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Citigroup

Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.

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JPMorgan (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) is scheduled to kick-start third-quarter 2024 earnings on Oct. 11. The largest American bank&#39;s earnings draw a lot of attention because of its presence in almost all the finance sector businesses. This, thus, offers insight into how the quarterly performance of other banks is likely to be.
JPMorgan&#39;s close peers &ndash; Bank of America (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bac#NYSE">BAC</a>) and Citigroup (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) are slated to announce their quarterly numbers on Oct. 15.
JPM&#39;s second-quarter performance was impressive despite industry-wide operating challenges. This time, we believe the company&#39;s performance will likely remain robust. The Zacks Consensus Estimate for third-quarter revenues of $41.01 billion suggests 2.9% year-over-year growth.
On the other hand, rising provisions for credit losses and higher operating expenses are likely to have hampered JPMorgan&#39;s bottom-line growth. In the past seven days, the consensus estimate for earnings for the to-be-reported quarter has been revised marginally lower to $4.04, indicating a 6.7% decline from the prior-year quarter.
Estimate Revision Trend
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f3/80367.jpg?v=1023181585" />
Image Source: Zacks Investment Research
JPMorgan has an impressive earnings surprise history. The company&#39;s earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, with an average beat being 8.38%.
Earnings Surprise History
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ad/80371.jpg?v=1452486335" />
Image Source: Zacks Investment Research
<h2>Major Factors to Impact JPMorgan&#39;s Q3 Performance</h2>
Net Interest Income: On Sept. 18, the Federal Reserve cut the interest rates by 50 basis points to 4.75-5% for the first time since March 2020. Nonetheless, the development is not expected to have much impact on JPMorgan&#39;s net interest income (NII) during the third quarter.
Further, relatively higher rates might have hurt NII growth prospects because of elevated funding/deposit costs and an inverted yield curve during the major part of the quarter.
Yet, clarity on the Fed&#39;s rate cut path and the stabilizing macroeconomic backdrop are likely to have provided support to the lending scenario. Per the Fed&#39;s latest data, the demand for commercial and industrial, real estate and consumer loans was modest in the first two months of the quarter.
The Zacks Consensus Estimate for NII (reported) of $22.57 billion suggests a slight decline on a year-over-year basis. Our estimate for NII implies a fall of almost 1% to $22.55 billion.
Investment Banking (IB) Fees: Global mergers and acquisitions (M&amp;As) in the third quarter of 2024 showed marked improvement after subdued 2023 and 2022. This is expected to have supported JPMorgan&#39;s IB fees.
Both deal value and volume were decent during the quarter, driven by solid financial performance, higher chances of a soft landing of the U.S. economy, buoyant markets and interest rate cuts. Yet, tough scrutiny by antitrust regulators and lingering geopolitical issues were headwinds. JPMorgan&#39;s leadership in the space is likely to have offered some support to advisory fees.
On the other hand, the IPO market saw signs of cautious optimism, given the market volatility, geopolitical challenges and global monetary easing. The impressive equity market performance drove some solid activity in follow-up equity issuances. Further, bond issuance volume improved on favorable economic conditions and corporate spreads at near historical lows. Thus, growth in JPM&#39;s underwriting fees (accounting for almost 60% of total IB fees) is expected to have been solid during the to-be-reported quarter.
We project IB revenues (in the Corporate &amp; Investment Banking segment) to be $2.39 billion.
Management expects IB revenues to increase 15% on a year-over-year basis driven by robust debt and equity capital markets, while M&amp;A volumes are expected to be &quot;flattish.&quot;
Markets Revenues: Client activity and market volatility were decent in the third quarter. The likelihood of a soft landing of the U.S. economy, cooling inflation and easing monetary policy drove the client activity. So, JPMorgan is likely to have recorded decent growth in markets revenues (comprising nearly 20% of the company&#39;s total revenues) this time.
Our estimates for equity markets revenues and fixed-income markets revenues stand at $2.26 billion and $5.03 billion, respectively.
Management expects markets revenues to be flat or rise almost 2% given the &quot;very, very strong performance in equities across the franchise&quot; partially offset by &quot;a bit weaker&quot; fixed income performance.
Mortgage Banking Fees: As the central bank lowered the rates, mortgage rates started to come down. The rates declined to almost 6.2% by the end of the third quarter. This resulted in a significant surge in refinancing activities while origination volumes remained subdued. Thus, mortgage banking fees are likely to have witnessed some improvement at JPMorgan, while a record last year&#39;s performance is expected to make comparison challenging.
The consensus estimate for mortgage fees and related income of $322.7 million implies a 22% decrease from the prior-year quarter. Our estimate for the metric stands at $337.6 million.
Expenses: JPMorgan&#39;s plan of entering new markets by opening branches, which is already on track, along with inorganic expansion efforts, is likely to have resulted in an increase in operating expenses in the third quarter. Also, investments in technology to strengthen digital offerings might have led to higher costs.
Our estimate for non-interest expenses stands at $22.83 billion, implying an increase of 4.9% on a year-over-year basis.
Asset Quality: JPMorgan is likely to have set aside a huge amount of money for potential delinquent loans (mainly commercial loan defaults), given the expectations of an economic slowdown. Our estimate for provision for credit losses is pegged at $2.44 billion.
The Zacks Consensus Estimate for non-performing loans (NPLs) of $7.96 billion implies a 5.9% increase year over year. The consensus estimate for non-performing assets (NPAs) of $8.69 billion suggests a 6.8% rise. Our estimates for NPAs and NPLs are pegged at $8.29 billion and $7.66 billion, respectively.
<h2>What Our Model Unveils for JPMorgan</h2>
Per our proven model, the chances of JPMorgan beating estimates this time are low. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you can see below.
JPMorgan has an Earnings ESP of -0.25%.
JPM carries a Zacks Rank #3 at present.
<h2>JPM&#39;s Price Performance &amp; Premium Valuation</h2>
JPMorgan was among the top five performing banks on the S&amp;P 500 Index in the first nine months of 2024. The stock outperformed the industry and the S&amp;P 500 Index. Additionally, shares of JPM are trading well above its close peers &ndash; BAC and C.
Price Performance
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f2/80366.jpg?v=5622644" />
Image Source: Zacks Investment Research
JPM stock is not so cheap, as the Value Score of F suggests a stretched valuation at this moment. 
In terms of the forward 12-month Price/Earnings, JPM is trading at 12.25X, higher than the industry&#39;s 11.28X.
Price-to-Earnings (forward 12 Months)
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/55/80369.jpg?v=138088704" />
Image Source: Zacks Investment Research
<h2>How to Play JPM Stock Now?</h2>
JPMorgan is well-poised to benefit from its scale and size, and leverage its leading position in several businesses. The acquisition of First Republic Bank last year continues to support its financials.
JPMorgan is expanding its footprint in new regions and plans to capitalize on cross-selling opportunities. While such expansion plans will lead to higher investment-related expenses, they bode well for the company&#39;s long-term prospects and will provide it an edge over its peers.
During the third quarter, JPM increased its quarterly dividend for the second time this year as it cleared the 2024 stress test. The company also authorized a new share repurchase program.
Yet, the volatile nature of the capital markets business will likely keep JPM&#39;s fee income growth challenging. The stock&#39;s high valuation and bearish analyst stance as the company warned of lower NII next year because of rate cuts weigh on it.
Investors must check out management comments regarding next year&#39;s NII prospects on the third-quarter 2024 conference call before making any investment decision. So, they should consider these factors carefully and evaluate their risk tolerance before buying JPM stock. Those who already own the stock can hold on to it because it is less likely to disappoint over the long term.
<a href="https://www.zacks.com/stock/news/2346143/should-jpmorgan-stock-be-part-of-your-portfolio-ahead-of-q3-earnings?cid=CS-BENZ-FT-analyst_blog|most_popular_stocks-2346143">To read this article on Zacks.com click here.</a>

