On Oct. 13, Citigroup stock fell 4.8 percent after the company reported its third-quarter earnings results. The company's third-quarter revenue and earnings beat Wall Street analysts’ average estimates. However, Citigroup’s net profit fell more than 30 percent year-over-year as it set aside more money for potential loan losses.
When did Citigroup report its earnings?
Citigroup released its third-quarter 2020 earnings results on Oct. 13 before the market opened, and held its earnings conference call on the same day at 10:00 a.m. ET.
Concerns were expressed in NY over lack of progress on stimulus package & quality of 3rd Q earnings despite JPM & Citibank beating expectations. Asia somnolent so far - Suggested opening calls– FTSE 100 +25 at 5985, DAX +38 at 13035, CAC40 +15 at 4961, DJIA futures +108 at 28778— David Buik (@truemagic68) October 14, 2020
Citigroup’s earnings report highlights
In the third quarter, Citigroup reported EPS of $1.40, compared with $2.07 in the third quarter of 2019. The EPS beat analysts’ average estimate of $0.93. Citigroup generated sales of $17.3 billion in the third quarter, which was 7 percent lower than in the third quarter of 2019. The company beat analysts’ average sales estimate of $17.2 billion.
In a press release, Citigroup CEO Michael Corbat said, “We continue to navigate the effects of the COVID-19 pandemic extremely well. Credit costs have stabilized; deposits continued to increase.” In the third quarter, Citigroup set aside $2.26 billion for potential loan losses amid uncertainty due to the coronavirus pandemic. The company set aside more than $7 billion in each of the previous two quarters.
What is Citigroup’s stock price today?
Citigroup stock trades on the NYSE under the ticker symbol “C.” The stock was up about 0.6 percent at $43.94 in premarket trading today as of 4:46 a.m. ET. The stock fell 4.8 percent yesterday and closed at $43.68 with a market capitalization of $90.9 billion.
Citigroup stock has fallen by 2.6 percent in the last five days and 37.2 percent in the last year. The stock is trading 47.4 percent below its 52-week high of $83.11 and 36.5 percent above its 52-week low of $32.
Wall Street really is almost like a parallel universe. All four of Goldman's divisions just pulled in more revenue than a year earlier. JPMorgan had a surprise boost in earnings. And Citigroup's fixed-income traders had their best third quarter in eight years. During a pandemic.— Max Abelson (@maxabelson) October 14, 2020
What is Citigroup’s dividend yield?
As of Oct. 13, Citigroup’s dividend yield was 4.67 percent. Currently, the company pays an annual dividend of $2.04 per share. Citigroup has increased its dividend for the last five years by an average of 66 percent each year.
What is Citigroup’s stock forecast?
Currently, Wall Street analysts' stock price forecast for Citigroup is $65.40, which suggests a 49.7 percent upside. The highest target price of $100 indicates a 52.9 percent upside, while the lowest target price of $43.60 indicates a 0.2 percent downside. Among the 29 analysts covering Citigroup, 17 suggest "buy," ten suggest "hold," and two suggest "sell."
Citigroup investor relations
Investors and financial analysts can access the webcast and presentation material on the investor relations section of the company’s website.