The third-quarter earnings season starts this week. Leading U.S. banks will be reporting their earnings. Citigroup, the fourth-largest U.S. bank, is also reporting its earnings this week. When is Citigroup's earnings date? What do analysts expect for the bank in the third quarter?
When is Citigroup’s earnings date?
Citigroup will likely release its third-quarter earnings on Oct. 13. JPMorgan Chase, the largest U.S. bank, is scheduled to release its earnings on the same day. Bank of America and Wells Fargo, the second and third-largest U.S. banks, respectively, will likely release their earnings on Oct. 14.
According to the consensus estimates compiled by Tikr, analysts expect Citigroup to post revenues of $17.1 billion in the third quarter — down 7.8 percent from the same quarter last year. However, the bank's adjusted EPS is expected to rise 87 percent over the year to $1.59. The analysts surveyed by FactSet expect Citigroup to make a loan loss provision of $4 billion in the third quarter compared to $7.9 billion in the sequential quarter.
Citigroup dealt with QAnon website
Last week, Citigroup fired Jason Gelinas — the senior vice president in its technology department. Gelinas, who worked in Citigroup at New Jersey, ran the far-right conspiracy theory website QAnon. The website had around 10 million visitors every month, according to analytics firm SimilarWeb.
Citigroup's pre-market report
Citigroup was trading flat in pre markets today. The bank fell to a 52-week low of $32 in March. Citigroup hit a 52-week high of $83.11 in January. The banking sector is the S&P 500's second-worst performing subsector in 2020. So far, the energy sector has fared the worst.
Warren Buffett’s Berkshire Hathaway Sells JPMorgan, Occidental Petroleum, Buys Barrick Gold, Kroger— Ajay Bagga (@Ajay_Bagga) August 15, 2020
What is Citigroup's price today?
Citigroup was quoted at $45 in pre markets on Monday, Oct. 12. The bank has lost 43.8 percent year-to-date. Citigroup has fared worse than the bank subsector of the S&P 500 bank group index. The banking sector has been among the worst-hit sectors amid the COVID-19 pandemic. Berkshire Hathaway has trimmed positions in JPMorgan Chase, Goldman Sachs, and Wells Fargo in 2020.
What's Citigroup's dividend?
Citigroup has paid three dividends of $0.51 each this year. The most recent dividend had an ex-dividend date of Aug. 3 and was paid on Aug. 28. This year, the U.S. Federal Reserve barred banks from increasing dividends to shore up their balance sheet in the wake of impending delinquencies amid the COVID-19 pandemic.
The US Federal Reserve will curb big bank capital distributions through the end of the year, meaning 34 banks including JPMorgan Chase, Citigroup, Wells Fargo and Bank of America will be barred from share buy backs and will have to cap dividends— BTG Global Advisory (@btgga) October 1, 2020
Citigroup's stock forecast
According to the consensus estimates compiled by TipRanks, Citigroup has an average target price of $66.18, which represents a potential upside of 47.3 percent over the next 12 months. The highest forecast for Citigroup is $100, while the lowest forecast if $50. Overall, 13 of the 17 analysts have a buy rating on the stock. Two analysts have a hold rating and two have a sell rating on Citigroup stock.