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After securing a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41175197/openais-latest-eye-popping-valuation-ignites-analyst-expectations-for-tidal-wave-of">whopping $6.6 billion funding</a> round, ChatGPT-parent&nbsp;OpenAI has bagged a&nbsp;$4 billion revolving credit line.
What Happened: The new credit facility will bolster its liquidity to $10 billion, allowing the AI startup to invest in high-cost <a href="https://www.benzinga.com/markets/equities/24/07/39856365/openai-in-talks-with-broadcom-to-develop-new-ai-chip-aims-to-reduce-reliance-on-nvidia-report">computing capacity</a> including Nvidia Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) chips.
&#8220;This credit facility further strengthens&nbsp;our balance sheet and provides&nbsp;flexibility to seize future growth&nbsp;opportunities,&#8221; said OpenAI CFO&nbsp;Sarah Friar, in a blog on Thursday.
The credit line is facilitated by a consortium of banks: JPMorgan Chase (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), Citigroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), Banco Santander S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAN#NYSE">SAN</a>), Wells Fargo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), Sumitomo Mitsui Banking&nbsp;Corporation, UBS Group AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBS#NYSE">UBS</a>), and HSBC Holdings plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSBC#NYSE">HSBC</a>).
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Earlier this week, OpenAI, <a href="https://www.benzinga.com/news/24/10/41149788/openai-valuation-soars-to-157b-in-latest-funding-round">valued at nearly $157 billion</a>, raised funds&nbsp;from returning venture capital investors&nbsp;such as&nbsp;Thrive Capital and Khosla Ventures.
Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), which has already invested approximately $13 billion into the AI firm over the last five years,&nbsp;and new investor Nvidia, also&nbsp;participated in the funding round.
Despite <a href="https://www.benzinga.com/news/24/09/41059344/sam-altman-hits-back-at-trolls-after-mira-muratis-openai-exit-explains-executive-drain-as-natural-we">major executive changes</a>, including the sudden exit of CTO Mira Murati, investors remain optimistic about OpenAI&#8217;s growth prospects.
However, OpenAI has also faced criticism from Elon Musk, who accused the company of&nbsp;<a href="https://www.benzinga.com/news/24/10/41156902/elon-musk-says-openai-is-evil-after-chatgpt-parent-reportedly-asked-investors-not-to-invest-in-rival">unfair funding practices</a>.
On the other hand, analysts expect a &#8220;tidal wave&#8221; of AI spending, with OpenAI&#8217;s latest valuation seen as a trigger for this growth stage.
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Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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OpenAI Secures $4B Credit Line To Supercharge AI Ambitions And Expand Nvidia-Powered Infrastructure: 'Provides Flexibility To Seize Future Growth Opportunities'

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>DFS</td>
<td>PUT</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>10/11/24</td>
<td>$130.00</td>
<td>$202.0K</td>
<td>48</td>
<td>3.2K</td>
</tr>
<tr>
<td>FUTU</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/11/24</td>
<td>$120.00</td>
<td>$51.0K</td>
<td>366</td>
<td>1.9K</td>
</tr>
<tr>
<td>BAC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$40.00</td>
<td>$35.8K</td>
<td>4.3K</td>
<td>569</td>
</tr>
<tr>
<td>GS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$400.00</td>
<td>$38.5K</td>
<td>1.6K</td>
<td>483</td>
</tr>
<tr>
<td>BEN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$17.50</td>
<td>$29.9K</td>
<td>604</td>
<td>342</td>
</tr>
<tr>
<td>COIN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>10/11/24</td>
<td>$157.50</td>
<td>$46.9K</td>
<td>203</td>
<td>266</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>07/17/26</td>
<td>$75.00</td>
<td>$27.9K</td>
<td>5.4K</td>
<td>154</td>
</tr>
<tr>
<td>PYPL</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$75.00</td>
<td>$49.0K</td>
<td>10.0K</td>
<td>136</td>
</tr>
<tr>
<td>PGR</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$230.00</td>
<td>$34.2K</td>
<td>249</td>
<td>112</td>
</tr>
<tr>
<td>SQ</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/04/24</td>
<td>$67.00</td>
<td>$29.1K</td>
<td>691</td>
<td>81</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• Regarding DFS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>), we observe a put option trade with neutral sentiment. It expires in 9 day(s) on October 11, 2024. Parties traded 1010 contract(s) at a $130.00 strike. The total cost received by the writing party (or parties) was $202.0K, with a price of $200.0 per contract. There were 48 open contracts at this strike prior to today, and today 3261 contract(s) were bought and sold. 
• Regarding FUTU (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FUTU#NASDAQ">FUTU</a>), we observe a call option sweep with bearish sentiment. It expires in 9 day(s) on October 11, 2024. Parties traded 102 contract(s) at a $120.00 strike. This particular call needed to be split into 16 different trades to become filled. The total cost received by the writing party (or parties) was $51.0K, with a price of $505.0 per contract. There were 366 open contracts at this strike prior to today, and today 1973 contract(s) were bought and sold. 
• For BAC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), we notice a put option sweep that happens to be bearish, expiring in 79 day(s) on December 20, 2024. This event was a transfer of 150 contract(s) at a $40.00 strike. This particular put needed to be split into 11 different trades to become filled. The total cost received by the writing party (or parties) was $35.8K, with a price of $239.0 per contract. There were 4310 open contracts at this strike prior to today, and today 569 contract(s) were bought and sold. 
• Regarding GS (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), we observe a call option sweep with bullish sentiment. It expires in 79 day(s) on December 20, 2024. Parties traded 4 contract(s) at a $400.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $38.5K, with a price of $9652.0 per contract. There were 1688 open contracts at this strike prior to today, and today 483 contract(s) were bought and sold. 
• For BEN (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEN#NYSE">BEN</a>), we notice a call option sweep that happens to be bearish, expiring in 197 day(s) on April 17, 2025. This event was a transfer of 90 contract(s) at a $17.50 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $29.9K, with a price of $331.0 per contract. There were 604 open contracts at this strike prior to today, and today 342 contract(s) were bought and sold. 
• Regarding COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we observe a put option sweep with neutral sentiment. It expires in 9 day(s) on October 11, 2024. Parties traded 127 contract(s) at a $157.50 strike. This particular put needed to be split into 8 different trades to become filled. The total cost received by the writing party (or parties) was $46.9K, with a price of $369.0 per contract. There were 203 open contracts at this strike prior to today, and today 266 contract(s) were bought and sold. 
• Regarding C (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), we observe a call option trade with bullish sentiment. It expires in 653 day(s) on July 17, 2026. Parties traded 65 contract(s) at a $75.00 strike. The total cost received by the writing party (or parties) was $27.9K, with a price of $430.0 per contract. There were 5400 open contracts at this strike prior to today, and today 154 contract(s) were bought and sold. 
• For PYPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), we notice a put option sweep that happens to be bullish, expiring in 107 day(s) on January 17, 2025. This event was a transfer of 100 contract(s) at a $75.00 strike. This particular put needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $49.0K, with a price of $490.0 per contract. There were 10058 open contracts at this strike prior to today, and today 136 contract(s) were bought and sold. 
• For PGR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PGR#NYSE">PGR</a>), we notice a put option trade that happens to be bullish, expiring in 471 day(s) on January 16, 2026. This event was a transfer of 20 contract(s) at a $230.00 strike. The total cost received by the writing party (or parties) was $34.2K, with a price of $1710.0 per contract. There were 249 open contracts at this strike prior to today, and today 112 contract(s) were bought and sold. 
• Regarding SQ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), we observe a put option trade with bearish sentiment. It expires in 2 day(s) on October 4, 2024. Parties traded 103 contract(s) at a $67.00 strike. The total cost received by the writing party (or parties) was $29.1K, with a price of $283.0 per contract. There were 691 open contracts at this strike prior to today, and today 81 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

