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Wednesday, October 12, 2022 10:19:08 AM
Earnings Preview: Citigroup Inc. (NYSE: C)
By: 24/7 Wall St. | October 12, 2022
• Here is a look at five companies set to report their quarterly results first thing Friday morning.
Citigroup
Shares of Citigroup Inc. (NYSE: C) have dropped by nearly 44% over the past 12 months. The stock posted its 52-week low on Tuesday and its 52-week high almost exactly a year ago.
Citi CEO Jane Fraser has begun a restructuring aimed at regaining lost ground in investment banking and has been beefing up its European advisory group. Combined with added loan-loss reserves, profits are likely to be underwhelming at the six largest U.S. banks. Earlier this week, Bloomberg estimated that Citi and the five other biggest U.S. banks will report salting away another $4.5 billion in loan-loss reserves during the third quarter. Demand for loans continues to grow, but the overall economy raises questions about loan losses. If Bloomberg’s forecast is realized, the six largest U.S. banks will have increased their loan-loss provisions in three consecutive quarters.
Of 24 brokerages covering the company, nine have a Buy or Strong Buy rating and 14 have a Hold rating. At a recent price of around $40.50 a share, the upside potential based on a median price target of $54.00 is 33.3%. At the high price target of $83.00, the upside potential is about 105%.
Third-quarter revenue is forecast at $18.25 billion, which would be down 4.7% sequentially but up 6.4% year over year. Adjusted EPS are forecast at $1.50, down nearly 35% sequentially and by 30.2% year over year. For the full 2022 fiscal year, analysts are forecasting EPS of $7.21, down 28.9%, on revenue of $75.2 billion, up 4.6%.
Citigroup stock trades at 5.6 times expected 2022 EPS, 5.7 times estimated 2023 earnings of $7.15 and 5.1 times estimated 2024 earnings of $7.98. The stock’s 52-week trading range is $40.92 to $73.22, and Citi pays an annual dividend of $2.04 (yield of 4.9%). The total return to shareholders for the past year was negative 41.6%.
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By: 24/7 Wall St. | October 12, 2022
• Here is a look at five companies set to report their quarterly results first thing Friday morning.
Citigroup
Shares of Citigroup Inc. (NYSE: C) have dropped by nearly 44% over the past 12 months. The stock posted its 52-week low on Tuesday and its 52-week high almost exactly a year ago.
Citi CEO Jane Fraser has begun a restructuring aimed at regaining lost ground in investment banking and has been beefing up its European advisory group. Combined with added loan-loss reserves, profits are likely to be underwhelming at the six largest U.S. banks. Earlier this week, Bloomberg estimated that Citi and the five other biggest U.S. banks will report salting away another $4.5 billion in loan-loss reserves during the third quarter. Demand for loans continues to grow, but the overall economy raises questions about loan losses. If Bloomberg’s forecast is realized, the six largest U.S. banks will have increased their loan-loss provisions in three consecutive quarters.
Of 24 brokerages covering the company, nine have a Buy or Strong Buy rating and 14 have a Hold rating. At a recent price of around $40.50 a share, the upside potential based on a median price target of $54.00 is 33.3%. At the high price target of $83.00, the upside potential is about 105%.
Third-quarter revenue is forecast at $18.25 billion, which would be down 4.7% sequentially but up 6.4% year over year. Adjusted EPS are forecast at $1.50, down nearly 35% sequentially and by 30.2% year over year. For the full 2022 fiscal year, analysts are forecasting EPS of $7.21, down 28.9%, on revenue of $75.2 billion, up 4.6%.
Citigroup stock trades at 5.6 times expected 2022 EPS, 5.7 times estimated 2023 earnings of $7.15 and 5.1 times estimated 2024 earnings of $7.98. The stock’s 52-week trading range is $40.92 to $73.22, and Citi pays an annual dividend of $2.04 (yield of 4.9%). The total return to shareholders for the past year was negative 41.6%.
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