Cost cuts helped Bank of America Corp boost net income to US$4.51bil from a year-earlier loss. In constant dollars, 5% growth in Citicorp loans was more than offset by continued declines in Citi Holdings, driven primarily by continued reductions in the North America mortgage portfolio and the reclassification of loans to held-for-sale in connection with previously-announced agreements to sell OneMain Financial and Citi’s retail banking and credit card businesses in Japan. Zacks upgraded shares of Citigroup from a hold rating to a buy rating and set a $66.00 price objective for the company in a report on Tuesday, July 21st. Excluding accounting adjustments and the businesses in run-off mode, that works out to around $1.31 a share. Analysts’ estimates typically exclude special items. While the revenue picture remains challenging for Citigroup as well as its peers due to choppy markets and softer trading revenues, the bank managed to report a decent surge in earnings year-over-year: In the third quarter, Citigroup earned $4.2 billion which compares against $3.07 billion in the year ago quarter.
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Shares of Citigroup (NYSE:C) saw strong trading volume on Thursday following a stronger than expected earnings report, MarketBeat Ratings reports.
UnitedHealth Group’s third-quarter profit slipped, but the nation’s largest health insurer still beat Wall Street expectations partly because of fast growth in pharmacy-benefits management and other areas outside its core business. The Firm operates through two primary business divisions: Citicorp and Citi Holdings.
Thomson ReutersA green traffic light is pictured in front of a sign board of Citibank in Hanoi(Reuters) – Citigroup Inc, the third biggest USA bank by assets, reported a 51 percent rise in quarterly profit as a fall in operating, legal and repositioning costs more than made up for lower revenue.
Citigroup Inc (NYSE:C) has declined 1.06% since March 13, 2015 and is downtrending.
Bond, currency and commodity trading revenue fell 16 per cent to $US2.58 billion, while stock trading revenue rose 31 per cent to $US996 million. Goldman Sachs also missed the consensus EPS estimate of $2.91 per share. During last trade, the company’s minimum price was $6.93, while it touched its highest price of $7.25. The insider Murray Joseph Michael sold 5,949 shares worth $325,589. That was largely because legal and related costs were down sharply, to $US376 million from $US1.55 billion a year ago, when the bank was preparing for an industry-wide settlement over the manipulation of foreign-exchange rates. (NYSE:C) has been established at $65.25 per share.
Excluding pretax gains, earnings were $1.24 per share.
Citigroup Inc.is a global financial services company.
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According to latest developments in the news wires, Citigroup Inc (NYSE:C) has surpassed the consensus estimates and reported adjusted earnings per share (EPS) of $1.39, compared to projections of $1.27.