COIN

FUTU

PYPL

10 Financials Stocks Whale Activity In Today's Session

In the latest quarter, 9 analysts provided ratings for Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), showcasing a mix of bullish and bearish perspectives.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">6</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts provide deeper insights through their assessments of 12-month price targets, revealing an average target of $76.89, a high estimate of $92.00, and a low estimate of $66.00. Surpassing the previous average price target of $73.56, the current average has increased by 4.53%.
<img src="https://www.benzinga.com/files/images/story/2024/1727888487_0.png" alt="price target chart" />
<h2>Decoding Analyst Ratings: A Detailed Look</h2>
The perception of Citigroup by financial experts is analyzed through recent analyst actions. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Chris Kotowski</td>
<td>Oppenheimer</td>
<td>Raises</td>
<td>Outperform</td>
<td>$92.00</td>
<td>$87.00</td>
</tr>
<tr>
<td>Betsy Graseck</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$86.00</td>
<td>$79.00</td>
</tr>
<tr>
<td>Richard Ramsden</td>
<td>Goldman Sachs</td>
<td>Lowers</td>
<td>Buy</td>
<td>$71.00</td>
<td>$75.00</td>
</tr>
<tr>
<td>Betsy Graseck</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$79.00</td>
<td>$66.00</td>
</tr>
<tr>
<td>James Fotheringham</td>
<td>BMO Capital</td>
<td>Raises</td>
<td>Market Perform</td>
<td>$67.00</td>
<td>$65.00</td>
</tr>
<tr>
<td>Stephen Biggar</td>
<td>Argus Research</td>
<td>Raises</td>
<td>Buy</td>
<td>$72.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Scott Siefers</td>
<td>Piper Sandler</td>
<td>Raises</td>
<td>Overweight</td>
<td>$73.00</td>
<td>$70.00</td>
</tr>
<tr>
<td>Chris Kotowski</td>
<td>Oppenheimer</td>
<td>Raises</td>
<td>Outperform</td>
<td>$86.00</td>
<td>$85.00</td>
</tr>
<tr>
<td>Betsy Graseck</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Overweight</td>
<td>$66.00</td>
<td>$65.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Citigroup. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Citigroup compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of Citigroup's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.
<a href="https://www.benzinga.com/quote/C/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Citigroup analyst ratings.</a>
<h2>Discovering Citigroup: A Closer Look</h2>
Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.
<h3>A Deep Dive into Citigroup's Financials</h3>
Market Capitalization Analysis: The company's market capitalization surpasses industry averages, showcasing a dominant size relative to peers and suggesting a strong market position.
Revenue Growth: Citigroup displayed positive results in 3 months. As of 30 June, 2024, the company achieved a solid revenue growth rate of approximately 3.62%. This indicates a notable increase in the company's top-line earnings. When compared to others in the Financials sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: Citigroup's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 14.61%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Citigroup's ROE falls below industry averages, indicating challenges in efficiently using equity capital. With an ROE of 1.55%, the company may face hurdles in generating optimal returns for shareholders.
Return on Assets (ROA): Citigroup's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 0.12%, the company may face hurdles in achieving optimal financial performance.
Debt Management: Citigroup's debt-to-equity ratio is notably higher than the industry average. With a ratio of 1.68, the company relies more heavily on borrowed funds, indicating a higher level of financial risk.
<h2>What Are Analyst Ratings?</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Decoding 9 Analyst Evaluations For Citigroup

Oppenheimer analyst Chris Kotowski maintains Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) with a Outperform and raises the price target from $87 to $92.

Price Target

Oppenheimer Maintains Outperform on Citigroup, Raises Price Target to $92

US Federal Reserve Announces Termination Of 2013 Enforcement Action Against Citigroup

Deep-pocketed investors have adopted a bearish approach towards Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in C usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Citigroup. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 12% leaning bullish and 87% bearish. Among these notable options, 3 are puts, totaling $132,342, and 5 are calls, amounting to $220,820.
<h3>Projected Price Targets</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $55.0 to $67.5 for Citigroup over the recent three months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Citigroup's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Citigroup's significant trades, within a strike price range of $55.0 to $67.5, over the past month.
<h3>Citigroup Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727794886_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$1.44</td>
<td>$1.41</td>
<td>$1.41</td>
<td>$62.50</td>
<td>$83.1K</td>
<td>28.1K</td>
<td style="text-align: right;">948</td>
</tr>
<tr>
<td>C</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/17/26</td>
<td>$9.0</td>
<td>$8.35</td>
<td>$9.0</td>
<td>$62.50</td>
<td>$62.8K</td>
<td>334</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$9.95</td>
<td>$9.9</td>
<td>$9.9</td>
<td>$57.50</td>
<td>$46.5K</td>
<td>3.2K</td>
<td style="text-align: right;">49</td>
</tr>
<tr>
<td>C</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$10.3</td>
<td>$10.05</td>
<td>$10.3</td>
<td>$67.50</td>
<td>$42.2K</td>
<td>760</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$1.68</td>
<td>$1.63</td>
<td>$1.63</td>
<td>$62.50</td>
<td>$32.6K</td>
<td>28.1K</td>
<td style="text-align: right;">337</td>
</tr>
</tbody>
</table>

