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Citigroup Inc - Stock Quote C

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Morningstar's Citigroup Inc Stock Analysis

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Citigroup Generally Checks the Boxes in First-Quarter Earnings, but There Remains a Long Road Ahead

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

No-moat rated Citigroup reported its first earnings since its investor day. Earnings per share of $2.02 came in well ahead of the FactSet consensus of $1.43. Top-line revenue came in at $19.3 billion compared to consensus of $18.2 billion, showing a relatively healthy beat all around. Citigroup’s earnings are set to be quite messy for a while given all of the moving parts with different divestitures, so we wouldn’t focus too much on the quarterly numbers compared to consensus. Instead, we’re looking for signs of growth for card balances, signs of other balance sheet growth, signs of fee growth within treasury and trade solutions, or TTS, and personal banking and wealth management, or PBWM, to help offset expected pressure within investment banking and trading, and whether management can meet its expense goals. Based on this quarter’s results, we do not plan to materially alter our current fair value estimate of $78 for the bank, and we view shares as undervalued. It remains a long road ahead for the bank to grind through the many steps of its turnaround, but we thought this quarter was an acceptable start.

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Citigroup Inc's Company Profile

Business Description

Citigroup is a global financial services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into two primary segments: the global consumer banking segment and the institutional clients group. The bank's primary operations are cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.

388 Greenwich Street
New York, NY, 10013
T +1 212 559-1000
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type High Yield
Employees 223,444

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