Buckingham Research restated their buy rating on shares of Citigroup Inc. (NYSE:C) in a research report report published on Monday, July 10th. Buckingham Research currently has a $81.00 price objective on the financial services provider’s stock, up from their prior price objective of $70.00.
Other analysts have also recently issued reports about the stock. UBS AG upgraded shares of Citigroup from a sell rating to a neutral rating and lifted their target price for the company from $58.00 to $64.00 in a research note on Friday, June 9th. Vetr lowered shares of Citigroup from a strong-buy rating to a buy rating and set a $73.42 price target on the stock. in a research report on Monday, July 3rd. Jefferies Group LLC reissued a hold rating and issued a $68.00 price target on shares of Citigroup in a research report on Friday, May 5th. Keefe, Bruyette & Woods set a $69.00 price target on shares of Citigroup and gave the company a buy rating in a research report on Thursday, June 8th. Finally, Bank of America Corporation reaffirmed a buy rating and set a $68.00 target price (up previously from $64.00) on shares of Citigroup in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Citigroup has a consensus rating of Buy and an average price target of $68.04.
Shares of Citigroup (NYSE:C) traded down 0.23% during trading on Monday, reaching $68.88. 16,633,382 shares of the company’s stock traded hands. The stock has a 50-day moving average of $66.26 and a 200-day moving average of $61.34. The company has a market capitalization of $187.67 billion, a price-to-earnings ratio of 13.79 and a beta of 1.48. Citigroup has a 1-year low of $44.51 and a 1-year high of $69.86.
Citigroup (NYSE:C) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.07. The firm had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.24 earnings per share. On average, equities analysts predict that Citigroup will post $5.23 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Monday, August 7th will be paid a $0.32 dividend. The ex-dividend date is Thursday, August 3rd. This is a boost from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.86%. Citigroup’s dividend payout ratio is 25.55%.
Citigroup announced that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $15.60 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
In related news, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the sale, the insider now directly owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.10% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Gardner Lewis Asset Management L P purchased a new position in Citigroup during the fourth quarter worth $4,156,000. Envestnet Asset Management Inc. increased its position in Citigroup by 7.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 301,492 shares of the financial services provider’s stock worth $17,920,000 after buying an additional 22,107 shares during the period. Graham Capital Management L.P. purchased a new position in Citigroup during the fourth quarter worth $987,000. Menta Capital LLC purchased a new position in Citigroup during the fourth quarter worth $1,729,000. Finally, Integre Asset Management LLC increased its position in Citigroup by 292.2% in the fourth quarter. Integre Asset Management LLC now owns 100,457 shares of the financial services provider’s stock worth $5,970,000 after buying an additional 74,842 shares during the period. 74.89% of the stock is owned by hedge funds and other institutional investors.
Citigroup Company Profile
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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