Brokerages Expect Citigroup Inc. (C) Will Post Quarterly Sales of $18.00 Billion
Brokerages expect Citigroup Inc. (NYSE:C) to report sales of $18.00 billion for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Citigroup’s earnings, with the highest sales estimate coming in at $18.05 billion and the lowest estimate coming in at $17.95 billion. Citigroup reported sales of $17.76 billion in the same quarter last year, which suggests a positive year over year growth rate of 1.4%. The firm is scheduled to report its next quarterly earnings report before the market opens on Thursday, October 12th.
On average, analysts expect that Citigroup will report full-year sales of $18.00 billion for the current year, with estimates ranging from $71.04 billion to $72.62 billion. For the next fiscal year, analysts forecast that the business will post sales of $75.06 billion per share, with estimates ranging from $74.14 billion to $76.10 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Citigroup.
Citigroup (NYSE:C) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, topping 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 firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company posted $1.24 EPS.
Several equities research analysts have recently issued reports on the stock. Credit Suisse Group reissued an “outperform” rating and issued a $76.00 price objective (up previously from $70.00) on shares of Citigroup in a research report on Wednesday, July 26th. BidaskClub lowered shares of Citigroup from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Deutsche Bank AG reissued a “hold” rating on shares of Citigroup in a research report on Monday, July 3rd. HSBC Holdings plc assumed coverage on shares of Citigroup in a research report on Tuesday, July 11th. They issued a “hold” rating and a $71.00 price objective for the company. Finally, Zacks Investment Research lowered shares of Citigroup from a “hold” rating to a “sell” rating in a research report on Monday, June 19th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $69.79.
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In related news, 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 sale, the insider now owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction 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 approximately $5,239,853.50. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Citigroup by 2,718.7% during the 1st quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock valued at $11,749,573,000 after buying an additional 189,447,104 shares during the period. FMR LLC increased its stake in Citigroup by 18.2% during the 1st quarter. FMR LLC now owns 105,742,815 shares of the financial services provider’s stock valued at $6,325,535,000 after buying an additional 16,257,931 shares during the period. Bank of New York Mellon Corp increased its stake in Citigroup by 31.3% during the 1st quarter. Bank of New York Mellon Corp now owns 43,167,279 shares of the financial services provider’s stock valued at $2,582,269,000 after buying an additional 10,294,403 shares during the period. Harris Associates L P increased its stake in Citigroup by 25.9% during the 1st quarter. Harris Associates L P now owns 41,129,780 shares of the financial services provider’s stock valued at $2,460,384,000 after buying an additional 8,464,257 shares during the period. Finally, Lazard Asset Management LLC increased its stake in Citigroup by 109.5% during the 2nd quarter. Lazard Asset Management LLC now owns 9,292,727 shares of the financial services provider’s stock valued at $621,497,000 after buying an additional 4,856,866 shares during the period. 75.40% of the stock is currently owned by institutional investors and hedge funds.
Citigroup (C) opened at 69.04 on Friday. The stock has a market cap of $188.10 billion, a PE ratio of 13.82 and a beta of 1.47. Citigroup has a 52-week low of $45.16 and a 52-week high of $69.86. The company’s 50 day moving average is $67.87 and its 200-day moving average is $63.51.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.85%. This is a boost from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Thursday, August 3rd. Citigroup’s dividend payout ratio is 25.55%.
Citigroup announced that its Board of Directors has authorized a share buyback program on Wednesday, June 28th that allows the company to buyback $15.60 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 8.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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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