10 Best American Bank Stocks To Buy Now

3. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Holders: 88

Citigroup Inc. (NYSE:C) is an American multinational investment banking and financial services company with a presence in over 90 countries. It is also the third-largest banking institution in the United States by assets.

During its recent Q4 2024 earnings call on January 15, the company announced that it had swung to a fourth-quarter profit of $2.9 billion, compared to a net loss of $1.8 billion during the same period last year. Citigroup Inc. (NYSE:C)’s financial results were hurt last year by charges it booked toward the end of 2023 as part of its business restructuring efforts.

The company’s revenue also surged 12% year-over-year to reach $19.6 billion, driven by growth in each of its businesses and some impact from the currency devaluation in Argentina. For the full year, Citigroup Inc. (NYSE:C) generated revenues of $81.1 billion and a net income of $12.7 billion – both significantly improving from 2023.

Citi is seeing tremendous growth in the Middle East and Africa region on the back of strong FDI inflows. In November, the bank received approval from Saudi Arabia to establish its regional headquarters in Riyadh, which marks a significant step for the company in its bid to further solidify its position in the region.

Citigroup Inc. (NYSE:C) is also undergoing strategic repositioning. In December, it separated its institutional banking business from its consumer, small, and middle market entities in Mexico. This is an important milestone for the bank as it looks to simplify the firm and enhance focus on its core offerings.

According to Insider Monkey’s database for Q3 2024, 88 hedge funds held a stake in Citigroup Inc. (NYSE:C), making it one of the best American stocks to buy now. Wall Street analysts are also bullish on the stock, with a consensus Buy rating and an average share price upside potential of 3%.