Citigroup Inc. (NYSE:C) had its price objective upped by research analysts at Morgan Stanley from $73.00 to $79.00 in a note issued to investors on Friday. The firm currently has an “overweight” rating on the financial services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 9.16% from the company’s previous close.
Several other brokerages have also recently issued reports on C. Bank of America Corporation reaffirmed a “neutral” rating on shares of Citigroup in a report on Wednesday. Credit Suisse Group reaffirmed an “outperform” rating and set a $76.00 price objective (up from $70.00) on shares of Citigroup in a report on Wednesday, July 26th. BidaskClub cut Citigroup from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Wells Fargo & Company reaffirmed a “buy” rating on shares of Citigroup in a report on Monday, October 2nd. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Citigroup in a report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the company. Citigroup currently has a consensus rating of “Buy” and an average price target of $74.99.
Citigroup (NYSE:C) traded down 1.27% on Friday, hitting $71.45. 13,224,967 shares of the company traded hands. The firm has a market capitalization of $194.67 billion, a PE ratio of 14.30 and a beta of 1.45. Citigroup has a 1-year low of $47.70 and a 1-year high of $76.14. The firm’s 50 day moving average price is $70.67 and its 200 day moving average price is $65.24.
Citigroup (NYSE:C) last posted its quarterly earnings results on Thursday, October 12th. The financial services provider reported $1.42 EPS for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.10. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The company had revenue of $18.17 billion for the quarter, compared to analysts’ expectations of $17.87 billion. During the same period in the previous year, the firm earned $1.24 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. Equities research analysts predict that Citigroup will post $5.21 EPS for the current fiscal year.
Citigroup announced that its Board of Directors has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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In other Citigroup news, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $67.55, for a total value of $2,702,000.00. Following the completion of the sale, the chief executive officer now directly owns 77,570 shares in the company, valued at $5,239,853.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the completion of the sale, the insider now owns 56,394 shares of the company’s stock, valued at $3,889,494.18. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in C. Waldron LP increased its holdings in shares of Citigroup by 21.2% in the first quarter. Waldron LP now owns 7,301 shares of the financial services provider’s stock valued at $436,000 after purchasing an additional 1,276 shares during the period. NTV Asset Management LLC increased its holdings in shares of Citigroup by 21.4% in the first quarter. NTV Asset Management LLC now owns 5,106 shares of the financial services provider’s stock valued at $305,000 after purchasing an additional 900 shares during the period. US Bancorp DE increased its holdings in shares of Citigroup by 1.2% in the first quarter. US Bancorp DE now owns 509,127 shares of the financial services provider’s stock valued at $30,456,000 after purchasing an additional 5,812 shares during the period. Wellington Shields & Co. LLC increased its holdings in shares of Citigroup by 1.3% in the first quarter. Wellington Shields & Co. LLC now owns 7,940 shares of the financial services provider’s stock valued at $475,000 after purchasing an additional 100 shares during the period. Finally, Elkfork Partners LLC increased its holdings in shares of Citigroup by 39.5% in the first quarter. Elkfork Partners LLC now owns 133,476 shares of the financial services provider’s stock valued at $7,985,000 after purchasing an additional 37,800 shares during the period. Institutional investors own 75.37% of the company’s stock.
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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