12 Best Fortune 500 Dividend Stocks To Buy Right Now

3. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Holders: 88

Dividend Yield: 3.14%

Market Cap: $135 billion

Citigroup Inc. (NYSE:C) is an American multinational investment bank and financial services company with operations in nearly 180 countries and jurisdictions. Citigroup is going through a multi-year transformation, divesting complex business units and focusing on areas where they can at least earn the cost of capital. Over the last three years, the company has made significant strides in areas such as risk management, compliance, and accountability. The stock has outperformed the market in the past 12 months, surging by over 54%, which places it on our list of the best large cap stocks.

Citigroup Inc. (NYSE:C)’s strategic focus on its Services business is bearing fruit, and in Q3 2024, the segment delivered a record quarter with revenues up by 8%. The company is taking advantage of its extensive global network to address cross-border financial needs, aiming for growth in a segment that accounted for 23% of its overall revenue in 2023. Citigroup is also the first global bank to complete the integration of its cross-border services with Mastercard Move, a step that will ultimately enable near-instant secure payments to the vast Mastercard debit network, starting with 14 markets with more to come early next year.

Citigroup Inc. (NYSE:C) had a strong Q3 2024, as it delivered revenue growth and positive operating leverage across all five of its businesses, reflecting the growing diversity of its earnings mix. The company reported an overall revenue of $20.32 billion, up 0.9% YoY and beating the analysts’ estimates by $500 million. Notably, Citigroup’s expenses were also down 2% YoY during the quarter, largely driven by savings associated with its organizational simplification and stranded cost reductions.

Citigroup Inc. (NYSE:C) is a reliable dividend payer and returned $2.1 billion in the form of common dividends and share repurchases in the third quarter of 2024, reflecting the company’s confidence in its financial stability and its ability to generate excess capital even while investing in its transformation initiatives. The company declared a quarterly dividend of $0.56 per share in October and has never missed a dividend payment in over 34 years.