Big Bank Book Value PicksShares of Citigroup ( C) closed at $48.62 Wednesday and traded for 0.9 times their reported Sept. 30 tangible book value of $54.52. The stock is also quite cheap on a forward P/E basis, trading just below nine times the consensus 2014 EPS estimate of $5.43. Citigroup's recovery continues, as the company's runoff assets in the "bad bank" subsidiary Citi Holdings declined 29% year-over-year to $122 billion as of Sept. 30 and represented just 6% of total assets. Regulatory capital keeps building, and KBW's analyst team earlier this week estimated that Citi will be approved for $7.686 million in common share buybacks following the Federal Reserve's 2014 stress tests in March.
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