Citigroup Inc (C)

pos +0.00
Today's Range: 48.98 - 49.63 | C Avg Daily Volume: 17,135,700
Last Update: 10/21/16 - 4:00 PM EDT
Volume: 0
YTD Performance: -4.21%
Open: $0.00
Previous Close: $49.58
52 Week Range: $34.52 - $56.46
Oustanding Shares: 2,905,374,038
Market Cap: 144,048,444,804
6-Month Chart
TheStreet Ratings Grade for C
Buy Hold Sell
A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F
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Analysts Ratings
Historical Rec Current 1 Mo. Ago 2 Mo. Ago 3 Mo. Ago
Strong Buy 11 11 10 11
Moderate Buy 0 0 0 0
Hold 5 5 5 5
Moderate Sell 0 0 0 0
Strong Sell 0 0 0 0
Mean Rec. 1.63 1.63 1.67 1.63
Latest Dividend: 0.16
Latest Dividend Yield: 1.29%
Dividend Ex-Date: 07/28/16
Price Earnings Ratio: 10.42
Price Earnings Comparisons:
C Sector Avg. S&P 500
10.42 10.30 29.40
Price Performance History (%Change):
3 Mo 1 Yr 3 Y
12.33% -4.32% -2.86%
Revenue -2.70 -0.10 -0.03
Net Income 131.20 1.20 0.30
EPS 145.50 1.20 0.29
Earnings for C:
Revenue 88.54B
Average Earnings Estimates
Qtr (12/16) Qtr (03/17) FY (12/16) FY (12/17)
Average Estimate $1.09 $1.29 $4.62 $5.10
Number of Analysts 7 3 10 9
High Estimate $1.16 $1.37 $4.75 $5.30
Low Estimate $1.02 $1.23 $4.38 $4.70
Prior Year $1.06 $1.11 $5.35 $4.62
Growth Rate (Year over Year) 3.10% 16.52% -13.64% 10.34%
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If companies aren't executing and making money, equities will go into decline regardless.
Lower Bond Yields Ahead: The yield on the 10-year U.S. note has risen from about 1.35% in early June, when I called for a Generational Bottom in bond yields, to 1.805% on Friday. I believe that with the rate of domestic economic growth now slowing, as will be discussed more exhaustively in my next post, the yield will likely come down back into the previous trading range of 1.55% to 1.70%.  A Flattening Yield Curve: The 2s/10s spread is up to 96 basis points; it bottomed several months ago at approximately 78 basis points Though high-frequency data economic statistics have been eroding, the odds of a December rate rise have been mounting (now at about 68%) and our central bank seems determined to deliver an increase in the fed funds rate. I believe the Fed's worst nightmare is about to come true -- a fed funds rise could trigger lower longer-term bond yields as the domestic data weaken even further. With higher short-term interest rates and lower intermediate- and long-term bond yields, a further flattening in the yield curve is expected. Rate Sensitivity: Banks are asset sensitive, meaning the institutions have an imbalance of rate-sensitive assets over rate-sensitive liabilities. Lower intermediate- and longer-term yields coupled with a flattening yield curve will be an anathema to bank share prices and earnings. Less Value of Deposits: Given the above, a dollar's worth of deposits will be less valuable and produce less profits in the future compared to today. Slowing Loan Demand May Lie Ahead; With the domestic economy weakening (Peak Housing, Peak Autos, etc.) coupled with Peak Liquidity in the U.S. as many anticipate a December Fed rate hike, credit demand may abate. Recently the Atlanta Fed reduced its second-quarter real GDP growth estimate to 1.9%; it initially projected a better-than-3% growth rate a month ago. If correct, this would mark the fifth consecutive quarter of sub-2% growth since the Great Decession ended. That would make the first time since 2009 that the U.S. economy grew by less than 2% in five consecutive three-month periods. Stricter Enforcement of Dodd-Frank in a Clinton Administration: The Wells Fargo fiasco now enforces the case for Dodd-Frank, and the notion that banks are too big to manage got much stronger in September-October. At the very least, a likely Clinton administration and an emboldened Elizabeth Warren could result in continued regulatory pressures, acting as an expensive and burdensome albatross around the neck of the banking sector's shares and profitability. In its extreme, the re-emergence of the populists' too big to manage objections could bring on a new directive and initiative to break up the banks. Lower Equity Returns: More regulatory compliance means that a dollar's worth of equity will be less valuable and also produce less profits three to six months from today. Deutsche Bank Is the Canary in the International Banking Coal Mine: The health of Deutsche Bank (DB) is not improving. Any further deterioration in the bank's financial/operating condition and/or emergence of European economic weakness could strengthen concerns regarding the bank's opaque derivatives business, and the associated counterparty and systemic risks could develop into collateral risks in our country and elsewhere. Bank Stocks Are Not Inexpensive: The prevailing meme in the business media and analytical community is that bank stocks are cheap. They are neither inexpensive relative to their regulatory restraints on return on equity (going forward) nor relative to non-U.S. bank valuations. On the later point, after the recent bank stock rally, U.S. bank stocks trade at about 1.2x book value. This compares to European Union banks at 0.6x and Japanese banks at 0.35x (Source: Larry McDonald's The Bear Traps Report)  Bottom Line  Lower bond yields, a flattening yield curve, challenged credit demand in a slowing domestic economy and continued burdensome and expensive regulatory threats mean that forward-looking bank profits have little upside, and some downside.  Priced at book premiums and far in excess of non-U.S. banks, domestic bank stocks, after a 17% run higher, seem vulnerable absolutely and relative to the broader market indices.  On Friday I shorted Financial Select Sector SPDR ETF (XLF) and on the early-morning earnings-influenced gap higher I initiated shorts in Citigroup (C) and JPMorgan Chase (JPM) . This week's Trade of the Week is to short XLF (at $19.42).
They won't get noticed until we get multiple interest rate hikes.
We took advantage of several down days this week to add to a newly initiated position.
It's understandable why questions would arise about whether directors' principal motivations are more personal than professional.
However, word that JPMorgan Chase has found some potential cross-selling issues dinged that stock during midday trading.
Banking stocks were in focus, after Wells Fargo, Citigroup and J.P. Morgan reported earnings on Friday.
The devastating Matthew Boss call on the retailers is having a huge impact.

Big Banks Clear Lowered Bars Real Money Pro($)

Not surprisingly, Citigroup (C) , Wells Fargo (WFC) and JPMorgan Chase (JPM) all beat lowered expectations before the bell this morning. Of the three, only JPMorgan shows anything resembling revenue growth.


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