NEW YORK — Citigroup Inc. (NYSE: C) finished the post‑Thanksgiving session trading near fresh multi‑year highs on Friday, 28 November 2025, as new institutional filings, bullish valuation work and lingering questions over its management shake‑up all converged on the stock.
Citigroup stock on 28 November 2025: price action and market backdrop
Citigroup shares ended Friday around $103.60, up roughly 1.1% on the day and continuing a strong November run. Several real‑time data providers, including Finviz, Bloomberg and Nasdaq’s options pages, show last trades clustered just above the $103.6 mark for Citigroup stock at the close of U.S. trading. [1]
That move meant C outpaced the broader market. According to a Zacks/Nasdaq market wrap, Citigroup’s +1.07% gain beat the S&P 500’s 0.54% advance, while the Dow Jones Industrial Average rose 0.61% and the Nasdaq Composite added 0.65% on the session. [2]
Friday’s trading also capped a solid week for U.S. equities: Associated Press and Reuters data show Wall Street logged its fifth straight daily gain, closing out a volatile month with the S&P 500 up about 0.5% on the day and modestly positive for November as a whole. [3]
For Citigroup specifically:
- The 12‑month trading range currently runs from about $55.51 to $105.59 per share, putting Friday’s close near the upper end of that band. [4]
- The bank’s market capitalisation sits near $183–184 billion, with a trailing P/E ratio around 14.4x and a dividend yield of roughly 2.3–2.4% on a $2.40 annual payout. [5]
Depending on whether you look at pure price or total return, 2025 has been a breakout year: Simply Wall St estimates Citigroup’s share price alone is up about 46.6% year‑to‑date, while Yahoo Finance’s total‑return data (which include dividends) put the YTD gain just above 50% as of 28 November. [6]
A flood of 13F filings: institutions reshuffle their Citigroup exposure
One of the most striking pieces of 28 November 2025 news around Citigroup stock is just how active institutional investors have been in the name, based on a cluster of fresh 13F‑based reports summarized by MarketBeat.
Buying the dip (or the breakout):
- Advisors Asset Management Inc. increased its Citigroup position by 15.9% in Q2, adding just over 10,000 shares to reach 73,770 shares worth roughly $6.28 million. [7]
- Choreo LLC boosted its stake by 12.8%, buying nearly 8,800 shares to bring its holdings to 77,688 shares valued at around $6.61 million. [8]
Taking profits or trimming risk:
- Boston Partners reduced its Citigroup stake by 1.4% in Q2 but still holds about 1.64 million shares, roughly 0.09% of the company, valued at nearly $140 million. [9]
- Steward Partners Investment Advisory LLC cut its holdings by a steep 60.3%, selling almost 125,000 shares and ending the quarter with 82,171 shares (about $7.0 million). [10]
- Korea Investment Corp trimmed its stake by 3.9%, offloading 93,883 shares but still owning roughly 2.34 million shares, or about 0.13% of Citigroup, worth just over $199 million. [11]
- Elevation Point Wealth Partners reduced its position by 6% to 43,639 shares, valued around $3.7 million. [12]
Across these filings, MarketBeat notes that institutional and hedge‑fund investors collectively own around 71–72% of Citigroup’s outstanding shares, underscoring how heavily professional money dominates the shareholder base. [13]
The takeaway: some large holders are clearly harvesting gains after the stock’s big run, but others are still adding to positions, suggesting confidence that Citigroup’s transformation story has more room to play out.
Is Citigroup still undervalued after a ~46% YTD rally?
Despite the share price surge, valuation is still a central theme in Friday’s coverage.
