Citigroup third-quarter earnings and sales beat Wall Street estimates

Citi Building Sign

Citigroup reported better-than-expected quarterly results on Thursday.

Here's how the banking giant's results fared against Wall Street estimates:

  • EPS: $1.42 vs $1.32 expected by a Thomson Reuters survey
  • Revenue: $18.173 billion vs $17.896 billion expected
  • Fixed income trading: $2.877 billion vs StreetAccount's projected $2.84 billion

The company's stock traded 0.25 percent lower in the premarket after the results were released.

Shares of Citigroup have risen 26 percent this year, easily outperforming the broader market. The S&P 500 has gained 14 percent in 2017.

Citigroup's stock has also outperformed those of other big banks. Shares of JPMorgan Chase and Bank of America are up 11.9 percent and 16.9 percent, respectively.

John Heagerty, research analyst at Atlantic Equities, said in a note last month the stock could see further gains.

"We believe the combination of an inexpensive valuation, substantial capital return, declining cost to income ratio and rising ROE should deliver above peer-group share price performance for C over the next 12-18 months," Heagerty said.

Citigroup could also benefit from tighter monetary policy in the near future. The Federal Reserve signaled a December rate hike in the summary of its Sept. 20 meeting.

Earlier Thursday, JPMorgan reported third-quarter earnings that beat Wall Street estimates. However, the bank also reported a large drop in bond trading revenue.

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