This money center bank beat estimates by eleven cents, posting earnings of $1.51 per share for last quarter. Six analysts have increased their estimates in the past 30 days.
Citigroup (C)
from AlphaProfit Sector Investors’ Newsletter
Citigroup (C) beat analysts’ second quarter EPS forecast by 12% to help our May recommendation exit with a 10% gain on July 20. Since then Citi shares are down 3%, giving a new buying opportunity.
Restructuring efforts have helped the bank reduce operating expenses by 6% during the quarter.
Citi’s return on assets exceeded its 0.9% target by 0.16%. Citi is confident of reaching its 2015 financial targets. Its shares trade at 10.2X-forward EPS and a 3% discount to tangible book value versus prospects for 43% EPS growth in the next 12 months. (Next earnings report: Mid October)
Sam Subramanian, PhD, AlphaProfit Sector Investors’ Newsletter, www.alphaprofit.com, 281-565-6963, August 2015