Citigroup (NYSE:C) Given New $164.00 Price Target at HSBC

Citigroup (NYSE:C) had its target price upped by HSBC from $161.00 to $164.00 in a research report sent to investors on Monday, MarketBeat reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also recently issued reports on C. Zacks Research cut shares of Citigroup from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 14th. Wells Fargo & Company upped their price objective on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, June 18th. Evercore set a $143.00 price objective on shares of Citigroup in a research note on Monday, July 6th. UBS Group decreased their target price on shares of Citigroup from $150.00 to $142.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Finally, Weiss Ratings raised shares of Citigroup from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.50.

Citigroup Stock Performance

NYSE C opened at $131.32 on Monday. Citigroup has a fifty-two week low of $93.66 and a fifty-two week high of $147.96. The stock has a market cap of $223.98 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 0.60 and a beta of 1.12. The business has a fifty day moving average of $134.33 and a 200-day moving average of $130.15. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71.

Citigroup (NYSE:C) last issued its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.41. The business had revenue of $24.77 billion for the quarter, compared to the consensus estimate of $23.74 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The business’s revenue was up 14.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.96 earnings per share. As a group, analysts predict that Citigroup will post 11.2 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Monday, August 3rd were issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Monday, August 3rd. This is an increase from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s payout ratio is currently 28.94%.

Institutional Investors Weigh In On Citigroup

Institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new position in shares of Citigroup in the 2nd quarter valued at about $3,244,602,000. Nykredit A S purchased a new position in Citigroup in the second quarter valued at approximately $458,275,000. State Street Corp lifted its position in Citigroup by 3.7% during the second quarter. State Street Corp now owns 80,956,349 shares of the company’s stock valued at $11,199,986,000 after buying an additional 2,913,701 shares in the last quarter. SEB Asset Management AB acquired a new position in Citigroup during the first quarter valued at approximately $252,972,000. Finally, OMERS ADMINISTRATION Corp grew its stake in Citigroup by 1,137.1% during the second quarter. OMERS ADMINISTRATION Corp now owns 1,840,374 shares of the company’s stock worth $257,579,000 after buying an additional 1,691,611 shares during the period. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Stablecoin partnership could create a new revenue stream. Citigroup is providing the banking infrastructure for Coinbase virtual accounts that allow merchants to accept stablecoins. A separate report highlights a potential arrangement in which Citi could retain or share approximately 3.75% yields generated by stablecoin reserves invested in Treasury bills and overnight repurchase agreements. Citi Merchants Can Now Take Stablecoins Through Coinbase The 3.75% Yield That Makes Citi’s Stablecoin Play Work
• Positive Sentiment: Banamex IPO could generate substantial fees. Citigroup is reportedly assembling a banking group for a potential January IPO of Mexico’s Grupo Financiero Banamex that could raise more than $3 billion. Citi is expected to lead the offering, supporting its capital-markets business and reinforcing its position in Mexico. Citigroup Lines Up a $3 Billion Banamex IPO
• Positive Sentiment: HSBC remains bullish on Citigroup. HSBC initiated coverage with a Buy rating and raised its price target to $164 from $161, implying significant upside from the referenced trading level. HSBC Adjusts Price Target on Citigroup
• Neutral Sentiment: Citigroup won a role in Kenya’s debt restructuring. The bank will arrange a $1 billion U.S.-backed debt swap. The mandate may add advisory and underwriting revenue, although the direct earnings impact was not disclosed. Citigroup to Arrange a $1 Billion US-Backed Debt Swap for Kenya
• Negative Sentiment: Hawkish Federal Reserve commentary is a headwind. Cleveland Fed President Beth Hammack warned that inflation may remain entrenched and said monetary policy might not yet be restrictive enough. Higher bond yields can pressure bank valuations and raise concerns about future credit demand and funding costs. Fed’s Hammack Warns Against Entrenched Inflation

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City and listed on the New York Stock Exchange under the symbol C. Through its subsidiaries and businesses, Citi provides banking, lending, investment, payments, wealth management and other financial services to consumers, businesses, governments and institutional clients.

Citi’s principal businesses include Services, which supports institutional clients with treasury, trade, securities services and related solutions; Markets, which provides sales, trading, research and financing services; Banking, which offers investment banking and corporate banking; and Wealth, which provides private banking and wealth management.