Citigroup Inc. (NYSE:C) posted its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.07, Bloomberg Earnings reports. The firm had revenue of $17.90 billion for the quarter, compared to the consensus estimate of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.24 earnings per share.
Shares of Citigroup (NYSE:C) opened at 68.88 on Wednesday. The stock 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 12-month low of $44.51 and a 12-month high of $69.86. The stock’s 50 day moving average is $66.26 and its 200-day moving average is $61.34.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Monday, August 7th will be issued a dividend of $0.32 per share. This is a positive change 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%. The ex-dividend date is Thursday, August 3rd. Citigroup’s dividend payout ratio is currently 25.55%.
Several research firms have issued reports on C. J P Morgan Chase & Co set a $73.50 target price on Citigroup and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Vetr downgraded Citigroup from a “strong-buy” rating to a “buy” rating and set a $76.22 target price on the stock. in a research report on Monday, July 31st. Deutsche Bank AG restated a “hold” rating on shares of Citigroup in a research report on Monday, July 3rd. Credit Suisse Group restated an “outperform” rating and set a $76.00 target price (up previously from $70.00) on shares of Citigroup in a research report on Wednesday, July 26th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $68.00 price objective on shares of Citigroup in a research report on Friday, July 7th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Citigroup presently has a consensus rating of “Buy” and an average target price of $68.04.
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In related news, insider Jeffrey R. Walsh sold 5,000 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total transaction of $344,850.00. Following the transaction, the insider now directly owns 56,394 shares in the company, valued at approximately $3,889,494.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.10% of the company’s stock.
Citigroup announced that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to buyback $15.60 billion in shares. This buyback authorization permits the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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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