Citigroup Inc. (NYSE:C) Declares Quarterly Dividend of $0.67

Citigroup Inc. (NYSE:C) announced a quarterly dividend on Tuesday, July 21st. Shareholders of record on Monday, August 3rd will be given a dividend of 0.67 per share on Friday, August 28th. This represents a c) annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, August 3rd. This is a 11.7% increase from Citigroup’s previous quarterly dividend of $0.60.

Citigroup has increased its dividend by an average of 0.0%per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Citigroup has a payout ratio of 25.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Citigroup to earn $12.92 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 18.6%.

Citigroup Price Performance

Shares of C stock opened at $132.82 on Wednesday. The firm has a market cap of $226.53 billion, a P/E ratio of 14.34, a P/E/G ratio of 0.58 and a beta of 1.11. Citigroup has a 1-year low of $87.94 and a 1-year high of $147.96. The firm has a fifty day moving average of $134.53 and a two-hundred day moving average of $123.56. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, topping analysts’ consensus estimates of $2.74 by $0.41. The firm had revenue of $24.75 billion during the quarter, compared to the consensus estimate of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.96 earnings per share. As a group, research analysts anticipate that Citigroup will post 11.22 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

C has been the subject of several research reports. JPMorgan Chase & Co. raised their target price on Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. UBS Group lifted their price target on shares of Citigroup from $134.00 to $150.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group upped their price target on Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. Wells Fargo & Company lifted their target price on Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, June 18th. Finally, Piper Sandler restated an “overweight” rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a report on Wednesday, April 15th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.67.

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.