO ETF * 7 Athletic Apparel Stocks With Marathon Pace Compare Brokers The post Why U.S.-China Trade Tensions Pulled Bank of America Stock Lower appeared first on InvestorPlace.
- Business Wire•yesterday
Citi Hires Veteran-Owned Firms Exclusively to Distribute Recent $3.0 Billion Bond Issuance
Citi today announced that it worked exclusively with veteran-owned firms to syndicate a $3.0 billion bond issuance, underscoring Citi’s long-standing commitment to providing opportunities to the veterans’ community.
- Reuters•yesterday
Consumer lender Home Credit appoints banks for over $1 bln HK IPO - sources
Global consumer lender Home Credit Group has appointed Citigroup, HSBC Holdings and Morgan Stanley to lead its upcoming Hong Kong initial public offering (IPO) of at least $1 billion, three people with direct knowledge of the matter said. One person said Home Credit plans to file with the Hong Kong stock exchange as early as next month and list in September or October. Home Credit, Citi, HSBC and Morgan Stanley declined to comment.
- CNBC•2 days ago
Another analyst just put out a shocking bear case for Tesla: Citi says stock could drop to $36
"Maintain sell/high risk as the risk/reward still appears negatively skewed despite the recent capital raise and stock pullback," Citi's Itay Michaeli says. Morgan Stanley caused a stir on Tuesday when star auto analyst Adam Jonas put out a "bear case" scenario that envisioned Tesla TSLA 's shares plummeting to just $10. Citi's Itay Michaeli sees increasing probability the shares plummet more than 80% to $36.
- Reuters•2 days ago
Dubai's Mashreqbank hires Citi, BAML for dollar bond reopening -sources
Dubai-based Mashreqbank has hired Citi and Bank of America Merrill Lynch (BAML) as joint bookrunners for a "tap" of a $500 million bond the bank issued in February, sources close to the matter said.
Bloomberg•3 days agoOil Dips as Trade Standoff Muddies Outlook for Economic Growth
Futures closed 0.2% lower in New York on Tuesday. Federal Reserve Bank of Boston President Eric Rosengren said the trade standoff is adding a downside risk to the central bank’s forecasts, while the Paris-based Organization for Economic Cooperation and Development downgraded its projection for global growth. Meanwhile, the industry-funded American Petroleum Institute reported U.S. crude stockpiles rose 2.4 million barrels last week, according to people familiar with the data.
- MarketWatch•3 days ago
This is the biggest Saudi IPO in almost five years — and the first to be sold directly to U.S. investors
It has also been amended to reflect that shares of Arabian Centres are due to start trading on Wednesday. It will be the biggest initial public offering since the $6bn listing of lender National Commercial Bank in late 2014.
- Markit•3 days ago
See what the IHS Markit Score report has to say about Citigroup Inc.
Citigroup Inc NYSE:CView full report here! Summary * Perception of the company's creditworthiness is neutral * ETFs holding this stock have seen outflows over the last one-month * Bearish sentiment is low Bearish sentimentShort interest | PositiveShort interest is extremely low for C with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting C. Money flowETF/Index ownership | NegativeETF activity is negative. Over the last one-month, outflows of investor capital in ETFs holding C totaled $12.58 billion. Additionally, the rate of outflows appears to be accelerating. Economic sentimentPMI by IHS Markit | NeutralAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is strong relative to the trend shown over the past year, but is easing. Credit worthinessCredit default swap | NeutralThe current level displays a neutral indicator. C credit default swap spreads are within the middle of their range for the last three years.Please send all inquiries related to the report to score@ihsmarkit.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
- Zacks•3 days ago
BofA Consolidates Branch Network Amid Rise in Digital Usage
Increased use of digital methods to do banking transactions leads of branch consolidations at BofA (BAC).
