Equities Analysts Set Expectations for Citigroup Inc.’s Q3 2024 Earnings (NYSE:C)

Citigroup Inc. (NYSE:C) – Analysts at Seaport Res Ptn lowered their Q3 2024 earnings per share (EPS) estimates for shares of Citigroup in a research report issued to clients and investors on Sunday, July 14th. Seaport Res Ptn analyst J. Mitchell now expects that the company will post earnings per share of $1.33 for the quarter, down from their previous forecast of $1.48. The consensus estimate for Citigroup’s current full-year earnings is $5.82 per share. Seaport Res Ptn also issued estimates for Citigroup’s Q4 2024 earnings at $1.26 EPS, FY2024 earnings at $5.70 EPS, Q1 2025 earnings at $2.00 EPS and Q2 2025 earnings at $1.92 EPS.

Citigroup (NYSE:C) last announced its quarterly earnings data on Friday, July 12th. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. The company had revenue of $20.14 billion for the quarter, compared to the consensus estimate of $20.07 billion. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.37 EPS.

Several other equities analysts have also recently commented on the stock. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 target price on shares of Citigroup in a research report on Monday, April 1st. Oppenheimer lifted their target price on Citigroup from $85.00 to $86.00 and gave the stock an “outperform” rating in a research note on Monday. Morgan Stanley increased their price target on shares of Citigroup from $65.00 to $66.00 and gave the company an “overweight” rating in a research report on Monday. Jefferies Financial Group lifted their price objective on shares of Citigroup from $56.00 to $65.00 and gave the stock a “hold” rating in a research report on Monday, April 8th. Finally, Piper Sandler increased their target price on shares of Citigroup from $70.00 to $73.00 and gave the company an “overweight” rating in a research report on Monday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $66.27.

Citigroup Price Performance

C stock opened at $67.61 on Tuesday. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.94 and a quick ratio of 0.95. The company’s 50-day moving average is $62.93 and its 200-day moving average is $59.27. The stock has a market capitalization of $128.95 billion, a PE ratio of 18.94, a price-to-earnings-growth ratio of 0.93 and a beta of 1.46. Citigroup has a 1 year low of $38.17 and a 1 year high of $67.81.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Citigroup by 123.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,716,442 shares of the company’s stock valued at $2,005,749,000 after acquiring an additional 17,525,484 shares during the last quarter. Bank of New York Mellon Corp increased its position in Citigroup by 18.4% during the first quarter. Bank of New York Mellon Corp now owns 29,756,568 shares of the company’s stock valued at $1,881,805,000 after acquiring an additional 4,620,867 shares during the last quarter. Fisher Asset Management LLC boosted its position in Citigroup by 8.0% in the fourth quarter. Fisher Asset Management LLC now owns 24,755,277 shares of the company’s stock worth $1,273,411,000 after purchasing an additional 1,836,283 shares during the last quarter. Putnam Investments LLC grew its stake in shares of Citigroup by 7.9% during the 4th quarter. Putnam Investments LLC now owns 17,775,952 shares of the company’s stock valued at $914,395,000 after purchasing an additional 1,300,520 shares during the period. Finally, Norges Bank purchased a new stake in shares of Citigroup during the 4th quarter valued at about $867,599,000. Institutional investors own 71.72% of the company’s stock.

About Citigroup

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.