<h3>About Citigroup</h3>
Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.
Following our analysis of the options activities associated with Citigroup, we pivot to a closer look at the company's own performance.
<h3>Current Position of Citigroup</h3>
<ul>
<li>With a volume of 3,096,905, the price of C is down -1.76% at $61.5. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 14 days.</li>
</ul>
<h3>Expert Opinions on Citigroup</h3>
In the last month, 2 experts released ratings on this stock with an average target price of $78.5.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=Be8be9arja3be22bz20&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Citigroup, targeting a price of $86. 
&#x2A; Maintaining their stance, an analyst from Goldman Sachs continues to hold a Buy rating for Citigroup, targeting a price of $71. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Citigroup, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Check Out What Whales Are Doing With Citigroup

Earlier this month, the Federal Reserve slashed interest rates by 50 basis points at its September Federal Open Market Committee meeting, lowering the federal funds rate in the range of <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead" rel="noreferrer noopener">4.75%-5%</a>.
The Fed also hinted at the potential for additional cuts in the coming months, with the updated dot plot revealing a more aggressive rate-cutting trajectory than <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40965372/fed-delivers-large-interest-rate-cut-in-bid-to-sustain-labor-market-stocks-gold-set-new-record-h" rel="noreferrer noopener">forecasted in June</a>.
Morgan Stanley economists anticipate an additional 150 basis points of rate reductions by mid-2025, with the U.S. economy steering clear of a recession.
Morgan Stanley highlights the banks expected to see the greatest net interest margin (NIM) expansion or compression through the end of 2025, based on the projection that short-term rates will decrease by 200 basis points.
Midcap banks are in a stronger position as they experienced greater pressure on deposit costs (higher deposit betas) when interest rates increased. They anticipate this pressure to ease at a similar pace as rates fall.
Also, midcap banks hold more fixed-rate assets that were issued when rates were much lower in 2021 and 2022, allowing for higher repricing even as rates decrease coupled with lower liquidity requirements.
For midcap banks, the analyst identifies Prosperity Bancshares Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PB#NYSE">PB</a>), rated Overweight, as offering the best risk-reward profile. The firm is expected to experience one of the largest net interest margin (NIM) expansions through the fourth quarter of 2025, driven by the upward repricing of fixed-rate loans and securities.
Similarly, Cadence Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CADE#NYSE">CADE</a>), newly rated Overweight, is projected to benefit from a significant rise in NIM as deposit costs decline. It has minimal exposure to floating-rate loans and net cash, which tend to weigh on earnings when interest rates drop.
While M&amp;T Bank Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>), the analyst&#8217;s top pick, ranks in the middle of the group, Morgan Stanley writes that future rate cuts will slightly boost NIM—a view that contrasts with the broader market consensus, which sees rate cuts as a long-term negative for margins.
Rate cuts are advantageous for the seven major large-cap banks sensitive to liabilities. These money center banks also have significant revenue exposure to capital markets, likely boosting fee income growth in a low-rate, soft-landing scenario.
Morgan Stanley expects this environment to strongly support M&amp;A and Equity Capital Markets (ECM) activity. Additionally, lower rates are generally a credit positive for the banking sector.
For large-cap banks, Morgan Stanley holds an Overweight rating on Citigroup Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), Goldman Sachs Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>), citing expectations for a rebound in capital markets revenues amid a lower-rate environment and a sharp increase in buybacks following the Basel Endgame reproposal.
Regions Financial Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RF#NYSE">RF</a>) and U.S. Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>) are favored due to their liability sensitivity and commercial and industrial loan growth potential to accelerate post-rate cuts.
Meanwhile, Wells Fargo &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) is highlighted for its strong excess capital levels and the possibility of progress on lifting its asset cap, which could favorably tilt the risk-reward outlook.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/government/24/09/41100310/chewy-insider-penalized-by-sec-for-trading-on-confidential-pet-insurance-deal-info" target="_blank" rel="noreferrer noopener">Chewy Insider Penalized by SEC for Trading on Confidential Pet Insurance Deal Info</a>.</li>
</ul>

Analyst Color

Equities

General

CADE

Wells Fargo, Citigroup, Goldman Sachs Poised For Gains Amid Fed Rate Cuts - Morgan Stanley

Morgan Stanley analyst Betsy Graseck maintains Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) with a Overweight and raises the price target from $79 to $86.

Morgan Stanley Maintains Overweight on Citigroup, Raises Price Target to $86

Citigroup Warns Some Employees In Memo About Misconduct By Staff And Contractors; Considering Bolstering Controls Over Contract Workers; Says It Has Zero Tolerance For Fraud, Unethical Behavior; Citi Declined To Comment On Memo About Contractors

Citigroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) has inked an exclusive agreement with&nbsp;Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) to establish a $25 billion <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046246/citi-and-apollo-announce-25-billion-private-credit-direct-lending-program" rel="noreferrer noopener">private credit and direct lending program</a>.
The program will start in North America, potentially expanding to other regions.
The strategic program aims to enhance access for corporate and sponsor clients to the private lending capital pool, ensuring funding certainty for strategic transactions.
By combining Citi&#8217;s banking expertise with Apollo&#8217;s capital base, the program is expected to finance approximately $25 billion in debt opportunities over the next few years.
Both firms anticipate strong client demand and have the flexibility to expand the program beyond this initial amount.
The program will involve participation from Mubadala Investment Company as Apollo&#8217;s strategic partner, along with Apollo&#8217;s subsidiary, Athene, both of which will have the opportunity to make commitments aligned with their respective mandates.
Apollo Co-President Jim Zelter said, &#8220;We are pleased to form a first-of-its-kind, scaled direct lending program with Citi, a preeminent banking partner and leader in capital markets and advisory.&#8221;
&#8221;Our collaboration will allow Citi to enhance its client offerings and bring more private solutions to bear, while enabling Apollo to increase origination flow and tap into Citi&#8217;s extensive client relationships.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40985205/citigroups-china-plans-delayed-by-us-regulatory-issues-report" rel="noreferrer noopener">Citigroup&#8217;s China Plans Delayed by US Regulatory Issues: Report</a>
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and&nbsp;Series Portfolios Trust InfraCap Equity Income Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICAP#NYSE">ICAP</a>).
Price Action: C shares are up 2.03% at $61.61 at the last check Thursday.
Image via Shutterstock
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40840173/bgc-group-to-trade-futures-on-new-exchange-ceo-lutnick-is-jazzed-jazzed-jazzed" target="_blank" rel="noreferrer noopener">BGC Group To Trade Futures On New Exchange: CEO Lutnick Is &#8216;Jazzed, Jazzed, Jazzed&#8217;</a></li>
</ul>

FTXO

ICAP

Citigroup, Apollo Partner For $25B Private Credit Program, Expanding Corporate Lending Access

<a href="https://www.ft.com/content/6d32e665-8bd0-4d1c-b41d-d810c45922b1" title="https://www.ft.com/content/6d32e665-8bd0-4d1c-b41d-d810c45922b1">https://www.ft.com/content/6d32e665-8bd0-4d1c-b41d-d810c45922b1</a>