- InvestorPlace•3 days ago
Honesty Is A Good Start But Not Enough To Boost General Electric Stock
Give credit where credit is due. The new leaders of General Electric (NYSE:GE), most notably CEO Larry Culp, have pledged to be more transparent with investors. That honesty already has boosted GE stock, which has gained some 40% so far this year.Source: Shutterstock As bearish as I've been on GE, the optimism makes some sense. Culp worked wonders at Danaher (NYSE:DHR). GE has some valuable assets. Its problem areas -- notably Power and GE Capital -- have weighed on the stock in part because the bad news never seemed to end. As I wrote a little more than two years ago, GE clearly lost investors' trust. In the interim, Culp, CFO Jamie Miller, and other executives have made regaining that trust a priority.The problem -- as General Electric stock climbed above $10 yesterday before falling back -- is that GE is being honest about real problems with the business at the moment. Meanwhile, GE stock might seem "cheap" given its long fall from $30+, but it still has a market capitalization of $86 billion -- and a larger amount of debt and pension expense.InvestorPlace - Stock Market News, Stock Advice & Trading TipsCulp and Miller have time to fix General Electric and they well might succeed. But there's a long way to go and still some success priced in at $10. GE Gets HonestIt's an interesting argument as to whether management's increased transparency has helped GE stock. Certainly, there have been short-term relief rallies, starting with the 7% pop that came when Culp was named CEO at the beginning of October. In late January, GE missed estimates in fourth quarter earnings -- and the stock still soared after Culp projected improvement in the struggling Power business, albeit not until 2020. Meanwhile, 2019 guidance in March similarly disappointed, and yet GE stock rose again, with Culp calling 2019 a "reset year." * 10 Retirement Stocks That Won't Wilt in a Bear Market When Culp talks, investors cheer. And he literally has put his money where his mouth is, buying more than $2 million in GE stock last year. He's also laid out a strategy for GE to be slimmer, more nimble and more financially solid. The dividend was cut again, saving cash flow to pay down debt, and assets are up for sale to drive further deleveraging. Importantly, GE has been crystal-clear in detailing those strategies.The latest example of that came last Wednesday. JPMorgan Chase (NYSE:JPM) analyst Stephen Tusa long has been bearish -- and right -- on General Electric stock. In a note released Wednesday morning, Tusa said the company still was managing the headlines in its Power business, seemingly highlighting a big order number cited by Reuters on Tuesday, a report which Tusa said overstated the early success of the turnaround in Power.It hardly seems a coincidence that hours later, CFO Miller told a conference that the company still expected "significantly negative" free cash flow from Power this year, and that Q1 orders didn't signify a change in trend. Indeed, it looks like GE management wants not even the appearance of trying to obscure the real problems facing Power -- and the business as a whole. Will It Help GE Stock?It's a worthwhile strategy. But it's also worth noting that for all the optimism so far, it hasn't actually worked. General Electric stock is down almost 9% from where it traded the day before Culp's hiring was announced. The YTD rally seems due at least in part to the recovering broad market -- and many of the short-term bumps driven by management commentary have soon fizzled.Meanwhile, GE is being honest but it's important to listen to what management actually is saying. Miller said Wednesday that margins in Power won't recover for at least three years. Culp said in March that free cash flow outside GE Capital would be negative this year.The sale of GE Biopharma to Danaher for $21.4 billion will help the balance sheet. But it also sends a key earning asset out the door, and -- again, according to management -- limits the likelihood of a spin-off of GE Healthcare. Even with GE Capital, which has driven several multi-billion dollar charges in recent years, Culp hasn't made any promises that all the problems are solved. General Electric Stock Has a Long Road AheadThe transparency coming from GE is welcome … and a long time coming. Shareholders and potential investors deserve to know what they're getting into. Perhaps more importantly, a turnaround -- for GE or for any other company -- can't happen until or unless management truly understands what needs to be fixed. * 7 Stocks to Buy that Lost 10% Last Week But the problems here are real. GE stock hasn't collapsed because of negative coverage from Tusa, or pressure from short sellers, or just because former CEOs Jeff Immelt and John Flannery weren't paying attention. The power industry on the whole is shrinking. GE Capital took risks similar to those that hurt big banks like Bank of America (NYSE:BAC) and Citigroup (NYSE:C) last decade; it simply took this long for some of the costs to come to light.So while it's worth appreciating the newfound honesty at GE, it's also worth listening to that honesty. Cash flow is negative. Power is years away from improving while the market for gas-powered turbines may continue to shrink. (Admittedly, some observers see growth.) GE Capital may still have some issues to iron out.Aviation, Renewable Energy, and Healthcare have value but I argued a year ago that even with that strength, the fair value of GE stock looked to be about $9-$11 per share. Honesty is helpful, but it doesn't change that core problem.As of this writing, Vince Martin has no positions in any securities mentioned. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 High-Yield REITs to Buy (Even When the Market Tanks) * 5 Great Blue-Chip Stocks to Buy Today * 7 Tech Stocks to Buy That Are Also Perfect for Retirement Compare Brokers The post Honesty Is A Good Start But Not Enough To Boost General Electric Stock appeared first on InvestorPlace.