Simply Wall St: “undervalued” by about 20%
A new piece from Simply Wall St, published on 28 November, argues that Citigroup may still be mispriced:
- They highlight a 3.9% gain over the past week and a 46.6% year‑to‑date return, yet their excess‑returns model produces an intrinsic value estimate of about $129.27 per share. [14]
- That fair value is roughly 20.7% above the current market price, leading the service to label the stock “undervalued” on this metric. [15]
- Their analysis points to book value per share of $108.41 and projected “stable” earnings per share of $10.27, implying that return on equity is modestly above the cost of equity and supportive of long‑term value creation. [16]
They also note that Citigroup’s current P/E of about 13.6x sits above the U.S. banks industry average of 11.4x, but below their proprietary “fair” multiple of 15.2x for Citi, based on its growth and risk profile. [17]
Zacks: solid fundamentals, but only a “Hold”
Zacks Investment Research, in a daily recap carried by Nasdaq, also published fresh commentary on Friday:
- They confirm Citigroup’s $103.60 close and +1.07% daily move, and note that the shares have gained about 2.28% over the last month, outperforming the broader finance sector and the S&P 500 over that span. [18]
- Zacks’ models point to an expected next‑quarter EPS of $1.79 (up about 34% year‑on‑year) on revenue of $21.07 billion (roughly 7.6% growth), and full‑year estimates of $7.60 EPS on $86.29 billion in revenue. [19]
- On valuation, they flag a forward P/E of roughly 13.5x, below the 16.7x average for the “Financial – Investment Bank” industry, and a PEG ratio near 0.53 versus an industry average around 1.08. [20]
Even so, Zacks assigns Citigroup only a Rank #3 (Hold), framing the stock as reasonably valued with supportive earnings revisions, but not compelling enough to join their top‑ranked names.
Price‑to‑book still below 1x
From a balance‑sheet angle, GuruFocus calculates Citigroup’s price‑to‑book ratio at about 0.96 as of 28 November, using that same $103.60 share price and $108.41 book value per share for the latest quarter. That P/B is close to the bank’s five‑year high of 0.97, but it still implies the market values Citi below the accounting value of its net assets. [21]
That’s a key part of the bull thesis: even after a nearly 50% run, Citigroup trades on modest earnings multiples and sub‑1x book value, especially when compared with some large‑bank peers that sit meaningfully above book. Reuters highlighted this valuation gap as far back as July, when Citi’s shares hit their highest level since the 2008 financial crisis yet still lagged peers on price‑to‑book metrics. [22]
Earnings momentum and dividend support the story
Underpinning Friday’s optimism is the bank’s improving fundamental backdrop.
In October, Citigroup reported third‑quarter 2025 results that beat expectations:
- Adjusted EPS (excluding a Mexico unit sale loss) came in around $2.24, versus a consensus near $1.90. [23]
- Revenue rose about 9% year‑on‑year to roughly $22.1 billion, with all major divisions posting record sales, according to Reuters and MarketBeat summaries. [24]
- Returns are improving but not yet at target: Reuters reports return on tangible common equity (ROTCE) at 8.6%, or 9.7% excluding the Banamex sale loss, versus Citi’s long‑stated 10–11% ROTCE goal for 2026. [25]
On capital returns, Citigroup continues to lean on a combination of dividends and buybacks:
- The bank recently paid a $0.60 quarterly dividend on 26 November 2025 to shareholders of record earlier in the month, implying a $2.40 annual dividend and a yield around 2.3–2.4% at current prices. [26]
- Earlier in the year, management also reiterated plans to deploy capital via share repurchases, building on a multi‑billion‑dollar buyback framework highlighted in Reuters’ coverage of second‑quarter results. [27]
Regulators remain an important piece of the puzzle. Citi is still working through legacy consent orders from 2020 tied to risk‑management and data‑quality issues, but executives told Reuters they see progress in retiring legacy systems, automating controls, and using AI to strengthen monitoring of large payments across dozens of countries. [28]
Management shake‑up and restructuring stay front‑of‑mind
Another storyline investors kept revisiting on 28 November is the bank’s leadership transition at the top of the finance function.
