Citigroup Inc. (NYSE:C) shares saw an uptick in trading volume on Friday following a better than expected earnings announcement. 18,994,088 shares were traded during mid-day trading, an increase of 2% from the previous session’s volume of 18,612,531 shares.The stock last traded at $48.79 and had previously closed at $48.47.
The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.08. The firm earned $17.80 billion during the quarter, compared to analyst estimates of $17.32 billion. Citigroup had a return on equity of 7.24% and a net margin of 17.97%. Citigroup’s revenue was down 4.8% compared to the same quarter last year. During the same period last year, the business posted $1.31 earnings per share.
C has been the topic of a number of research analyst reports. Compass Point initiated coverage on Citigroup in a research report on Tuesday. They set a “sell” rating and a $39.00 target price on the stock. Jefferies Group lifted their target price on Citigroup from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday. Vetr cut Citigroup from a “hold” rating to a “sell” rating and set a $47.03 target price on the stock. in a research report on Tuesday. Societe Generale cut Citigroup from a “hold” rating to a “sell” rating in a research report on Tuesday, September 13th. Finally, Nomura cut their target price on Citigroup from $57.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, September 7th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $54.76.
In related news, insider Joseph Michael Murray sold 8,122 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $44.35, for a total value of $360,210.70. Following the completion of the sale, the insider now directly owns 35,042 shares in the company, valued at approximately $1,554,112.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.13% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. National Pension Service increased its stake in shares of Citigroup by 8.7% in the third quarter. National Pension Service now owns 1,840,403 shares of the financial services provider’s stock valued at $86,922,000 after buying an additional 147,524 shares in the last quarter. Private Trust Co. NA bought a new stake in shares of Citigroup during the third quarter valued at about $232,000. Murphy Pohlad Asset Management LLC increased its stake in shares of Citigroup by 5.5% in the third quarter. Murphy Pohlad Asset Management LLC now owns 40,460 shares of the financial services provider’s stock valued at $1,910,000 after buying an additional 2,095 shares in the last quarter. Private Bank & Trust Co. increased its stake in shares of Citigroup by 13.4% in the third quarter. Private Bank & Trust Co. now owns 8,614 shares of the financial services provider’s stock valued at $407,000 after buying an additional 1,020 shares in the last quarter. Finally, Highland Capital Management LLC increased its stake in shares of Citigroup by 9.8% in the third quarter. Highland Capital Management LLC now owns 232,792 shares of the financial services provider’s stock valued at $10,995,000 after buying an additional 20,705 shares in the last quarter. Hedge funds and other institutional investors own 71.41% of the company’s stock.
The company has a market capitalization of $141.59 billion, a PE ratio of 10.314 and a beta of 1.86. The stock’s 50 day moving average is $47.44 and its 200 day moving average is $45.01.
Citigroup Inc (Citi) is a financial services holding company. The Company’s businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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