Why Citigroup, PNC Financial, and M&T Bank Stocks Fell in August
After a strong July, buoyed by better-than-expected second-quarter earnings reports, banks generally cratered in August. Three of the biggest losers were (NYSE: C), PNC Financial Services (NYSE: PNC), and M Bank (NYSE: MTB). Citigroup was down 13.4% in August, while PNC fell 11.8% and M Bank dropped 10.6% last month, according to S&P Global Market Intelligence.
These stocks all trailed the major indexes, as the S 500 dropped 1.6%, the Dow Jones Industrial Average plunged 2.4%, and the Nasdaq Composite was off 1.7% in August.
All three of these banks also underperformed the KBW Nasdaq Bank index, which tracks the 24 largest banks in the U.S., but not by much. For August, the index was down 7.9%, so it was a bad month overall for banks.
Source Fool.com
Citigroup Inc. Stock
The stock is one of the favorites of our community with 23 Buy predictions and 2 Sell predictions.
With a target price of 71 € there is a slightly positive potential of 19.65% for Citigroup Inc. compared to the current price of 59.34 €.
