C - Citigroup Inc.

NYSE - NYSE Delayed Price. Currency in USD
71.32
-0.39 (-0.54%)
At close: 4:00PM EDT

71.25 -0.07 (-0.10%)
After hours: 5:27PM EDT

Stock chart is not supported by your current browser
Previous Close71.71
Open71.70
Bid71.18 x 800
Ask71.32 x 1800
Day's Range71.09 - 72.00
52 Week Range48.42 - 75.24
Volume15,336,923
Avg. Volume13,246,191
Market Cap164.925B
Beta (3Y Monthly)1.82
PE Ratio (TTM)9.66
EPS (TTM)7.38
Earnings DateOct 15, 2019
Forward Dividend & Yield1.80 (2.51%)
Ex-Dividend Date2019-05-03
1y Target Est81.48
Trade prices are not sourced from all markets
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    Edited Transcript of C earnings conference call or presentation 15-Jul-19 2:00pm GMT

    Q2 2019 Citigroup Inc Earnings Call

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    (Bloomberg Opinion) -- Heading into this earnings cycle for the biggest U.S. banks, analysts were already plenty worried about net interest income, which is how much the firms make from customers’ loan payments compared with what they pay on deposits. After all, long-term interest rates have plummeted since the end of last year amid signs of slowing global growth and the Federal Reserve indicating it would soon be cutting its benchmark lending rate.It turns out they weren’t quite concerned enough.On Monday, Citigroup Inc. disclosed a net interest margin that disappointed analysts, which raised doubts that JPMorgan Chase & Co. and Wells Fargo & Co. could meet expectations. That’s precisely what happened: JPMorgan, the largest U.S. bank, cut its full-year outlook for net interest income by $500 million. At Wells Fargo, which already lowered its net interest income guidance for the year in April, it fell 4% to $12.1 billion, below even the lowest estimate.JPMorgan Chief Executive Officer Jamie Dimon, in his typical style, brushed off the revised net interest income estimate of $57.5 billion. It could be higher or lower depending on how many times the Fed lowers interest rates (the bank was expecting no cuts during the last round of earnings). Net interest income “is like the wind blowing” Dimon insisted, adding that it’s more useful to focus on long-term measures like the number of accounts and deposit growth.That may be, but it matters to investors when the wind is blowing firmly in one direction. When pressed on a conference call with analysts, JPMorgan Chief Financial Officer Jennifer Piepszak described a range of outcomes that could have the Fed dropping interest rates from one to three times in 2019. If the central bank cuts more than once, net interest income could possibly fall to below $57.5 billion, she said.In more normal times, the Fed beginning a cycle of monetary easing wouldn’t be too painful for banks because they could just lower short-term deposit rates in tandem with long-term rates. But these are far from normal times. Chase Premier Savings interest rates are still next to nothing, for example, just like other big institutions. Simply put, banks got away with keeping deposit rates near zero in recent years because consumers became accustomed to getting paid nothing on their savings in the wake of the financial crisis. That led to blockbuster profits as benchmark U.S. Treasury yields rose to multi-year highs, which in turn boosted the amount earned on loans. But that leaves less flexibility on the way down.It’s worth reiterating this point because the Treasury yield curve is often seen as a clear-cut way to gauge the health of banks, and it steepened recently after Fed officials made clear their plan to lower interest rates later this month. But when deposit rates are far more sticky near zero than the fed funds rate, it all comes down to long-term yields. That means margins are compressing fast.Wells Fargo, for its part, is apparently feeling the squeeze on both sides. The drop in net interest margin from the prior quarter was due to “balance sheet mix and repricing, including the impacts of higher deposit costs and the lower interest rate environment,” the bank said in its statement.Of course, it’s not all bad news for banks if interest rates are falling, provided that the Fed successfully prolongs the longest economic expansion on record. As of now, the consumer remains steadfastly strong: On Tuesday, June retail sales showed a 0.4% monthly gain, easily beating estimates for a 0.2% advance.Earnings from JPMorgan and Wells Fargo tell the same story. JPMorgan’s consumer and community banking unit generated $4.2 billion in net income in the second quarter, a 22% increase compared with the same period in 2018. Wells Fargo’s second-quarter provision for credit losses was just $503 million, compared with estimates for about $773 million, in a signal that it expects resiliency from its clients in the months ahead.Still, this round of bank earnings shows there are few easy-money opportunities for these Wall Street behemoths. Just as they’ve shown they can’t count on traders to deliver large profits when central banks are suppressing volatility (perhaps with the exception of Goldman Sachs Group Inc.), they’re also going to have to prepare for a world awash in lower interest rates.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

