Citigroup Inc.
- Expensive?
- Price-to-book (P/B) 1.1×. P/B below the peer median of 1.6x: cheaper than its peers.
- Analysts?
- 78% of 23 say buy; average 12-month target $151, 21% above today's price.
- Risky?
- About average for a large company: its price swung 30% over the past year (the S&P 500's 14%), and it fell as much as 45% since Nov 2021.
Citigroup Inc. (Citi) is a global banking and financial services company that earns revenue primarily from net interest income (lending and deposits) and fees across institutional services, markets/trading, investment banking, and wealth/consumer banking.
More about Citigroup
Its core products include Treasury & Trade Solutions, Securities Services, fixed income and equity markets activities, advisory and underwriting, and credit cards and retail banking in selected markets.
Market Position
Citi is a major global financial institution with a differentiated position in cross-border and multi-currency client flows, anchored by its global network and scale in transaction banking (Treasury & Trade Solutions and Securities Services) and a large institutional client franchise.
Key Segments
Citi is managed through five reportable segments: Services, Markets, Banking, Wealth, and U.S. Personal Banking.
How has the stock done?
Over the past month C fell 6.0%; the bank ETF (KBE) rose 4.5% and the S&P 500 fell 2.7%.
Over the past six months C fell 1.9%; the bank ETF (KBE) rose 5.6% and the S&P 500 rose 2.6%.
Over the past year C rose 20.6%; the bank ETF (KBE) rose 14.2% and the S&P 500 rose 10.8%.
Over five years C rose 79.4%; the bank ETF (KBE) rose 15.3% and the S&P 500 rose 62.0%.
From Nov 12, 2021 to Oct 27, 2023, the deepest drop from a high since Nov 2021
How much the price swings in a year; the S&P 500's was 14%
When the S&P 500 moves 1%, the stock has moved about 1.3% the same way
Show the earnings releases
| Released | Quarter | Revenue | EPS vs estimate | Stock, day after | 5 days after |
|---|---|---|---|---|---|
| Jan 14, 2026 | ended Dec 2025 | $19.9B (+2% vs a year earlier) | $1.24 vs $1.62 (missed) | +1.0% | −0.6% |
| Oct 14, 2025 | ended Sep 2025 | $22.1B (+9% vs a year earlier) | — | +3.8% | +2.2% |
| Jul 15, 2025 | ended Jun 2025 | $21.7B (+8% vs a year earlier) | — | +2.9% | +7.4% |
| Apr 15, 2025 | ended Mar 2025 | $21.6B (+3% vs a year earlier) | — | −1.8% | +4.9% |
| Jan 15, 2025 | ended Dec 2024 | $19.5B (+12% vs a year earlier) | — | +6.8% | +11.5% |
| Oct 15, 2024 | ended Sep 2024 | $20.2B (0% vs a year earlier) | — | −2.7% | −3.7% |
| Apr 12, 2024 | ended Mar 2024 | $21.0B (−2% vs a year earlier) | — | −3.5% | −2.6% |
| Jan 12, 2024 | ended Dec 2023 | $17.4B (−3% vs a year earlier) | — | −0.4% | +1.5% |
| Oct 13, 2023 | ended Sep 2023 | $20.1B (+9% vs a year earlier) | — | −1.4% | −4.5% |
| Jul 14, 2023 | ended Jun 2023 | $19.4B (−1% vs a year earlier) | — | −3.0% | −1.3% |
| Apr 14, 2023 | ended Mar 2023 | $21.4B (+12% vs a year earlier) | — | +5.1% | +3.7% |
| Jan 13, 2023 | ended Dec 2022 | $18.0B (+6% vs a year earlier) | — | +2.5% | +5.9% |
| Oct 14, 2022 | ended Sep 2022 | $18.5B (+6% vs a year earlier) | — | +1.5% | +3.1% |
| Jul 15, 2022 | ended Jun 2022 | $19.6B (+11% vs a year earlier) | — | +13.4% | +17.6% |
| Apr 14, 2022 | ended Mar 2022 | $19.2B (−2% vs a year earlier) | — | +4.3% | +2.2% |
| Jan 14, 2022 | ended Dec 2021 | $17.0B (+1% vs a year earlier) | — | −3.7% | −7.5% |
Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.
How the bank makes money
Net interest income was 70% of revenue in FY2025, non-interest income 30%.
Fiscal year: StockFit.
How well it is run
Return on equity of 6.7% with an efficiency ratio of 64.7% in FY2025: weak returns from a bank with typical costs.
In FY2025 the bank earned $6.7 for every $100 of shareholders' equity it had at year end (Dec 31, 2025). 12% or more is strong for a bank; below 8% is weak.