- Reuters•4 days ago
No more 'white collar theft': Mexico orders end to corporate tax breaks
Mexican President Andres Manuel Lopez Obrador said on Monday his government will order an end to tax forgiveness for the country's largest companies, saying $20 billion in exemptions given by his predecessors was akin to theft by gangsters. Of the firms that benefited from tax breaks totaling more than 400 billion pesos, 58 are listed on the stock exchange, said Mexico's tax chief Margarita Rios-Farjat at the president's regular news conference. Nearly a third of the companies listed on the benchmark S&P/BMV IPC received tax breaks, she said.
- Zacks•4 days ago
Citigroup (C) Stock Moves -0.2%: What You Should Know
In the latest trading session, Citigroup (C) closed at $64.94, marking a -0.2% move from the previous day.
- Business Wire•4 days ago
Citi Named Celent’s 2019 Model Bank of the Year
Citi recognized for eight global treasury solutions initiatives
- Investopedia•5 days ago
Top 10 Checking Accounts for U.S. Expats Living Abroad (COF, SCHW)
Discover the 10 best checking accounts for expats, including those that do not charge for debit card transactions and ATM withdrawals.
- Reuters•5 days ago
Bahrain’s Investcorp hires Citi, JPMorgan for loan refinancing – sources
Bahrain-based alternative investment manager Investcorp has mandated Citi and JPMorgan to coordinate the refinancing of a $400 million loan, sources familiar with the matter said on Sunday. Founded in 1982, Investcorp is one of the oldest Middle Eastern private equity houses. As of the end of last year, it had $22.5 billion in assets under management.
- Investopedia•6 days ago
The World Of High Frequency Algorithmic Trading
What’s behind the scenes of HFT? Here's a detailed look at the breakneck world of algorithmic and high-frequency trading
- MarketWatch•7 days ago
CFPB sues debt-collection firm used by Discover, Citi
The Consumer Financial Protection Bureau has filed a lawsuit against a New York debt collection firm that sues on behalf of creditors including Discover Financial Services and Citi for filing collection lawsuits against consumers without meaningful attorney involvement. The CFPB lawsuit against Forster & Garbus alleges the firm has used nonattorney support staff, automation, and both a cursory and deficient review of account files to attempt to collect more than 99,000 debts, collecting substantial sums of money from consumers who may not actually owe debts or may not owe debts in the amounts claimed. The CFPB is seeking an injunction against Forster & Garbus, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of a civil money penalty.
- Zacks•7 days ago
Dow 30 Stock Roundup: Walmart, Cisco Earnings Impress
The index enjoyed a strong week of gains after the after U.S.-China trade rhetoric cooled off to an extent.
- Zacks•7 days ago
Goldman Sachs Announces $750M Deal to Acquire United Capital
Acquisition of United Capital's digital platform and client base will boost Goldman's (GS) wealth management unit.
- Zacks•7 days ago
Global Banks to Pay $1.2B in Settlement for FX Manipulation
EU regulators fine big global banks around $1.2 billion for rigging prices in the foreign exchange market.
- Insider Monkey•7 days ago
Carlson Capital’s Latest Moves
Carlson Capital is a Dallas, Texas-based multi-strategy alternative hedge fund that provides additional offices in Houston, New York City, Palm Beach Gardens, Greenwich, and London. It was founded by Clint Carlson back in 1993 and grew big since then, now managing more than $7 billion in hedge fund and CLO assets. Prior to launching his […]
- Financial Times•8 days ago
Beyond Brexit in the Waldorf Hilton
Liz Truss: anti-wealth objection This week’s Brexit and Beyond conference, put on by the FT, was predictably downbeat as panellists debated the chaotic building site that Leave negotiations have become. ...
- Moody's•8 days ago
Citigroup Inc. -- Moody's assigns A3 Issuer Rating to Citigroup Inc.
Rating Action: Moody's assigns A3 Issuer Rating to Citigroup Inc. New York, May 16, 2019 -- Moody's Investors Service has assigned an A3 issuer rating with stable outlook to Citigroup Inc., (Citigroup) in line with Citigroup's A3 senior debt ratings. Issuer ratings are opinions of the ability of banks to honor senior unsecured debt and debt-like obligations.
- Reuters•8 days ago
EU fines Barclays, Citi, JP Morgan, MUFG and RBS $1.2 bln for FX rigging
BRUSSELS/LONDON (Reuters) - Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros ($1.2 billion) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market. Banks have been hit with billions of dollars in penalties worldwide over the last decade for the rigging of benchmarks used in many day-to-day financial transactions, further damaging the industry's fragile reputation after the financial crisis.
