Citigroup (NYSE:C) Price Target Raised to $109.00

Citigroup (NYSE:C) had its target price upped by Morgan Stanley from $104.00 to $109.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities research analysts have also issued reports about the company. Evercore ISI boosted their target price on Citigroup from $69.00 to $79.00 and gave the stock an “in-line” rating in a report on Thursday. The Goldman Sachs Group increased their price target on shares of Citigroup from $77.00 to $86.00 and gave the company a “buy” rating in a report on Thursday. Oppenheimer dropped their price objective on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating on the stock in a report on Friday, January 3rd. Truist Financial assumed coverage on Citigroup in a research report on Tuesday, January 7th. They set a “buy” rating and a $85.00 target price on the stock. Finally, Bank of America lifted their price objective on Citigroup from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, January 7th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $83.93.

Citigroup Price Performance

C opened at $80.05 on Thursday. The stock has a fifty day moving average price of $71.22 and a 200 day moving average price of $65.52. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.55. Citigroup has a 1 year low of $50.51 and a 1 year high of $80.45. The stock has a market cap of $151.40 billion, a price-to-earnings ratio of 23.20, a PEG ratio of 0.59 and a beta of 1.43.

Citigroup (NYSE:C) last announced its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.22 by $0.12. The business had revenue of $19.58 billion during the quarter, compared to analysts’ expectations of $19.51 billion. Citigroup had a return on equity of 6.19% and a net margin of 4.70%. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.84 EPS. Analysts forecast that Citigroup will post 5.88 EPS for the current fiscal year.

Citigroup announced that its board has authorized a share buyback plan on Wednesday, January 15th that allows the company to buyback $20.00 billion in shares. This buyback authorization allows the company to repurchase up to 13.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Citigroup Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 3rd will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend is Monday, February 3rd. Citigroup’s payout ratio is currently 64.93%.

Hedge Funds Weigh In On Citigroup

Institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. grew its stake in shares of Citigroup by 18.5% during the third quarter. Franklin Resources Inc. now owns 30,027,213 shares of the company’s stock valued at $1,998,976,000 after purchasing an additional 4,680,713 shares during the last quarter. Caxton Associates LP boosted its position in Citigroup by 96.1% in the 2nd quarter. Caxton Associates LP now owns 3,952,428 shares of the company’s stock valued at $250,821,000 after buying an additional 1,937,038 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Citigroup by 70.0% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,531,827 shares of the company’s stock worth $283,692,000 after acquiring an additional 1,865,628 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Citigroup by 32.2% during the fourth quarter. Nordea Investment Management AB now owns 7,115,440 shares of the company’s stock valued at $501,994,000 after acquiring an additional 1,731,527 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Citigroup by 103.6% in the fourth quarter. SG Americas Securities LLC now owns 48,500 shares of the company’s stock valued at $3,414,000 after acquiring an additional 1,410,950 shares during the last quarter. 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.