On 20–21 November, Citigroup announced that long‑time CFO Mark Mason will step down from his role in March 2026 and be succeeded by Gonzalo Luchetti, currently head of U.S. personal banking. [29]
Key details from Reuters and Banking Dive:
- Luchetti’s current retail unit will be folded into the wealth management franchise under executive Andy Sieg, while the U.S. Consumer Cards business becomes a standalone core segment led by Pam Habner. [30]
- Mason, one of the most senior Black executives in global banking, will remain as executive vice chair and senior adviser through 2026, helping prepare for an Investor Day on 7 May 2026 and smoothing the finance transition. [31]
- Some analysts have described Mason’s departure as a short‑term negative for the stock, citing his credibility with investors and the fact that Luchetti is “unproven” as a CFO, even as they welcome the continuity of promoting an internal leader. [32]
The CFO news comes on top of a multi‑year restructuring and cost‑cutting program that includes a plan to eliminate roughly 20,000 jobs by 2026, simplify Citi’s organizational structure and boost profitability. Earlier coverage from Reuters and other outlets has framed this as one of the most sweeping overhauls in the bank’s modern history. [33]
For investors, the open question is whether these moves will finally push Citi’s ROTCE up into the double‑digit range on a sustainable basis — a key condition for any meaningful re‑rating of the stock above book value.
Strategic and capital‑markets headlines touching Citi on 28 November
While Friday’s most direct stock‑moving stories were about performance and institutional flows, several other Citigroup‑related headlines also hit the wires around 28 November:
- Investment banking mandate: MarketScreener/MT Newswires reported that Saudi Aramco selected Citigroup to help advise on the sale of a stake in its oil storage terminals, underscoring Citi’s continued strength in global energy and infrastructure dealmaking. [34]
- Transaction‑banking recognition: In Nigeria, Fidelity Bank disclosed it had received a Straight‑Through Processing Excellence Award from Citigroup, highlighting Citi’s role as a major correspondent bank in cross‑border payments. [35]
- Structured‑product issuance: Citigroup Global Markets filed multiple SEC prospectus supplements (Form 424B2) on or around 28 November for new structured notes, including callable fixed‑rate notes and principal‑at‑risk securities tied to benchmarks such as the Russell 2000 and stocks like AMD and Tesla, with issue dates in early December and maturities stretching to 2030 and 2035. [36]
- Market‑making disclosures: A Form 8.5 filing from Citigroup Global Markets Limited in London detailed its client‑serving trading activity in Greencore Group PLC stock under the U.K. Takeover Code, reminding investors of Citi’s broad role as an intermediary in European markets. [37]
None of these items individually moved the stock in a noticeable way on Friday, but together they paint a picture of a bank still deeply engaged across investment banking, markets and transaction services, even as it reshapes its internal structure.
How Friday’s move fits into the bigger Citigroup picture
Putting it all together:
- Price action: Citigroup stock closed near $103.6, up about 1.1% and outperforming the S&P 500 on a day when U.S. indices broadly advanced for a fifth straight session. [38]
- Ownership: Fresh 13F data reveal heavy institutional participation (~72% ownership) with some funds adding and others paring positions after a very strong year. [39]
- Valuation: On most metrics — forward P/E, PEG, price‑to‑book — Citigroup still trades at a discount to its own fundamentals and to parts of its peer group, leading services like Simply Wall St to argue the stock remains 20%+ below fair value, even as Zacks keeps a neutral “Hold” stance. [40]
- Fundamentals: Recent earnings beats, rising revenues across core businesses, and a 2.3%+ dividend yield provide fundamental backing, though returns on capital are still shy of management’s long‑term targets. [41]
- Risk factors: The CFO transition, ongoing restructuring, and the need to complete regulatory remediation remain the main overhangs, along with macro risks such as interest‑rate cuts, credit quality and trading‑revenue volatility. [42]
For existing shareholders, Friday’s session reinforced the idea that Citigroup is no longer the deep‑value laggard it once was, but rather a big bank that has started to deliver on its turnaround — without yet fully losing its value‑stock appeal.
For potential buyers, the message from the day’s news flow is more nuanced: the stock’s sharp 2025 rally means expectations are higher, but valuation metrics and institutional buying suggest many investors still see upside if management can hit its profitability and capital‑return goals.
As always, anyone considering an investment in Citigroup should weigh these developments against their risk tolerance, time horizon and portfolio needs and, if necessary, consult a qualified financial adviser. This overview is for informational purposes and is not personal investment advice.
References
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