Jim Cramer on Citigroup: "It's Got A Lot More to Run"

Citigroup Inc. (NYSE:C) is one of the stocks Jim Cramer reflected on. Coming to the company, Cramer stated:

“Tuesday morning, we heard from… Citigroup. This ended up being the best-received bank quarter of the day, with the stock jumping 3.7% and hitting a 16-year high before pulling back a bit today. Not only did Citi report a big top and bottom line beat, their net interest income was much, much higher than expected, more than a billion dollars above the consensus estimates. I don’t know why the estimates haven’t caught up yet to what’s going on with this bank. That’s the real issue about why it keeps surprising.

All five of Citi’s segments grew in the quarter, with the best growth coming from the wealth management business, up 20%, their investment banking business up 18% and their market business up 16%. I gotta hand it to it. Even better, management says they’ve made significant progress on their turnaround efforts, and higher costs from the turnaround should start to come down next year. That’s a big reason the stock caught fire. CEO Jane Fraser’s turn is working, and as long as the bank keeps avoiding big setbacks, doesn’t get injured, I bet the stock can keep climbing. After all, Citi’s still the cheapest in the group by a pretty wide margin. It’s got a lot more to run…”

Citigroup Inc. (NYSE:C) delivers financial products and services, including investment banking, trading, treasury solutions, retail banking, credit cards, and wealth management.

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Disclosure: None. This article is originally published at Insider Monkey.