It cost $64.7 in staff, offices and technology to bring in each $100 of revenue. Lower is better: below 55% is efficient, above 65% is costly.
Customers and suppliers
Partners
Fixed Income ClearingSponsored clearing of client repurchase agreementsNamed in other companies’ filings
Costco Wholesale COSTdistribution deal with it · Exclusive issuer of U.S. co-branded credit cardsShow the filing's words
| Company | Role | In the filing's words |
|---|---|---|
| CHPAF | partner · invested in Citigroup | “On December 15, 2025, Citi completed the sale of a 25% equity stake in Grupo Financiero Banamex, S.A. de C.V. (Banamex), which is part of All Other—Legacy Franchises. Under the transaction, CHPAF Holdings, S.A.P.I. de C.V. (CHPAF), a company wholly owned by Fernando Chico Pardo and members of his immediate family, acquired 25% (approximately 520 million shares) of Banamex’s outstanding common shares at a fixed price-to-book value of 0.80 times the local GAAP book value of the shares at closing, which resulted in Citi receiving total sales consideration of approximately $2.3 billion.” |
| Fixed Income Clearing | partner | “Citi acts as a sponsoring member of the Government Securities Division of the Fixed Income Clearing Corporation (FICC) to clear eligible resale and repurchase agreements on behalf of its clients that become sponsored members of the FICC. Citi, as sponsoring member, is required to provide a guarantee to the FICC with respect to the prompt payment and performance of its sponsored members.” |
| Costco Wholesale (10-K filed Oct 7, 2026) | distribution deal with it | “Citibank, N.A. is the exclusive issuer of co-branded credit cards to U.S. members. The Company receives various forms of consideration from Citibank, including a royalty on purchases made on the card outside of Costco.” |
Only the companies Citigroup names in its 10-K filed Feb 20, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Citigroup. Hover a name for the filing's own words.
Is it expensive?
P/B of 1.1x, below the peer median of 1.6x.
P/B below the peer median of 1.6x: cheaper than its peers.
Show the data
| Company | Price-to-book (P/B) |
|---|---|
| JPM · JPMorgan Chase & Co. | 2.6× |
| WFC · Wells Fargo & Company | 1.6× |
| BAC · Bank of America Corporation | 1.3× |
| C · Citigroup Inc. | 1.1× |
| RY · Royal Bank of Canada | — |
| TD · The Toronto-Dominion Bank | — |
Banks are compared on price-to-book: what the market pays for each $1 of the bank's net worth. Their earnings swing with credit costs, so P/E alone can mislead.
What analysts expect
The average analyst price target is $151, 21% above the current price; 78% of 23 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.
Buy or Strong Buy: 18 analysts (78%). Sell or Strong Sell: 0.
Over the past year the average of the analysts' latest price targets went from $111.08 to $152.85 (+38%), while C went from $100.67 to $124.06 (+23%). In the past three months targets were raised 3 times and cut 5 times. 1 upgrade and 1 downgrade over the year; the latest: Oppenheimer moved it to Perform from Outperform on Jun 30, 2026.
Show every change
| Date | Firm | Change | Rating | Target |
|---|---|---|---|---|
| Oct 30, 2026 | JP Morgan | Target raised | Overweight | $148.50, was $147.00 |
| Oct 14, 2026 | Evercore ISI Group | Target cut | In-Line | $135.00, was $140.00 |
| Oct 14, 2026 | TD Cowen | Target cut | Buy | $148.00, was $150.00 |
| Oct 14, 2026 | RBC Capital | Target cut | Outperform | $135.00, was $150.00 |
| Oct 5, 2026 | UBS | Target cut | Neutral | $139.00, was $142.00 |
| Oct 2, 2026 | JP Morgan | Target cut | Overweight | $147.00, was $149.00 |
| Oct 1, 2026 | Evercore ISI Group | Target raised | In-Line | $140.00, was $135.00 |
| Sep 28, 2026 | HSBC | Target raised | Buy | $164.00, was $161.00 |
| Aug 3, 2026 | UBS | Target cut | Neutral | $142.00, was $150.00 |
| Jul 17, 2026 | Evercore ISI Group | Target cut | In-Line | $135.00, was $143.00 |
| Jul 15, 2026 | RBC Capital | Target kept | Outperform | $150.00 |
