10 Cheap NYSE Stocks To Invest In Now

4. Citigroup Inc. (NYSE:C)

Current Forward P/E as of December 16: 9.63

Number of Hedge Fund Holders: 88

Citigroup Inc. (NYSE:C) is a financial services company that provides a range of products and services, including retail banking, commercial banking, investment banking, securities brokerage, and wealth management. It has a global client base and is one of the largest banks in the US by assets.

Its Wealth Management division saw a 9% year-over-year revenue increase in Q3 2024, fueled by a 15% surge in non-interest revenue. This division fosters long-term relationships with high-net-worth individuals, providing a stable and recurring revenue stream. The growth is also attributed to a 24% increase in client investment assets, with contributions from the Asia market and the Citigold segment, which caters to high-net-worth individuals.

Citigroup Inc. (NYSE:C) has signed an agreement to exit trust administration and fiduciary services, which encompasses the management and oversight of assets held within a trust, to focus on core Wealth Management activities. Continued focus on client investments, attracting top talent, and streamlining operations are expected to drive further growth and enhance the profitability of this key segment.

Diamond Hill Capital Long-Short Fund stated the following regarding Citigroup Inc. (NYSE:C) in its first quarter 2024 investor letter:

“Other top Q1 contributors included Meta Platforms, Citigroup Inc. (NYSE:C) and Walt Disney. Banking and financial services company Citigroup’s restructuring efforts are ongoing, and it continues remediating regulatory issues and building capital in anticipation of increased requirements. The company expects to see expenses fall meaningfully in the second half of 2024, bolstering the outlook from here.”