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Citigroup to Cut its Dividend? Never!
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Citigroup is known for a solid, regular dividend payment to investors.
But recent credit crunch writedowns and leadership changes at the bank have led some (like CNBC stock picker Jim Cramer) to wonder if the dividend will get cut.
"Not even remotely possible," said Richard Bove, financial strategist at Punk, Ziegel & Co. He pointed out that the company has $24 billion in cash flow and a dividend that costs $10.5 billion.
"It has more than enough money to pay the dividend," he said, during an economic discussion on CNBC's "Squawk Box." That's why he's maintaining a strong buy rating on the stock [C
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Indeed, Bove was bullish other banks, like Wells Fargo [WFC
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], Regions Financial [RF
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], PNC [PNC
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], BofA [BAC
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], BB&T [BBT
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]. as well. "Banks will increase market share," Bove said. "...The dividend yields on these stocks are incredible."
On the other hand, he recommended selling brokerage stocks.
"You want to shift your money out of the brokers and into the banks. If you do that, you're picking up a substantial yield," he said.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
