Citigroup is slated to report its calendar fourth-quarter results on Tuesday as investors brace for a highly anticipated earnings season.
Here’s what analysts are expecting to see from the banking giant’s results:
Earnings: $1.84 per share, according to Refinitiv
Revenue: $17.855 billion expected
Net interest margin: 2.56% forecast by FactSet
Fixed income, currencies and commodities trading revenue: $1.24 billion expected
Equities trading revenue: $673.7 million forecast
Loans: $700.04 billion forecast
Citigroup shares are coming off their best year since 1999, surging more than 53% in 2019. Those gains outpaced those of rival banks J.P. Morgan Chase, Wells Fargo, and Bank of America. J.P. Morgan and Bank of America both rose more than 40% last year, while Wells Fargo advances just 16.8%.
Wells Fargo banking analyst Mike Mayo raised last month his price target on the stock to $97 per share from $85 per share, telling CNBC’s “Fast Money” it’s his favorite banking stock “because it’s just so inexpensive and they’re buying back so many stock.” Goldman Sachs also added Citigroup to its conviction buy list last week while Bank of America called it its “pick of the decade.”
Still, expectations for Citigroup are high heading into its earnings release. Refinitiv’s profit estimate represents a 14% year-over-year jump from $1.61 per share.
J.P. Morgan Chase reported fourth-quarter earnings earlier on Tuesday, topping analyst expectations as its bond-trading revenue skyrocketed by nearly 90%. The bank also posted a record profit for 2019.