Contracts

'Citigroup Strikes $25B Deal With Apollo To Launch Private Credit Venture' - Financial Times

OKLO

Citi Flags Delay In Oklo's First Application; Oklo Plans To Submit Under ADVANCE Act In 2025, Continues Groundwork For Aurora Powerhouse In Idaho

Financial giants have made a conspicuous bullish move on Citigroup. Our analysis of options history for Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) revealed 10 unusual trades.
Delving into the details, we found 50% of traders were bullish, while 50% showed bearish tendencies. Out of all the trades we spotted, 4 were puts, with a value of $229,560, and 6 were calls, valued at $236,522.
<h3>Projected Price Targets</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $45.0 to $65.0 for Citigroup during the past quarter. 
<h3>Insights into Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of Citigroup stands at 10412.3, with a total volume reaching 7,400.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Citigroup, situated within the strike price corridor from $45.0 to $65.0, throughout the last 30 days.
<h3>Citigroup Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727190053_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>C</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$0.12</td>
<td>$0.08</td>
<td>$0.12</td>
<td>$52.50</td>
<td>$109.9K</td>
<td>12.2K</td>
<td>5.7K</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$7.8</td>
<td>$7.65</td>
<td>$7.8</td>
<td>$62.50</td>
<td>$56.9K</td>
<td>2.6K</td>
<td>96</td>
</tr>
<tr>
<td>C</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$3.2</td>
<td>$3.15</td>
<td>$3.2</td>
<td>$62.50</td>
<td>$56.3K</td>
<td>2.0K</td>
<td>178</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/11/24</td>
<td>$7.95</td>
<td>$7.85</td>
<td>$7.89</td>
<td>$55.00</td>
<td>$43.3K</td>
<td>106</td>
<td>55</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>09/27/24</td>
<td>$2.8</td>
<td>$2.68</td>
<td>$2.8</td>
<td>$60.00</td>
<td>$39.2K</td>
<td>1.6K</td>
<td>316</td>
</tr>
</tbody>
</table>

<h3>About Citigroup</h3>
Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.
<h3>Citigroup's Current Market Status</h3>
<ul>
<li>Trading volume stands at 1,880,039, with C's price down by -1.07%, positioned at $61.91.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 21 days.</li>
</ul>
<h3>Professional Analyst Ratings for Citigroup</h3>
In the last month, 1 experts released ratings on this stock with an average target price of $71.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Goldman Sachs persists with their Buy rating on Citigroup, maintaining a target price of $71. 
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Citigroup options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Smart Money Is Betting Big In Citigroup Options

Citigroup Inc.&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) plan to expand in China has met a snag with the U.S. regulators after the Federal Reserve imposed a penalty on the bank related to its data management and risk controls, per a Bloomberg report.
The bank is currently awaiting a clearance letter from the U.S. Federal Reserve, which is required by Chinese authorities to verify Citigroup&#39;s regulatory standing. Without this letter, the bank cannot proceed with its plans to set up a standalone securities firm in China.
The difficulties arose when Citigroup was fined $136 million in July 2024 for failing to address its data management issues adequately. The regulators stated that Citigroup made &quot;insufficient progress&quot; in dealing with the issues identified in 2020, which required Citi to fix these issues in its enterprise-wide risk management, compliance risk management, data governance and internal controls.
These fines complicated C&#39;s ability to comply with China&#39;s licensing requirements, making its path to expansion more challenging.
However, according to a Bloomberg report, citing people familiar with the matter, the bank remains actively engaged in discussions with China&#39;s securities regulator regarding its application for the new business and has no intention to withdraw its application.
<h2>Citigroup&#39;s Prior Regulatory Issues</h2>
Apart from the fine levied on the bank in July, Citigroup has been facing some other regulatory scrutiny as well. In August, the bank made the headlines for repeatedly breaching the Federal Reserve&#39;s Regulation W, which limits intercompany transactions. Those breaches led to discrepancies in the company&#39;s internal liquidity reporting. This was reported by Reuters, citing an internal company document.
In May, Citigroup was fined $78.4 million by a pair of British regulators due to the bank&#39;s deficiencies in the systems and controls. These flaws led a trader to make an inputting error that caused a flash crash in May 2022. The penalty amount consisted of &pound;27.8 million from the Financial Conduct Authority and &pound;33.9 million from the Bank of England&#39;s Prudential Regulation Authority.
In June, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) stated that they had observed shortcomings in the &lsquo;living wills&#39; of Citigroup, JPMorgan Chase (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/jpm#NYSE">JPM</a>) and Goldman Sachs (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gs#NYSE">GS</a>). Per agencies, the shortcomings raise doubts about their plan&#39;s feasibility. JPM had minor problems that the Fed and the FDIC found, claiming that its systems for unwinding specific derivatives trades had not been thoroughly tested. GS was criticized for not providing &lsquo;trade-level&#39; details on its derivatives transactions.
The FDIC chastised Citigroup, stating that the bank&#39;s resolution plan was either not credible or would not enable a smooth bankruptcy process following U.S. laws. Apart from the problem with its derivatives portfolio, the regulators stated that the company had neglected to address concerns regarding its &quot;resolution data integrity and data management issues.&quot;
These ongoing regulatory litigations and penalties are significant obstacles for the bank, potentially increasing costs and impacting bottom-line growth.
Over the past six months, shares of C have gained 2% compared with the industry&#39;s growth of 8.8%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/9b/78841.jpg?v=763969543" />
Image Source: Zacks Investment Research
Currently, C carries a Zacks Rank #3 (Hold).
<a href="https://www.zacks.com/stock/news/2340076/citigroup-s-china-expansion-plans-stalled-amid-regulatory-probes?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2340076">To read this article on Zacks.com click here.</a>

Asia

Government

Regulations

Events

Citigroup's China Expansion Plans Stalled Amid Regulatory Probes

Citigroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) shares are trading slightly higher on Monday. 
The company&#8217;s expansion plans in China have reportedly encountered a setback with U.S. regulators after the Federal Reserve imposed a penalty on the bank for issues related to data management and risk controls, reported Bloomberg. 
Notably, in July, the U.S. bank regulators, the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) fined&nbsp;Citigroup&nbsp;$135.6 million for failing&nbsp;to<a target="_blank" href="https://www.benzinga.com/news/24/07/39735239/fed-penalizes-citigroup-136m-for-data-management-failures" rel="noreferrer noopener"> comply with a 2020 enforcement action</a>.
The report highlighted that the bank is experiencing delays in establishing a standalone securities firm because it has not yet received a clearance letter from the Fed, which is necessary for Chinese authorities.
In a statement to Bloomberg, the bank said it cannot comment on its conversations with regulators regarding the ongoing process of receiving a securities license in China.&nbsp;
It was reported in January 2024 that the bank planned to launch its fully-owned China investment banking unit by the close of this year and aims to recruit approximately&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36488201/citi-reportedly-plans-to-launch-wholly-owned-china-unit-amid-economic-slowdown-is-the-risk-worth" rel="noreferrer noopener">30 individuals for the venture</a>.
The team was expected to grow in the coming years with a combination of local hires and transfers from Hong Kong and other markets.
Citigroup has been under scrutiny for its inadequate progress in addressing data management problems identified in the 2020 enforcement action.
In 2020, the bank was fined $400 million for ongoing deficiencies in risk management and data quality controls.
Investors can gain access to the stock via&nbsp;First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>)&nbsp;and&nbsp;Series Portfolios Trust InfraCap Equity Income Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICAP#NYSE">ICAP</a>).
Price Action: C shares are up 0.47% at $62.43 at the last check Monday.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40552505/citigroup-alleges-ex-managing-directors-firing-was-about-performance-not-whistleblowing-report" target="_blank" rel="noreferrer noopener">Citigroup Alleges Ex-Managing Director&#8217;s Firing Was About Performance, Not Whistleblowing: Report</a></li>
</ul>

