Citigroup and Wells Fargo Remain Undervalued Post-Earnings
Fourth-quarter bank earnings supported our view that Citigroup remains the most attractive of the large U.S. banks. We believe that the company has a clear path to higher returns on equity as it returns excess capital ($14 billion supporting legacy assets alone) and continues to reduce expenses (10% of the expense base is related to Citi Holdings and restructuring efforts). Yet, the bank trades at a 10% discount to tangible book value per share while competitor Bank of America trades at a 33% pr...Bank of America is a bank and a financial holding company. Through its subsidiaries, the company provides a range of banking, investing, asset management and other financial and risk management products and services. The company's segments include: Consumer Banking, which provides credit, banking and investment products and services; Global Wealth & Investment Management, which provides investment management, brokerage, banking and retirement products; Global Banking, which provides lending-related products and services, integrated working capital management and treasury solutions, and underwriting and advisory services; and Global Markets, which provides sales and trading services and research services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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