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C

Citi

$56.61

0.17 (0.30%)

08:02
01/14/19
01/14
08:02
01/14/19
08:02

Citi reports Q4 fixed income markets revenue $1.94B

Citigroup's allowance for loan losses was $12.3 billion at quarter end, or 1.81% of total loans, compared to $12.4 billion, or 1.86% of total loans, at the end of the prior-year period. Total non-accrual assets declined 24% from the prior-year period to $3.6 billion. Consumer non-accrual loans declined 17% to 2.2 billion and corporate non-accrual loans decreased 32% to $1.3 billion. Citigroup's end-of-period loans were $684 billion as of quarter end, up 3% from the prior-year period. Citigroup's book value per share of $75.05 and tangible book value per share of $63.79, both as of quarter end, increased 6% from the prior-year period driven by the benefit of a lower share count. At quarter end, Citigroup's CET1 Capital ratio was 11.9%, up from 11.7% in the prior quarter, driven by a reduction in risk-weighted assets. Citigroup's SLR for the fourth quarter 2018 was 6.4%, down from 6.5% in the prior quarter. During the fourth quarter 2018, Citigroup repurchased 74 million common shares and returned a total of $5.8 billion to common shareholders in the form of common share repurchases and dividends. Global Consumer Banking revenues of $8.4 billion remained largely unchanged on a reported basis and increased 1% in constant dollars, driven primarily by growth in North America GCB and Latin America GCB, partially offset by a decline in Asia GCB. Institutional Clients Group revenues of $8.2 billion decreased 1%, as a decline in Markets and Securities Services more than offset growth in Banking. Markets and Securities Services revenues of $3.1 billion decreased 11%, as weakness in Fixed Income Markets more than offset growth in Securities Services and Equity Markets. Fixed Income Markets revenues of $1.9 billion in the fourth quarter 2018 decreased 21%, reflecting a challenging trading environment characterized by volatile market conditions and widening credit spreads, particularly in December. Equity Markets revenues of $668 million increased 18%, reflecting the absence of an episodic loss incurred in the prior-year period. Securities Services revenues of $653 million increased 7% on a reported basis and 12% in constant dollars, driven by continued growth in client volumes and higher net interest revenue.

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C Citi
$56.61

0.17 (0.30%)

01/07/19
MACQ
01/07/19
UPGRADE
MACQ
Outperform
Citi upgraded to Outperform from Neutral at Macquarie
01/07/19
01/07/19
UPGRADE
Target $76

Outperform
Citi upgraded to Outperform following 2018 underperformance at Macquarie
As previously reported, Macquarie analyst David Konrad upgraded Citi to Outperform from Neutral, partly due to valuation after the stock underperformed peers in 2018. Despite macro uncertainties, he sees Citi's stock as compelling due to his expectations for improving performance, continued operating leverage and credit risk concerns that he views as overdone, Konrad tells investors. However, Konrad lowered his price target on Citi shares to $76 from $83.
01/07/19
01/07/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. General Motors (GM) upgraded to Outperform from Market Perform at BMO Capital with analyst Richard Carlson citing a "brighter spotlight" being placed on the GM Cruise model in 2019 leading to more appropriate value being priced into the shares. 2. Alphabet (GOOG, GOOGL), Adobe (ADBE), and Salesforce (CRM) were upgraded to Buy from Hold at Pivotal Research. 3. Citi (C) upgraded to Outperform from Neutral at Macquarie with analyst David Konrad saying despite macro uncertainties, he sees Citi's stock as compelling due to his expectations for improving performance, continued operating leverage and credit risk concerns that he views as overdone. 4. Micron (MU) upgraded to Outperform from Market Perform at BMO Capital with analyst Ambrish Srivastava citing valuation. 5. Dillard's (DDS) upgraded to Neutral from Underweight at JPMorgan with analyst Matthew Boss saying he sees a more balanced risk/reward with the stock underperforming the over the past few years. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/09/19
UBSW
01/09/19
UPGRADE
Target $32
UBSW
Buy
Bank of America upgraded to Buy from Neutral at UBS
UBS analyst Saul Martinez upgraded Bank of America (BAC) to Buy while lowering his price target for the shares to $32 from $33. The current share price offers an attractive entry point for a "leading franchise with proven risk and expense discipline and above peer profitability," Martinez tells investors in a research note. He believes that even with slowing revenue growth, Bank of America should continue improving efficiency metrics. Further, the company looks "comparatively well positioned to withstand a turn in credit," adds the analyst. Citigroup (C) remains Martinez's top pick among money centers.

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