| Jul 15, 2026 | Truist Securities | Target cut | Buy | $154.00, was $158.00 |
| Jul 7, 2026 | B of A Securities | Target raised | Buy | $176.00, was $170.00 |
| Jul 7, 2026 | UBS | Target raised | Neutral | $150.00, was $134.00 |
| Jul 6, 2026 | Evercore ISI Group | Target raised | In-Line | $143.00, was $139.00 |
| Jul 6, 2026 | JP Morgan | Target raised | Overweight | $149.00, was $135.50 |
| Jun 30, 2026 | Oppenheimer | Downgrade | Perform, was Outperform | — |
| Jun 29, 2026 | Morgan Stanley | Target raised | Overweight | $164.00, was $154.00 |
| Jun 26, 2026 | Truist Securities | Target raised | Buy | $158.00, was $147.00 |
| Jun 18, 2026 | Wells Fargo | Target raised | Overweight | $165.00, was $162.00 |
| May 8, 2026 | Keefe, Bruyette & Woods | Target raised | Outperform | $153.00, was $140.00 |
| Apr 30, 2026 | JP Morgan | Target raised | Overweight | $135.50, was $131.00 |
| Apr 29, 2026 | Wells Fargo | Target raised | Overweight | $162.00, was $160.00 |
| Apr 15, 2026 | Morgan Stanley | Target raised | Overweight | $144.00, was $140.00 |
| Apr 15, 2026 | Goldman Sachs | Target raised | Buy | $151.00, was $137.00 |
| Apr 15, 2026 | Piper Sandler | Target raised | Overweight | $145.00, was $125.00 |
| Apr 15, 2026 | Keefe, Bruyette & Woods | Target raised | Outperform | $140.00, was $131.00 |
| Apr 15, 2026 | Oppenheimer | Target raised | Outperform | $144.00, was $132.00 |
| Apr 15, 2026 | Evercore ISI Group | Target raised | In-Line | $139.00, was $115.00 |
| Apr 15, 2026 | Wells Fargo | Target raised | Overweight | $160.00, was $150.00 |
| Apr 15, 2026 | Barclays | Target raised | Overweight | $154.00, was $146.00 |
| Apr 15, 2026 | Truist Securities | Target raised | Buy | $139.00, was $133.00 |
| Apr 15, 2026 | RBC Capital | Target raised | Outperform | $139.00, was $121.00 |
| Apr 7, 2026 | JP Morgan | Target cut | Overweight | $131.00, was $134.00 |
| Apr 6, 2026 | Goldman Sachs | Target raised | Buy | $137.00, was $123.00 |
| Apr 6, 2026 | Evercore ISI Group | Target cut | In-Line | $115.00, was $125.00 |
| Mar 27, 2026 | Oppenheimer | Target cut | Outperform | $132.00, was $144.00 |
| Mar 26, 2026 | Jefferies | Began coverage | Buy | $135.00 |
| Feb 9, 2026 | JP Morgan | Target raised | Overweight | $134.00, was $130.00 |
| Jan 29, 2026 | Freedom Broker | Target raised | Buy | $135.00, was $115.00 |
| Jan 15, 2026 | Morgan Stanley | Target raised | Overweight | $135.00, was $134.00 |
| Jan 15, 2026 | Oppenheimer | Target raised | Outperform | $144.00, was $141.00 |
| Jan 15, 2026 | RBC Capital | Target kept | Outperform | $121.00 |
| Jan 6, 2026 | Goldman Sachs | Target raised | Buy | $127.00, was $113.00 |
| Jan 6, 2026 | Truist Securities | Target raised | Buy | $129.00, was $123.00 |
| Jan 5, 2026 | Wells Fargo | Target raised | Overweight | $150.00, was $125.00 |
| Jan 5, 2026 | Barclays | Target raised | Overweight | $146.00, was $115.00 |
| Dec 30, 2025 | Piper Sandler | Target raised | Overweight | $130.00, was $120.00 |
| Dec 18, 2025 | Truist Securities | Target raised | Buy | $123.00, was $112.00 |
| Dec 17, 2025 | Keefe, Bruyette & Woods | Target raised | Outperform | $131.00, was $118.00 |
| Dec 12, 2025 | JP Morgan | Upgrade | Overweight, was Neutral | $124.00, was $107.00 |
| Dec 10, 2025 | Piper Sandler | Target raised | Overweight | $120.00, was $110.00 |
| Nov 19, 2025 | Oppenheimer | Target cut | Outperform | $120.00, was $123.00 |
Show the data
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| Dec ’25 | $1.62 | $1.24 | −23.5% |
| Mar ’26 | $2.60 | $3.06 | +17.7% |
| Jun ’26 | $2.71 | $3.14 | +15.9% |
| Sep ’26 | $2.62 | $2.83 | +8.0% |
For the quarter ending Dec 2026 (Citigroup reports on Jan 14, 2027), analysts expect adjusted earnings of $2.30 a share, 85% more than the $1.24 of a year earlier, and revenue of $22.9B, up 15% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $13.06 a share, 15% more than the year before's estimate of $11.40, and revenue of $100.2B, up 4% on the year before's estimate.
