**Citigroup Reports Strong Q2 Earnings, Analysts Raise Estimates**
Citigroup (C) reported its strongest quarterly revenue in a decade on July 14, 2023, generating $24.76 billion, a 14% year-over-year increase that exceeded expectations by 4%. The adjusted net income rose 45% to $5.8 billion, leading to an adjusted EPS of $3.15, which surpassed analyst forecasts by nearly 16%. This strong performance prompted analysts to revise profit outlooks for FY26 and FY27 EPS estimates up by 2% and more than 4% in the past 60 days, respectively.
Despite its recent rally, Citigroup remains the most attractively valued among major U.S. banks, trading at 12.1 times forward earnings. Over the past three years, Citigroup stocks have surged over 175%, outperforming both the Nasdaq and JPMorgan’s 120% return. The bank also returned approximately $5 billion to shareholders in Q2 through dividends and stock buybacks, offering a 1.82% annual dividend yield, contributing to a total return of 200% over the past three years.
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