Citigroup’s earnings surge 36 percent, beating estimates
Vetr lowered shares of Citigroup (NYSE:C) from a strong-buy rating to a buy rating in a research note published on Thursday, AnalystRatingsNetwork.com reports.
Philip Morris’ third-quarter adjusted profit and revenue topped analysts’ estimates, bolstered in part by increased cigarette prices. Total volume of the stock was 31.02 million shares during last trade, while its average volume is 18.15 million shares. During the previous session, the company’s minimum price was $12.69, while it touched its highest price for the day at $13.40. Its 52-Week low range is $46.60 and 52-week high range is $60.95. Its market capitalization was $42.68 billion.
Analysts on average had estimated earnings of $1.28 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the numbers were comparable.
Revenue from fixed income markets fell about 16 per cent to $2.58 billion, reflecting a trend seen in the results of other big United States banks. The equities figure included a $140 million positive valuation adjustment that partially offset a $175 million decline in the second quarter. The firm’s quarterly revenue was down 5.0% compared to the same quarter a year ago.
Citigroup said Thursday its earnings jumped 36 percent in the third quarter as the bank continued to cut expenses and clean up its books in the wake of the mess of the financial crisis.
Western Asset Management Co had the most significant stake with ownership of 1.17M shares as of Q2 2015 for 52.27% of the stocks portfolio. The company now has an average rating of “Buy” and a consensus price target of $62.70.
Wall Street sell-side analysts that cover the stock now have a consensus one-year price target of $65.192.
The New York bank’s shares dropped 6.1% to $50.72 this year through Wednesday, a better performance than both the KBW Bank Index, which fell 6.7%, and the S&P 500 Financials Index, which declined 7.5%. The company informed investors that they would receive a payout in the amount of $0.05 per share for shareholders of record on 2015-08-03, payable on 2015-08-28. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Citigroup Inc. (Citi) is a financial services holding company, whose businesses provide consumers, corporations, governments and institutions with financial products and services, counting consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services, and wealth administration.
Health insurance is the company’s primary business, but it has been relying more on Optum for growth. Citicorp consists of the managing businesses: Institutional Customers Group, which includes securities services and Markets and Banking, and worldwide Consumer Banking, which contains consumer banking in North America, EMEA, Latin America and Asia.