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  • InvestorPlace3 hours ago

    Tuesday’s Vital Data: Citigroup, Twitter and Tesla

    U.S. stock futures are flirting with unchanged this morning.Source: Shutterstock Heading into the open, futures on the Dow Jones Industrial Average are up 0.05%, and S&P 500 futures are higher by 0.03%. Nasdaq-100 futures have added 0.01%.In the options pits, overall volume levels sank like a stone Monday. As you would expect for such a lackluster session, calls led the way with about 15.8 million contracts traded versus only 12 million puts.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe see-saw action continued in the CBOE single-session equity put/call volume ratio with a rally to 0.59. With the reading in the center of its one-month range, there aren't any signals flashing right now. The 10-day moving average held steady at 0.60.Options trading was hopping in Citigroup (NYSE:C), Twitter (NYSE:TWTR) and Tesla (NASDAQ:TSLA).Let's take a closer look: Citigroup (C)Bank earnings are taking center stage this week. Citigroup led the charge Monday morning with a solid showing. For the second quarter, the company scored $1.95 of earnings-per-share on revenue of $4.79 billion. Both measures reflected modest growth versus the year-ago quarter, where C earned $1.63 on $4.71 billion of revenue.Importantly, the profits came in passed the Street's expectations of $1.81. As has been usual with bank earnings announcements of late, the reaction did little to change the technical posture of the stock. * 10 Monthly Dividend Stocks to Buy to Pay the Bills Citigroup remains in a slow-moving uptrend above all major moving averages. There is quite a bit of old resistance in the $72 to $75 zone making this a tough spot to build out new positions. Nonetheless, the path of least resistance remains higher.On the options trading front, calls ruled the day. Total activity ramped to 276% of the average daily volume, with 155,557 contracts traded; 70% of the trading came from call options alone.With the snoozer of a reaction, implied volatility slipped on the session to lowly 23%. That lands it at the 16th percentile of its one-year range. Volatility sellers were the winners of this quarter's earnings battle. A volatility crush and little change in the stock price is just what the doctor ordered for traders employing short volatility strategies like condors and strangles into the event. Twitter (TWTR)The recent recovery in Twitter shares accelerated with a 2.2% run yesterday. The jump carried TWTR close to a new 2-month high and signals the stock has reclaimed much of the gains scored after last quarter's earnings release.Consider $41 the next upside target. Traders don't have to wait long for the next catalyst. Its earnings announcement looms on July 26 before market open. If history is any indication, TWTR should see a big move after the event.We saw bullish activity on the options trading front as well, with traders heavily favoring calls on the session. By day's end, 189% of the average daily volume racked up, with 128,780 total contracts traded. Calls claimed 75% of the tally.The pre-earnings ramp in implied volatility continued on Monday, pushing the metric to 53% or the 41st percentile of its one-year range. Premiums are pricing in daily moves of $1.30 or 3.4%. Tesla (TSLA)The theme of accelerating momentum continued with Tesla shares. Monday's 3% jump saw heavy volume and is placing an exclamation point on the company's ongoing recovery. Since bottoming at $176.99 on June third, TSLA stock has rallied 43%. Not bad for six weeks of work.In the process, the downtrend was shattered, and both the 20-day and 50-day moving averages reversed higher. There's no doubt buyers hold the upper hand heading into the July 24 earnings announcement. Traders seeking an upside target should keep an eye on $280.That said, the stock is down just shy 2% of premarket, so the five-day rally may finally be ready for a rest. * 7 Stocks Being Inflated by Low Rates On the options trading front, puts outpaced calls on the day despite the rally. Total activity climbed to 144% of the average daily volume, with 399,042 contracts traded. Puts accounted for 59% of the trading.The ongoing recovery in its share price has really taken the wind out of implied volatility's sails. It has descended into the basement at 62%, which places it at the 21st percentile of its one-year range. Premiums are pricing in daily moves of $9.84 or 3.9%.As of this writing, Tyler Craig didn't hold a position in any of the aforementioned securities. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 9 Retail Stocks Goldman Sachs Says Are Ready to Rip * 7 Services Stocks to Buy for the Rest of 2019 * 6 Stocks to Buy and 1 to Sell Based on Insider Trading The post Tuesday's Vital Data: Citigroup, Twitter and Tesla appeared first on InvestorPlace.

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  • US STOCKS-S&P ends near flat as Citigroup results sink banks; Nasdaq hits new high
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