If you are looking for another blue chip financial to add to your portfolio, take a look at Citigroup. They posted their Q3 earnings today, and according to Reuters, they were quite strong:
Citigroup Inc’s (C.N) quarterly profit and revenue beat Wall Street expectations as the bank kept a tight lid on costs, booked a gain from an asset sale and saw strength in equity underwriting. The bank’s trading revenue, despite falling 11 percent, was better than the 15 percent decline Chief Financial Officer John Gerspach forecast three weeks ago.
Despite the lagging trading earnings (a trend which has been common amongst many of the big banks according to Reuters) the company has some effective administrative practices that make it look like a solid investment.
In an article by CNBC, “John Heagerty, research analyst at Atlantic Equities, said in a note last month the stock could see further gains.”
Big banks have been up during this bull market but the low market volatility has plagued their trading floors. However, solid performance in other areas have bolstered them. Upcoming tax reform could also have a positive effect on big finance as well if they were to qualify.
Citigroup has effectively positioned themselves to have a strong backbone, something which should excite investors. Reuters writes that:
Since taking over five years ago, Chief Executive Michael Corbat has been trying to boost shareholder value by cutting expenses, consolidation and buying back stock.
This approach is proving to pay dividends for stockholders. Investors should keep an eye on the bank’s performance as we move towards the final quarter of the year.
To read Reuters’ article on Citigroup’s earnings, click here.
To read CNBC’s article on Citigroup’s earnings, click here.
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