A number of other brokerages have also issued reports on C. Credit Suisse Group reaffirmed an outperform rating and set a $76.00 target price (up from $70.00) on shares of Citigroup in a research report on Wednesday, July 26th. BidaskClub lowered Citigroup from a buy rating to a hold rating in a research report on Wednesday, July 12th. Wells Fargo & Company reaffirmed a buy rating on shares of Citigroup in a research report on Monday, October 2nd. Deutsche Bank AG reaffirmed a hold rating on shares of Citigroup in a research report on Monday, July 3rd. Finally, HSBC Holdings plc initiated coverage on Citigroup in a research report on Tuesday, July 11th. They set a hold rating and a $71.00 target price on the stock. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $74.17.
Shares of Citigroup (NYSE:C) traded down 3.43% during midday trading on Wednesday, reaching $72.37. The company’s stock had a trading volume of 40,236,395 shares. The firm’s 50 day moving average is $70.52 and its 200 day moving average is $65.19. Citigroup has a 52 week low of $47.54 and a 52 week high of $76.14. The firm has a market capitalization of $197.18 billion, a price-to-earnings ratio of 14.49 and a beta of 1.45.
Citigroup (NYSE:C) last announced its earnings results on Thursday, October 12th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.10. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The business had revenue of $18.17 billion for the quarter, compared to analyst estimates of $17.87 billion. During the same period in the previous year, the company earned $1.24 earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. Equities analysts forecast that Citigroup will post $5.21 EPS for the current fiscal year.
Citigroup declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $15.60 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the transaction, the insider now directly owns 56,394 shares in the company, valued at $3,889,494.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Francisco Aristeguieta sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total value of $2,702,000.00. Following the transaction, the chief executive officer now owns 77,570 shares of the company’s stock, valued at $5,239,853.50. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its position in Citigroup by 2,718.7% in the first quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock worth $11,749,573,000 after purchasing an additional 189,447,104 shares during the period. Amalgamated Bank lifted its position in Citigroup by 1.0% in the first quarter. Amalgamated Bank now owns 195,156 shares of the financial services provider’s stock worth $11,674,000 after purchasing an additional 1,937 shares during the period. Shelton Capital Management lifted its position in Citigroup by 13.9% in the first quarter. Shelton Capital Management now owns 60,400 shares of the financial services provider’s stock worth $3,613,000 after purchasing an additional 7,384 shares during the period. Brookfield Asset Management Inc. lifted its position in Citigroup by 51.8% in the first quarter. Brookfield Asset Management Inc. now owns 43,390 shares of the financial services provider’s stock worth $2,596,000 after purchasing an additional 14,810 shares during the period. Finally, Wafra Investment Advisory Group Inc. NY lifted its position in Citigroup by 138.0% in the first quarter. Wafra Investment Advisory Group Inc. NY now owns 203,317 shares of the financial services provider’s stock worth $12,162,000 after purchasing an additional 117,879 shares during the period. Institutional investors and hedge funds own 75.37% of the company’s stock.
Citigroup Company Profile
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose 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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