Media

Citigroup's China Plans Delayed by US Regulatory Issues: Report

High-rolling investors have positioned themselves bullish on Citigroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), and it's important for retail traders to take note. 
\This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in C often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 9 options trades for Citigroup. This is not a typical pattern.
The sentiment among these major traders is split, with 44% bullish and 44% bearish. Among all the options we identified, there was one put, amounting to $25,600, and 8 calls, totaling $378,279.
<h3>What's The Price Target?</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $55.0 to $72.5 for Citigroup over the last 3 months. 
<h3>Volume &amp; Open Interest Trends</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Citigroup's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Citigroup's substantial trades, within a strike price spectrum from $55.0 to $72.5 over the preceding 30 days.
<h3>Citigroup Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727102746_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>12/20/24</td>
<td>$0.52</td>
<td>$0.54</td>
<td>$0.52</td>
<td>$72.50</td>
<td>$112.0K</td>
<td>1.1K</td>
<td>2.1K</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$1.35</td>
<td>$1.31</td>
<td>$1.35</td>
<td>$70.00</td>
<td>$72.2K</td>
<td>56.5K</td>
<td>682</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$8.25</td>
<td>$8.1</td>
<td>$8.16</td>
<td>$55.00</td>
<td>$40.8K</td>
<td>3.4K</td>
<td>53</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>09/19/25</td>
<td>$3.75</td>
<td>$3.7</td>
<td>$3.75</td>
<td>$70.00</td>
<td>$37.5K</td>
<td>10.6K</td>
<td>5</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>09/27/24</td>
<td>$1.95</td>
<td>$1.92</td>
<td>$1.95</td>
<td>$61.00</td>
<td>$36.6K</td>
<td>2.5K</td>
<td>722</td>
</tr>
</tbody>
</table>

<h3>About Citigroup</h3>
Citigroup is a global financial-services company doing business in more than 100 countries and jurisdictions. Citigroup's operations are organized into five primary segments: services, markets, banking, US personal banking, and wealth management. The bank's primary services include cross-border banking needs for multinational corporates, investment banking and trading, and credit card services in the United States.
After a thorough review of the options trading surrounding Citigroup, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Present Market Standing of Citigroup</h3>
<ul>
<li>Trading volume stands at 1,975,588, with C's price up by 1.05%, positioned at $62.8.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 22 days.</li>
</ul>
<h3>Expert Opinions on Citigroup</h3>
In the last month, 1 experts released ratings on this stock with an average target price of $71.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; Maintaining their stance, an analyst from Goldman Sachs continues to hold a Buy rating for Citigroup, targeting a price of $71. 
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Citigroup with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

Citigroup Unusual Options Activity For September 23

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>NU</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/04/24</td>
<td>$13.50</td>
<td>$50.0K</td>
<td>109</td>
<td>5.0K</td>
</tr>
<tr>
<td>C</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$65.00</td>
<td>$25.2K</td>
<td>24.6K</td>
<td>1.5K</td>
</tr>
<tr>
<td>SQ</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$67.50</td>
<td>$496.0K</td>
<td>64</td>
<td>1.0K</td>
</tr>
<tr>
<td>FHN</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$17.00</td>
<td>$143.0K</td>
<td>246</td>
<td>1.0K</td>
</tr>
<tr>
<td>AFRM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$47.50</td>
<td>$51.5K</td>
<td>2.2K</td>
<td>580</td>
</tr>
<tr>
<td>SOFI</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/18/26</td>
<td>$7.00</td>
<td>$46.5K</td>
<td>7.4K</td>
<td>412</td>
</tr>
<tr>
<td>COIN</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$190.00</td>
<td>$42.1K</td>
<td>646</td>
<td>361</td>
</tr>
<tr>
<td>PYPL</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/19/25</td>
<td>$82.50</td>
<td>$243.9K</td>
<td>19</td>
<td>309</td>
</tr>
<tr>
<td>PRU</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$115.00</td>
<td>$90.2K</td>
<td>1.5K</td>
<td>153</td>
</tr>
<tr>
<td>JPM</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$190.00</td>
<td>$37.3K</td>
<td>3.4K</td>
<td>42</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding NU (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NU#NYSE">NU</a>), we observe a put option sweep with bearish sentiment. It expires in 14 day(s) on October 4, 2024. Parties traded 5000 contract(s) at a $13.50 strike. This particular put needed to be split into 50 different trades to become filled. The total cost received by the writing party (or parties) was $50.0K, with a price of $10.0 per contract. There were 109 open contracts at this strike prior to today, and today 5051 contract(s) were bought and sold. 
• For C (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>), we notice a call option sweep that happens to be bearish, expiring in 28 day(s) on October 18, 2024. This event was a transfer of 300 contract(s) at a $65.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $25.2K, with a price of $84.0 per contract. There were 24630 open contracts at this strike prior to today, and today 1534 contract(s) were bought and sold. 
• Regarding SQ (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SQ#NYSE">SQ</a>), we observe a put option trade with bullish sentiment. It expires in 56 day(s) on November 15, 2024. Parties traded 1000 contract(s) at a $67.50 strike. The total cost received by the writing party (or parties) was $496.0K, with a price of $496.0 per contract. There were 64 open contracts at this strike prior to today, and today 1058 contract(s) were bought and sold. 
• Regarding FHN (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FHN#NYSE">FHN</a>), we observe a put option trade with bearish sentiment. It expires in 56 day(s) on November 15, 2024. Parties traded 1000 contract(s) at a $17.00 strike. The total cost received by the writing party (or parties) was $143.0K, with a price of $143.0 per contract. There were 246 open contracts at this strike prior to today, and today 1000 contract(s) were bought and sold. 
• For AFRM (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>), we notice a call option trade that happens to be bearish, expiring in 28 day(s) on October 18, 2024. This event was a transfer of 250 contract(s) at a $47.50 strike. The total cost received by the writing party (or parties) was $51.5K, with a price of $206.0 per contract. There were 2222 open contracts at this strike prior to today, and today 580 contract(s) were bought and sold. 
• Regarding SOFI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>), we observe a call option sweep with bearish sentiment. It expires in 636 day(s) on June 18, 2026. Parties traded 150 contract(s) at a $7.00 strike. This particular call needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $46.5K, with a price of $310.0 per contract. There were 7412 open contracts at this strike prior to today, and today 412 contract(s) were bought and sold. 
• For COIN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), we notice a put option trade that happens to be bearish, is expiring today. Parties traded 20 contract(s) at a $190.00 strike. The total cost received by the writing party (or parties) was $42.1K, with a price of $2105.0 per contract. There were 646 open contracts at this strike prior to today, and today 361 contract(s) were bought and sold. 
• Regarding PYPL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), we observe a put option sweep with bearish sentiment. It expires in 455 day(s) on December 19, 2025. Parties traded 173 contract(s) at a $82.50 strike. This particular put needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $243.9K, with a price of $1410.0 per contract. There were 19 open contracts at this strike prior to today, and today 309 contract(s) were bought and sold. 
• For PRU (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRU#NYSE">PRU</a>), we notice a call option trade that happens to be bullish, is expiring today. Parties traded 148 contract(s) at a $115.00 strike. The total cost received by the writing party (or parties) was $90.2K, with a price of $610.0 per contract. There were 1547 open contracts at this strike prior to today, and today 153 contract(s) were bought and sold. 
• For JPM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), we notice a call option trade that happens to be bearish, is expiring today. Parties traded 19 contract(s) at a $190.00 strike. The total cost received by the writing party (or parties) was $37.3K, with a price of $1966.0 per contract. There were 3480 open contracts at this strike prior to today, and today 42 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

