The news added to the company's challenges during a year when it's been hit hard by the coronavirus pandemic. As you can see from the chart below, most of those losses came during a two-day stretch in the middle of the month following the report in the Journal.
C data by YCharts. Prior to the stock's slide, the biggest monthly news out of Citigroup came on Sept. At the beginning of the following week, the company gave updated third-quarter guidance at an industry conference. It said revenue growth would come at high single digits -- much better than analyst expectations. It also said that loan loss reserves would be significantly lower than in the first half of the year. That good news was overshadowed by the Journal report, which said that the Federal Reserve and Office of the Comptroller of the Currency were expected to reprimand the bank.
It was unclear if the citation would include fines. Later in the month, the stock fell further on reports that the Federal Reserve would maintain its restrictions on dividend increases and share buybacks for the major banks, which it did at the end of the month. Citi will have a chance to turn things around when it reports third-quarter earnings next week on Oct. Analysts forecast revenue falling 7. Discounted offers are only available to new members. Stock Advisor will renew at the then current list price.
Out of 22 analysts covering Citigroup, 16 rate the shares a buy, while four analysts have neutral ratings and two analysts recommend selling the shares. Oppenheimer analyst Chris Kotowski on Sunday that "Citi remains our favorite stock with a valuation that looks more like BAC 55 percent of tangible book vs.
BAC at 50 percent but with a capital position, diversity of business and earnings stability that look more and more like JPMorgan every quarter. TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks. Skip Navigation. Dow 30 36, Nasdaq 15, Russell 2, Crude Oil Gold 1, Silver CMC Crypto 1, FTSE 7, Nikkei 29, Read full article.
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