TD Cowen Begins Coverage on Citigroup (NYSE:C)

Stock analysts at TD Cowen started coverage on shares of Citigroup (NYSE:C) in a report released on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating and a $150.00 price target on the stock. TD Cowen’s price target would suggest a potential upside of 18.26% from the company’s current price.

A number of other research firms have also recently weighed in on C. UBS Group decreased their price objective on shares of Citigroup from $142.00 to $139.00 and set a “neutral” rating for the company in a research report on Monday. Truist Financial decreased their price objective on shares of Citigroup from $158.00 to $154.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Wells Fargo & Company upped their price objective on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, June 18th. Evercore set a $140.00 price objective on shares of Citigroup in a research report on Thursday, October 1st. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $150.00 price objective on shares of Citigroup in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Citigroup currently has a consensus rating of “Moderate Buy” and a consensus price target of $151.28.

Citigroup Stock Down 0.4%

Citigroup stock traded down $0.48 during midday trading on Thursday, hitting $126.84. 597,947 shares of the stock were exchanged, compared to its average volume of 12,435,565. Citigroup has a 1 year low of $93.66 and a 1 year high of $147.96. The firm has a market cap of $216.34 billion, a P/E ratio of 13.70, a P/E/G ratio of 0.57 and a beta of 1.13. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. The company has a 50 day moving average price of $133.89 and a two-hundred day moving average price of $131.18.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. The company had revenue of $24.77 billion during the quarter, compared to analysts’ expectations of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.96 EPS. On average, sell-side analysts predict that Citigroup will post 11.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Citigroup

Large investors have recently modified their holdings of the stock. State Street Corp lifted its holdings in Citigroup by 3.7% in the second quarter. State Street Corp now owns 80,956,349 shares of the company’s stock worth $11,199,986,000 after acquiring an additional 2,913,701 shares during the last quarter. Bank of America Corp DE lifted its holdings in Citigroup by 2.8% in the first quarter. Bank of America Corp DE now owns 26,869,012 shares of the company’s stock worth $3,047,215,000 after acquiring an additional 728,043 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Citigroup in the second quarter worth about $3,244,602,000. Invesco Ltd. lifted its holdings in Citigroup by 6.2% in the fourth quarter. Invesco Ltd. now owns 15,139,403 shares of the company’s stock worth $1,766,617,000 after acquiring an additional 887,430 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Citigroup by 10.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,467,857 shares of the company’s stock worth $1,745,001,000 after acquiring an additional 1,210,006 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Valuation recovery potential: Barron’s argues Citigroup could gain roughly 28% if it rerates closer to peer-bank valuations, highlighting the stock’s relative discount and ongoing restructuring progress. Citigroup Has Trailed Financial Stocks. Expect That to Change.
• Positive Sentiment: Digital-payments expansion: Citigroup and Coinbase expanded their collaboration to connect Citi’s payment infrastructure with stablecoin rails, potentially broadening transaction, treasury-management and cross-border-payment opportunities. Citi Just Connected Its $6 Trillion Payment Network to Stablecoin Rails
• Positive Sentiment: Earnings expectations remain constructive: Analysts expect year-over-year earnings growth in Citigroup’s upcoming report, while the company’s latest quarter exceeded consensus estimates for both revenue and EPS. Citigroup Reports Next Week: Wall Street Expects Earnings Growth
• Neutral Sentiment: Analyst targets remain above the market price but were trimmed: UBS lowered its target to $139 from $142 while maintaining a neutral rating, and Autonomous Research reduced its target to $146 from $147 while keeping an outperform rating. UBS Group Cuts Citigroup Price Target
• Negative Sentiment: Macro pressure on banks: Spiking Treasury yields can raise funding costs, reduce bond-portfolio values and increase concerns about credit losses, creating a headwind ahead of third-quarter bank earnings. Banks Under Pressure from Spiking Yields Ahead of Q3 Results

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City and listed on the New York Stock Exchange under the symbol C. Through its subsidiaries and businesses, Citi provides banking, lending, investment, payments, wealth management and other financial services to consumers, businesses, governments and institutional clients.

Citi’s principal businesses include Services, which supports institutional clients with treasury, trade, securities services and related solutions; Markets, which provides sales, trading, research and financing services; Banking, which offers investment banking and corporate banking; and Wealth, which provides private banking and wealth management.