Citi invests in digital mortgage technology to reach underserved markets

  • As part of its plan to address the racial wealth gap, Citigroup (C +1.6%) is continuing to invest in digital mortgage capabilities to better reach all communities, including underserved markets, the company said.
  • While the rate of Citi mortgage applications and originations increased last year among Asian homeowners, it decreased for Black and Hispanic consumers.
  • The move is part of Citi's $550M goal to support homeownership for people of color and affordable housing by minority developers. It's in the final stages of committing $200M of equity to preserve affordable and workforce housing projects that will be co-managed by five Black investment managers.
  • As the Black Lives Matter movement gained traction last year, some of the U.S.'s top banks pledged to do more to help close the racial wealth gap. In September, Citi and Citi Foundation announced more than $1B in initiatives.
  • In addition to the use of digital technology to improve access, the bank is expanding its Community Lending products and programs, including its HomeRun program that requires low down payments and removes mortgage insurance requirements for eligible borrowers with low to moderate incomes.
  • Citi has so far allocated $50M in growth capital to minority depository institutions ("MDIs") as part of its $100M goal to support MDI growth and revenue generation.

    For this year Citigroup 's revenue will be around 71.38 billion USD. This is according to the average of the analysts' estimates. This is slightly lower than 2020's revenue of 74.3 billion USD.

    Historical revenues and results Citigroup plus estimates 2020

    fundamenteel onderzoek

    The analysts expect for 2021 a net profit of 18.49 billion USD. For this year the consensus of the result per share is a profit of 9.02 USD. The price/earnings-ratio therefore equals 8.08.

    For this year the analysts expect a dividend of 2.09 USD per share. The dividend yield is then 2.87 percent. The average dividend yield of the banks equals an attractive 2.91 percent.

    Citigroup 's market capitalization is based on the number of outstanding shares around 154.14 billion USD. The Citigroup stock was the past 12 months quite volatile. Since last April the stock is even 51 percent higher. This year the stock price moved between 39 and 76 dollar.

    Historical stock prices Citigroup past 10 years

    stock graphs citigroup

    On Wednesday, the stock closed at 72.91 USD.

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