Embattled banking giant Citigroup Inc. (C) on Monday posted better-than-expected second quarter earnings, although its revenue totals fell short of Wall Street’s view.
The New York-based company reported second quarter net income of $2.9 billion, or 95 cents per share, matching last year’s $2.9 billion profit in the same period.
Revenue fell 9.7% from the year-ago period to $18.6 billion.
On average, Wall Street analysts expected a smaller profit of 89 cents per share, albeit on higher revenue of $18.8 billion.
Citigroup shares rose 54 cents, or +2%, in premarket trading Monday.
The Bottom Line
Shares of Citigroup (C) have a .15% dividend yield, based on Friday’s closing stock price of $26.65. The stock has technical support in the $23-$24 price area. If the shares can firm up, we see overhead resistance around the $30 price level.
Citigroup Inc. (C) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.8 out of 5 stars.