Traders Buy Citigroup Inc. (C) on Weakness

Investors purchased shares of Citigroup Inc. (NYSE:C) on weakness during trading on Wednesday. $334.49 million flowed into the stock on the tick-up and $193.34 million flowed out of the stock on the tick-down, for a money net flow of $141.15 million into the stock. Of all equities tracked, Citigroup had the 2nd highest net in-flow for the day. Citigroup traded down ($0.24) for the day and closed at $74.94

C has been the topic of several analyst reports. BidaskClub downgraded shares of Citigroup from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Vetr upgraded shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $73.42 price target on the stock in a report on Monday, June 26th. Deutsche Bank AG reiterated a “hold” rating on shares of Citigroup in a report on Monday, July 3rd. Zacks Investment Research upgraded shares of Citigroup from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $68.00 price target on shares of Citigroup in a report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Citigroup currently has a consensus rating of “Buy” and a consensus target price of $74.17.

Citigroup (NYSE:C) last issued its quarterly earnings results on Thursday, October 12th. The financial services provider reported $1.42 earnings per share for the quarter, topping the 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 during the quarter, compared to the consensus estimate of $17.87 billion. During the same quarter last year, the company earned $1.24 earnings per share. The company’s quarterly revenue was up 2.3% on a year-over-year basis.

Citigroup declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

In other Citigroup news, CEO Francisco Aristeguieta sold 40,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey R. Walsh sold 5,000 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $68.97, for a total value of $344,850.00. Following the transaction, the insider now directly owns 56,394 shares in the company, valued at approximately $3,889,494.18. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in the company. Endurance Wealth Management Inc. lifted its stake in shares of Citigroup by 0.3% in the 1st quarter. Endurance Wealth Management Inc. now owns 9,837 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 25 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV raised its holdings in shares of Citigroup by 0.8% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,359 shares of the financial services provider’s stock valued at $358,000 after buying an additional 40 shares during the period. Leisure Capital Management raised its holdings in shares of Citigroup by 1.6% in the 2nd quarter. Leisure Capital Management now owns 3,763 shares of the financial services provider’s stock valued at $252,000 after buying an additional 59 shares during the period. Regal Investment Advisors LLC raised its holdings in shares of Citigroup by 2.0% in the 1st quarter. Regal Investment Advisors LLC now owns 3,800 shares of the financial services provider’s stock valued at $227,000 after buying an additional 74 shares during the period. Finally, Halbert Hargrove Russell LLC raised its holdings in shares of Citigroup by 1.6% in the 2nd quarter. Halbert Hargrove Russell LLC now owns 4,736 shares of the financial services provider’s stock valued at $317,000 after buying an additional 74 shares during the period. 75.37% of the stock is currently owned by institutional investors and hedge funds.

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About Citigroup

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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