AFRM

SOFI

10 Financials Stocks With Whale Alerts In Today's Session

American Airlines Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>) shares are trading <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">marginally lower on Friday.</a>
The firm is reportedly negotiating to make Citigroup, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/C#NYSE">C</a>) its exclusive credit card partner, ending its long-standing partnership with Barclays PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BCS#NYSE">BCS</a>), which dates back to the airline&#8217;s 2013 acquisition of US Airways, <a href="https://www.cnbc.com/2024/09/20/american-airlines-credit-card-talks-to-pick-citigroup-over-barclays.html" target="_blank" rel="noreferrer noopener">reported</a> CNBC.
In March, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-04/american-air-wants-more-credit-card-revenue-from-bank-partners?sref=TBDibEcD" rel="noreferrer noopener">noted</a> that the airline is renegotiating its contract for co-branded credit cards to increase its share of a vital revenue stream for U.S. carriers.
A spokesperson for Citigroup informed CNBC that the company is continually collaborating with its partners, including American Airlines, to find opportunities to enhance customer products and promote shared value and growth.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/24/09/40745931/delta-southwest-and-other-airlines-in-hot-waters-with-us-transportation-department-for-unfair-reward" rel="noreferrer noopener">Delta, Southwest And Other Airlines In Hot Waters With US Transportation Department For Unfair Rewards Programs</a>
The recent news by CNBC suggests that the company&#8217;s discussions are still underway, and the timing for reaching an agreement, subject to regulatory approval, remains uncertain.
However, chances are there that objections from U.S. regulators, including the Department of Transportation, could potentially delay or even derail a contract between American Airlines and Citigroup, leaving the existing partnership with Barclays unchanged, CNBC flagged.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, AAL stock has lost over 15% in the past year. Investors can gain exposure to the stock via&nbsp;U.S. Global Jets ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JETS#NYSE">JETS</a>) and&nbsp;Themes Airlines ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIRL#NASDAQ">AIRL</a>).
Price Action: AAL shares are trading lower by 1.17% to $10.98 at last check Friday.
Photo via Shutterstock
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Movers

AIRL

JETS

What's Going On With American Airlines Stock On Friday?