Adjusted. Dec 2025: $1.24; range $2.16 to $2.39; 8 analysts
Dec 2025: $19.9B; range $22.2B to $23.3B; 12 analysts
Adjusted. The year to Dec 2026: $11.40 expected; range $12.60 to $14.03; 12 analysts
The year to Dec 2026: $96.0B expected; range $97.3B to $103.5B; 16 analysts
Show the data
| Period | Figure | Expected | Low to high | Analysts | A year earlier | Change |
|---|---|---|---|---|---|---|
| Quarter ending Dec 2026, results Jan 14, 2027 | EPS (adjusted) | $2.30 | $2.16 to $2.39 | 8 | $1.24 (Dec 2025) | +85% |
| Quarter ending Dec 2026, results Jan 14, 2027 | Revenue | $22.9B | $22.2B to $23.3B | 12 | $19.9B (Dec 2025) | +15% |
| Quarter ending Mar 2027 | EPS (adjusted) | $3.25 | $3.08 to $3.40 | 4 | $3.06 (Mar 2026) | +6% |
| Quarter ending Mar 2027 | Revenue | $25.3B | $24.8B to $26.1B | 8 | — | — |
| Year ending Dec 2026 | EPS (adjusted) | $11.40 | $11.22 to $11.49 | 10 | — | — |
| Year ending Dec 2026 | Revenue | $96.0B | $93.8B to $96.6B | 14 | $85.2B (year to Dec 2025) | +13% |
| Year ending Dec 2027 | EPS (adjusted) | $13.06 | $12.60 to $14.03 | 12 | $11.40 (expected, year to Dec 2026) | +15% |
| Year ending Dec 2027 | Revenue | $100.2B | $97.3B to $103.5B | 16 | $96.0B (expected, year to Dec 2026) | +4% |
Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.
Who holds it
In the filings of 2 members of Congress and 7 funds whose copy leaves C out (not traded on the exchange): Patient Capital Management, Fisher Asset Management, Rob Bresnahan, Tom Kean Jr., Canada Pension Plan Investment Board, Bridgewater Associates and 3 more.
What did the funds Hunch tracks do?
Of the 83 funds whose 13F filings Hunch reads, 13 held C at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 8 cut, 1 bought new and 1 sold all. The largest of them is Fisher Asset Management, 37.17M shares worth $4.8B at Sep 30, 2026, 2.0% more than a quarter earlier.
1 of them new holders
1 of them sold all
Show every fund
| Fund | Quarter | Shares | Value | Change in shares | Change | Filed |
|---|---|---|---|---|---|---|
| Fisher Asset Management | Q3 2026 | 37.17M | $4.8B | +716,551 | +2.0% | Nov 6, 2026 |
| Norges Bank | Q2 2026 vs Q4 2025 | 19.28M | $2.7B | −4.72M | −20% | Aug 12, 2026 |
| Harris Associates L P | Q2 2026 | 8.75M | $1.2B | −519,209 | −5.6% | Aug 14, 2026 |
| Canada Pension Plan Investment Board | Q2 2026 | 4.46M | $624M | +10,617 | +0.2% | Aug 14, 2026 |
| National Pension Service | Q3 2026 | 3.96M | $512M | −1,780 | 0.0% | Nov 12, 2026 |
| Patient Capital Management | Q3 2026 | 1.39M | $180M | −13,921 | −1.0% | Nov 12, 2026 |
| Korea Investment | Q2 2026 | 1.28M | $180M | −158,338 | −11% | Aug 12, 2026 |
| Renaissance Technologies | Q3 2026 | 716,730 | $92.8M | +716,730 | New | Nov 12, 2026 |
| Mirae Asset Global Investments | Q3 2026 | 638,744 | $82.7M | +80,871 | +14% | Nov 3, 2026 |
| Bridgewater Associates | Q2 2026 | 522,666 | $73.2M | −270,748 | −34% | Aug 14, 2026 |
| Nomura Holdings | Q2 2026 | 162,958 | $22.8M | +103,643 | +175% | Aug 14, 2026 |
| Tudor Investment Corp Et Al | Q2 2026 | 120,000 | $16.8M | −135,688 | −53% | Aug 14, 2026 |
| Temasek Holdings (Private) | Q3 2026 | 12,100 | $1.6M | −24,877 | −67% | Oct 28, 2026 |
| RK Capital Management | Q2 2026 | 0 | — | −7,700 | Sold all | Aug 14, 2026 |
From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of C at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.