NEW YORK - Citigroup Inc (NYSE:C). has announced the issuance of dividends for both its common and various series of preferred stock, with payment dates set for November and December 2024. Stockholders of Citigroup's common stock are set to receive a dividend of $0.56 per share on November 22, 2024, with a record date of November 4, 2024.
The banking giant has also declared dividends on multiple series of preferred stock, with payment amounts varying based on the series. The dividends on preferred stock range from 3.875% to 7.625%, with corresponding payment amounts for depositary receipts holders. The payments for these preferred shares are scheduled for dates in November, with one series (Series W) being paid on December 10, 2024. Record dates for these dividends range from November 4 to November 27, 2024.
These dividends reflect Citigroup's ongoing commitment to return value to its shareholders. As a leading financial institution, Citigroup operates globally, serving a diverse clientele that includes corporations, governments, and individuals. The company's presence spans over 180 countries and jurisdictions, emphasizing its role as a prominent banking partner, wealth manager, and personal bank in the U.S.
This announcement is based on a press release statement from Citigroup Inc. and provides stockholders with the key dates and amounts for the upcoming dividend payments.
In other recent news, Citigroup Inc. reported a net income of $3.2 billion and a 3% year-over-year revenue growth in its recent earnings release. The performance was driven by strong results across all business segments, particularly in services and investment banking. The bank's full-year revenue expectations are estimated between $80 billion to $81 billion. In terms of personnel, Citigroup has appointed Cully Davis as the new head of growth equity for North America, aiming to bolster its equity capital markets division.
Oppenheimer has adjusted its price target for Citigroup shares to $91 from $92, despite the company's third-quarter earnings per share surpassing estimates. JPMorgan maintained a neutral rating on Citi, setting a price target of $71.50, while Evercore ISI slightly raised its price target to $64.00. These adjustments follow mixed financial results and regulatory concerns.
In the gold market, major financial institutions such as Citi, Goldman Sachs, and J.P. Morgan are projecting that gold prices will continue to rise into 2025. Factors driving this forecast include anticipated interest rate cuts by key central banks, sustained high demand from central banks, and gold's role as a hedge against various risks. These are among the recent developments for Citigroup and the gold market.
InvestingPro Insights
Citigroup's recent dividend announcement aligns with its strong track record of shareholder returns. According to InvestingPro data, Citigroup boasts a dividend yield of 3.52%, which is notably higher than many of its peers in the banking sector. This attractive yield is further supported by an InvestingPro Tip highlighting that Citigroup has maintained dividend payments for 14 consecutive years, demonstrating a consistent commitment to returning value to shareholders.
Despite recent challenges in the banking sector, Citigroup's financial position remains solid. The company's price-to-book ratio stands at a modest 0.62, suggesting that the stock may be undervalued relative to its assets. This could present an opportunity for value-oriented investors, especially considering that Citigroup has been profitable over the last twelve months, as noted in another InvestingPro Tip.
It's worth noting that Citigroup has shown a strong performance over the past year, with a one-year price total return of 70.21%. This impressive return indicates that the market has been recognizing the bank's efforts to streamline operations and focus on core businesses.
For investors seeking more comprehensive analysis, InvestingPro offers additional insights with 8 more tips available for Citigroup, providing a deeper understanding of the company's financial health and market position.
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