With the Fed's recent rate cuts creating a ripple effect in the financial sector, undervalued stocks like Wells Fargo (WFC), Citigroup (C), and Banco Santander (SAN) are poised for a comeback. As these banks adapt through digital transformation and increased loan demand, they are well-positioned to deliver substantial gains to your portfolio. Read on… The Federal Reserve's recent rate cut to stimulate the economy could be a boon for the financial sector. By lowering interest rates, borrowing becomes more affordable, which can lead to a surge in loan demand. For banks, this means an opportunity to boost earnings, especially those heavily reliant on lending.
Given this backdrop, investors could watch under-the-radar financial stocks, Wells Fargo &amp; Company (<a href="https://stocknews.com/stock/WFC/">WFC</a>), Citigroup Inc. (<a href="https://stocknews.com/stock/C/">C</a>), and Banco Santander, S.A. (<a href="https://stocknews.com/stock/SAN/">SAN</a>), which are poised for a strong comeback in this low-rate environment.
As per the Cognitive Market research, the global Banking and Financial Services market is anticipated to grow at a <a href="https://www.cognitivemarketresearch.com/banking-and-financial-services-market-report#:~:text=Global%20Banking%20and%20Financial%20Services%20Market%20Report%202024%20Market%20Size,7.9%25%20from%202023%20to%202030.">CAGR of 7.9%</a> by 2030, further making the outlook for undervalued financial stocks appear more promising. Market analyst <a href="https://www.forbes.com/sites/jeffreymarcus/2024/09/21/whats-next-after-the-feds-big-rate-cut/">Dan Irvine</a> believes the rate cut has the potential to "stimulate investment, spur consumer spending, and reinvigorate economic activity." If the Fed continues to lower rates, banks could see more loan activity, which means more economic spending and investment.
Additionally, the financial industry is reshaping its landscape with <a href="https://www.ibm.com/think/topics/digital-transformation-banking">digital transformation</a> by incorporating advanced technologies like artificial intelligence (AI), blockchain, and the Internet of Things (IoT). These innovations are helping banks deliver more seamless and personalized experiences, making them more adaptive and efficient in meeting the needs of modern consumers.
With that in mind, let's take a closer look at the fundamentals of these stocks:
Wells Fargo &amp; Company (<a href="https://stocknews.com/stock/WFC/">WFC</a>)
WFC provides international diversified banking, investment, mortgage, and consumer and commercial finance products and services. The company operates through four segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management.
On September 18, WFC announced a 50-basis points reduction in its prime rate, lowering it to 8% from 8.50%. This rate cut makes borrowing more affordable, potentially boosting loan demand and expanding WFC's lending business.
In the same month, WFC launched specialized Application Programming Interfaces (APIs), tailored for its Commercial Banking clients. This programming will help WFC provide faster and more adaptive inventory management, order processing, invoicing, accounts payable, and supply chain management.
On August 20, WFC entered into an agreement with Trimont, LLC, a specialized global commercial real estate loan servicer and advisor, to sell its non-agency third-party servicing segment of its Commercial Mortgage Servicing (CMS) business. This transaction aligns well with the company's strategy of focusing business on core consumers and corporates.
In terms of forward non-GAAP P/E, WFC is trading at 10.63x, 10.8% lower than the industry average of 11.92x. Likewise, the stock's forward Price/Sales and Price/Book multiples of 2.24 and 1.11 are 22.2% and 6.9% lower than their respective industry averages of 2.88 and 1.19.
WFC's total revenue for the second quarter (ended June 30, 2024) increased marginally year-over-year to $20.69 billion, while the Wealth and Investment Management segment reported a total revenue of $3.86 billion, indicating a 5.8% growth from the prior-year quarter. The company's <a href="https://www.investopedia.com/terms/n/netincome.asp">net income</a> attributable amounted to $4.91 billion, and its EPS came in at $1.33 per share, up 10.8% year-over-year.
Analysts expect WFC's revenue and EPS for the current year (ending December 2024) to be $82.24 billion and $5.10, respectively. For the fiscal year 2025, its revenue and EPS are expected to grow by 1.2% and 6.6% from the prior year to $83.26 billion and $5.43, respectively.
Over the past year, the stock has surged 30.2%, closing the last trading session at $54.16.
WFC's stance is apparent in its <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a>. The stock has a B grade for Value and Momentum. The POWR Ratings are calculated by considering 118 different factors, each weighted to an optimal degree.
Among the nine stocks in the <a href="https://stocknews.com/category/money-center-banks/">Money Center Banks</a> industry, it is ranked first. <a href="https://stocknews.com/stock/WFC/">Click here</a> to see the additional WFC ratings (Growth, Stability, Sentiment, and Quality).
Citigroup Inc. (<a href="https://stocknews.com/stock/C/">C</a>)
C is a global diversified financial service holding company offering several financial products and services to consumers, corporations, governments, and institutions. It operates through five segments: Services; Markets; Banking; U.S. Personal Banking; and Wealth. 
On September 18, C lowered its base lending rate by 50 bps to 8% from 8.5%. This move could ease borrowing costs for consumers, potentially driving loan growth and boosting the bank's interest income.
On August 8, the company announced that it had been selected by the Taiwan Depository &amp; Clearing Corporation to provide global custody services as TDCC implements a new centralized custody platform. The support will allow C to leverage its experience in supporting financial market infrastructure and enhance the securities services ecosystem for investors.
In the same month, C was appointed as a depositary bank by NIP Group Inc. (NIP) for its American Depositary Receipt (ADR) program, enabling it to expand its role in international markets, supporting cross-border capital flows and boosting its revenue from depositary services.
In terms of forward GAAP P/E, C is trading at 10.53x, which is 11.7% lower than the industry average of 11.92x. The stock's forward Price/Sales ratio of 1.45x is 49.5% below the industry average of 2.88x. Also, its forward non-GAAP PEG multiple of 0.40 compares to the industry average of 1.28x.
For the second quarter of 2024, which ended on June 30, C's total revenues, net of interest expense increased 3.6% year-over-year to $20.14 billion. Its income from continuing operations came in at $3.26 billion, up 10.5% year-over-year. The company's net income stood at $3.26 billion, or $1.52 per diluted share, indicating an increase of 10.4% and 14.3% year-over-year, respectively.
Street expects C's revenue for the fiscal fourth quarter (ending December 2024) to increase 11.7% year-over-year to $19.48 billion, while its EPS estimate of $1.26 for the same period indicates a 49.6% year-over-year growth. Moreover, it topped the street EPS estimates in each of the trailing four quarters, which is excellent.
C shares have surged 47.8% over the past year and 17.6% year-to-date to close the last trading session at $61.37.
C's mixed fundamentals are reflected in its POWR Ratings. The stock has a B grade for Value and is ranked #5 out of 9 stocks in the Money Center Banks industry.
Beyond what is stated above, we've also rated C for Growth, Momentum, Stability, Sentiment, and Quality. Get all C's ratings <a href="https://stocknews.com/stock/C/">here</a>.
Banco Santander, S.A. (<a href="https://stocknews.com/stock/SAN/">SAN</a>)
Headquartered in Madrid, Spain, SAN is a retail and commercial bank that provides financial services worldwide. The company operates through four segments: Retail Banking; Santander Corporate &amp; Investment Banking; Wealth Management &amp; Insurance; and PagoNxt.
On September 9, SAN and Atitlan announced the launch of Atgro, a global investment platform dedicated to agricultural projects, focusing on ‘superfoods' and sustainable production. The company's involvement in Atgro strengthens its commitment to sustainability and diversifies its investment portfolio, potentially driving long-term growth in the agricultural sector.
In the same month, SAN agreed to become the official retail banking partner of Formula 1&#xAE; for a multi-year deal starting in 2025. This partnership is expected to deepen the company's customer engagement and create value across the market.
In terms of forward non-GAAP P/E, SAN is trading at 6.27x, 47.4% lower than the industry average of 11.92x. Likewise, the stock's forward non-GAAP PEG and Price/Sales multiples of 0.42 and 1.12 are 67.6% and 61% lower than the industry averages of 1.28x and 2.88x, respectively.
In the second quarter that ended on June 30, 2024, SAN reported a total income of €15.67 billion ($17.44 billion), representing an increase of 4.2% year-over-year. The company's profit from continuing operations came in at €3.45 billion ($3.87 billion), up 11.6% from the prior year. In addition, its profit attributable to the parent amounted to €3.21 billion ($3.57 billion) and €0.20 per share, reflecting increases of 12.4% and 17.6% year-over-year, respectively.
The consensus revenue estimate of $16.68 billion for the fiscal third quarter (ending September 2024) represents a 6.2% increase year-over-year. The consensus EPS estimate of $0.23 for the same quarter indicates a 26.9% improvement year-over-year. The company has an impressive surprise earnings history; it surpassed the consensus EPS estimates in three of the trailing four quarters.
The stock has gained 37.2% over the past year to close the last trading session at $5.07.
SAN's POWR Ratings reflect its promising outlook. The stock has an overall rating of B, which equates to Buy in our proprietary rating system.
SAN has an A grade for Momentum and a B for Value, Stability, and Sentiment. It is ranked first out of 90 stocks in the <a href="https://stocknews.com/category/foreign-banks/">Foreign Banks</a> industry. <a href="https://stocknews.com/stock/SAN/">Click here</a> to see the other ratings of SAN for Growth and Quality.
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
<a href="https://report.stocknews.com/sign-up/stock-market-outlook-2024/?formplacement=artbotad_smo24_rep">2024 Stock Market Outlook &gt;</a>

<hr />
WFC shares were trading at $53.57 per share on Wednesday afternoon, down $0.59 (-1.09%). Year-to-date, WFC has gained 11.07%, versus a 20.92% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Shweta Kumari</h2> <img src='https:/wp-content/uploads/2022/03/Shweta-Kumari_Image-2.jpg' style="float:left; padding:5px;width:125px;">Shweta's profound interest in financial research and quantitative analysis led her to pursue a career as an investment analyst. She uses her knowledge to help retail investors make educated investment decisions.<a href="https://stocknews.com/authors/?author=shweta-kumari">More...</a>The post <a href=https://stocknews.com/news/wfc-c-san-3-undervalued-financial-stocks-poised-for-a-comeback/>3 Undervalued Financial Stocks Poised for a Comeback</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Undervalued Financial Stocks Poised for a Comeback

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