Citigroup Inc. (C) Sees Strong Trading Volume Following Better-Than-Expected Earnings
Citigroup Inc. (NYSE:C) saw strong trading volume on Friday following a stronger than expected earnings report. 18,994,088 shares were traded during trading, an increase of 2% from the previous session’s volume of 18,612,531 shares.The stock last traded at $48.79 and had previously closed at $48.47.
The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.16 by $0.08. Citigroup had a return on equity of 7.24% and a net margin of 17.97%. The company had revenue of $17.80 billion for the quarter, compared to analysts’ expectations of $17.32 billion. During the same period last year, the firm posted $1.31 earnings per share. Citigroup’s revenue was down 4.8% compared to the same quarter last year.
Several research analysts have issued reports on the company. Vetr cut Citigroup from a “hold” rating to a “sell” rating and set a $47.03 target price on the stock. in a research report on Tuesday. Jefferies Group raised their target price on Citigroup from $54.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $63.00 price objective (down from $70.00) on shares of Citigroup in a research report on Wednesday, July 6th. Berenberg Bank assumed coverage on Citigroup in a research report on Wednesday, July 13th. They set a “buy” rating and a $50.00 price objective on the stock. Finally, Deutsche Bank AG reaffirmed a “hold” rating on shares of Citigroup in a research report on Sunday, June 26th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $54.76.
In related news, insider Joseph Michael Murray sold 8,122 shares of the company’s stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $44.35, for a total transaction of $360,210.70. Following the transaction, the insider now directly owns 35,042 shares of the company’s stock, valued at approximately $1,554,112.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.13% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in C. Vanguard Group Inc. raised its position in shares of Citigroup by 3.5% in the second quarter. Vanguard Group Inc. now owns 175,049,494 shares of the financial services provider’s stock worth $7,420,348,000 after buying an additional 5,872,249 shares in the last quarter. FMR LLC raised its position in shares of Citigroup by 3.7% in the second quarter. FMR LLC now owns 92,973,398 shares of the financial services provider’s stock worth $3,941,143,000 after buying an additional 3,339,340 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Citigroup by 1.2% in the second quarter. Franklin Resources Inc. now owns 36,139,625 shares of the financial services provider’s stock worth $1,531,980,000 after buying an additional 436,566 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Citigroup by 1.4% in the second quarter. BlackRock Fund Advisors now owns 34,452,658 shares of the financial services provider’s stock worth $1,460,448,000 after buying an additional 476,584 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Citigroup by 0.7% in the first quarter. Geode Capital Management LLC now owns 24,657,570 shares of the financial services provider’s stock worth $1,027,425,000 after buying an additional 176,548 shares in the last quarter. 71.41% of the stock is currently owned by institutional investors and hedge funds.
The stock has a market cap of $141.59 billion, a price-to-earnings ratio of 10.314 and a beta of 1.86. The firm’s 50-day moving average price is $47.44 and its 200 day moving average price is $45.01.
Citigroup Company Profile
Citigroup Inc (Citi) is a financial services holding company. The Company’s 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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