5 Stocks That Surpassed Earnings Expectations

3. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Holders: 87

Citigroup Inc. (NYSE:C) recently came into the limelight after announcing better-than-expected financial results for the third quarter. The New York-based bank reported earnings of $2.15 per share, significantly higher than $1.36 per share in the year-ago quarter.

Revenue came in at $17.2 billion, marginally down from $17.3 billion in the comparable period of 2020. Analysts were expecting Citigroup Inc. (NYSE:C) to post revenue of $16.98 billion.

If we see the year-over-year performance of key segments, revenue from the institutional clients group rose 4 percent to $10.8 billion, while global consumer banking revenue fell 13 percent. In addition, Citigroup Inc. (NYSE:C) announced that it repurchased 43 million shares of its common stock during the quarter.

Commenting on the quarter, CEO Jane Fraser said:

“The recovery from the pandemic continues to drive corporate and consumer confidence and is creating very active client engagement as you can see through our strong results in Investment Banking and Equity Markets, both up approximately 40% year-over-year, in addition to double- digit fee growth in Treasury and Trade Solutions as we help our clients reposition their supply chains. And while strong consumer balance sheets have impacted lending, we are seeing higher consumer spending across our cards products. We also continue to show momentum in deposits and wealth management AUM as well as growing engagement across our digital channels. Overall, our revenues were 3% higher than last year excluding the impact of the sale of our consumer business in Australia.”