The shares trade for 0.9 times their reported Dec. 31 tangible book value of $51.19, and for 8.5 times the consensus 2014 earnings estimate of $5.23 a share, among analysts polled by
. The consensus 2013 EPS estimate is $4.62.
Citi disappointed some investors when it announced on March 7 that it hadn't requested regulatory permission to increase its nominal quarterly dividend of a penny a share, but had requested
approval for up to $1.2 billion in common share repurchases through the first quarter of 2013. The Fed approved the company's 2013 capital plan on March 14.
But Citigroup seems to have played its regulatory hand quite well. By making such a modest capital deployment request to the Federal Reserve, the bank avoided any possibility of negative headlines over a rejection of its capital plan, or of a conditional approval. Both JPMorgan Chase will have to submit revised 2013 capital plans to the Fed by the end of the third quarter.
Atlantic Equities analyst Richard Staite in a report on March 15 said Citigroup and Bank of America both came out as winners from the Federal Reserve's 2013 round of stress tests and "both banks are now well placed to ramp up capital returns in 2014."
Capital Deployment Winners and Losers
for more on stress test results and banks' announced capital returns.
-- Written by Philip van Doorn in Jupiter, Fla.