Deutsche Bank analyst Matt O'Connor said in his firm's weekly Bank Cheat Sheets on Monday that he expects Citigroup to receive approval to return a total of $2.774 billion in capital to investors during 2013, including $1.199 billion in dividends, and $1.575 billion in common share repurchases. The analyst expects Citi's shares to have a dividend yield of 1.1% for 2013.
Citigroup's shares closed at $35.93 Friday, returning 37% year-to-date, following a 44% decline during 2011.
The shares trade for 0.7 times their reported Sept. 30 tangible book value of $52.70, and for eight times the consensus 2013 earnings estimate of $4.64 a share, among analysts polled by Thomson Reuters. The consensus 2014 EPS estimate is $5.04.
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Written by Philip van Doorn in Jupiter, Fla.