Before Thursday’s opening bell, Citigroup released its first quarter results. Here’s what the results mean for mutual fund investors.
Inside the Results
Net income increased to $4.8 billion, or $1.51 per share, up from $3.9 billion, or $1.23 per share, last year. Excluding special items, EPS was $1.52 – above analysts’ view of $1.39.
Revenue declined to $19.74 billion from $20.21 billion. Analysts expected to see revenue of $19.82 billion.
Citi’s earnings jumped 17% during the quarter as the company was able to significantly lower costs and increase investment banking sales.
The bank has faced challenges since the financial crisis, but has begun to recover as it repairs relationships and legal issues. During the last stress test, the bank was finally given permission to boost its 1 cent quarterly dividend.
Mutual Funds to Watch
Investors interested in Citi may be interested in the funds listed below. These funds currently have the largest stakes in the company.
|VTSMX||Vanguard Total Stock Market||1.67%|
|VFINX||Vanguard 500 Index||1.12%|
The Bottom Line
The funds listed above allow investors to gain exposure to Citi while remaining diversified. Investors interested in Citi may also be interested in Bank of America (BAC) or JP Morgan (JPM).
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