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Wednesday, January 11, 2023 1:23:09 PM
Earnings Preview: Citigroup Inc. (NYSE: C)
By: 24/7 Wall St. | January 11, 2023
• Here is a preview of what to expect when the big banks report results Friday morning.
Citigroup
Shares of Citigroup Inc. (NYSE: C) have dropped by 27% over the past 12 months. The stock posted its 52-week in early October, and since then, the shares have added nearly 16%.
Like the other big banks, Citi has been dealing with inflation, recession fears, and, at best, an economic slowdown. Investment banking, a particular emphasis of CEO Jane Fraser, was abysmal in 2022, and prospects for 2023 are not bright. Citi and its peers are likely to have salted away $5.7 billion in loan loss reserves during the quarter. That would mark the fourth consecutive quarter of increased loan loss provisions for the country’s biggest banks.
Of 25 brokerages covering the company, nine have a Buy or Strong Buy rating and 15 have Hold ratings. At a share price of around $48.20, the upside potential based on a median price target of $52.00 is 7.9%. At the high price target of $87.00, the upside potential is about 80.5%.
Fourth-quarter revenue is forecast at $17.39 billion, down 6.1% sequentially and 2.2% lower year over year. Adjusted EPS are forecast at $1.19, down 27.2% sequentially and by 18.5% year over year. For the full 2022 fiscal year, analysts are forecasting EPS of $7.02, down 30.8%, on revenue of $75.26 billion, up 4.7%.
Citigroup stock trades at 6.9 times expected 2022 EPS, 7.3 times estimated 2023 earnings of $6.64 and 6.8 times estimated 2024 earnings of $7.12. The stock’s 52-week range is $40.01 to $69.11, and Citi pays an annual dividend of $2.04 (yield of 4.36%). Its total return to shareholders for the past year was negative 24.1%.
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By: 24/7 Wall St. | January 11, 2023
• Here is a preview of what to expect when the big banks report results Friday morning.
Citigroup
Shares of Citigroup Inc. (NYSE: C) have dropped by 27% over the past 12 months. The stock posted its 52-week in early October, and since then, the shares have added nearly 16%.
Like the other big banks, Citi has been dealing with inflation, recession fears, and, at best, an economic slowdown. Investment banking, a particular emphasis of CEO Jane Fraser, was abysmal in 2022, and prospects for 2023 are not bright. Citi and its peers are likely to have salted away $5.7 billion in loan loss reserves during the quarter. That would mark the fourth consecutive quarter of increased loan loss provisions for the country’s biggest banks.
Of 25 brokerages covering the company, nine have a Buy or Strong Buy rating and 15 have Hold ratings. At a share price of around $48.20, the upside potential based on a median price target of $52.00 is 7.9%. At the high price target of $87.00, the upside potential is about 80.5%.
Fourth-quarter revenue is forecast at $17.39 billion, down 6.1% sequentially and 2.2% lower year over year. Adjusted EPS are forecast at $1.19, down 27.2% sequentially and by 18.5% year over year. For the full 2022 fiscal year, analysts are forecasting EPS of $7.02, down 30.8%, on revenue of $75.26 billion, up 4.7%.
Citigroup stock trades at 6.9 times expected 2022 EPS, 7.3 times estimated 2023 earnings of $6.64 and 6.8 times estimated 2024 earnings of $7.12. The stock’s 52-week range is $40.01 to $69.11, and Citi pays an annual dividend of $2.04 (yield of 4.36%). Its total return to shareholders for the past year was negative 24.1%.
Read Full Story »»»
DiscoverGold
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