Jim Cramer Discussed 18 Companies That Hit $100 Billion in Market Cap in 2024

6. Citigroup Inc. (NYSE:C)

Number of Hedge Fund Holders: 88

Calling Citigroup Inc. (NYSE:C) an anomaly, Cramer noted that the stock has returned 45%.

“You want [an] anomaly? Hey, how about Citigroup with a total return of 45%, enough to finally let it sneak into the hundred billion-dollar club. Not bad, it’s part of the failings of banks that are finally getting their due.”

Citigroup (NYSE:C) is a leading global financial services firm that provides a wide range of financial products, including cash management, trading, and investment banking services. According to CFO Mark Mason at the Goldman Sachs 2024 U.S. Financial Services Conference on December 10, the company is on track to meet the high end of its revenue forecast for 2024, which is between $80 billion and $81 billion.

He highlighted that net interest income, excluding markets, has exceeded expectations for the year. While the bank expects its expenses to be near the upper end of the initial guidance, Mason anticipates positive operating leverage extending into 2025 and beyond. In the fourth quarter, investment banking fees are expected to increase by 25% to 30% compared to the previous year, and Markets revenue is projected to rise by a high teen percentage.

Mason also noted that equities, particularly prime balances, continue to show strong momentum. Returning capital to shareholders remains a key priority for the company, and Citigroup (NYSE:C) aims to complete $1 billion in share repurchases during the quarter, with $500 million already repurchased.