Traders Sell Shares of Citigroup Inc. (C) on Strength (C)
Investors sold shares of Citigroup Inc. (NYSE:C) on strength during trading hours on Thursday. $115.64 million flowed into the stock on the tick-up and $195.41 million flowed out of the stock on the tick-down, for a money net flow of $79.77 million out of the stock. Of all equities tracked, Citigroup had the 0th highest net out-flow for the day. Citigroup traded up $0.30 for the day and closed at $71.76
A number of brokerages have commented on C. Wells Fargo & Company began coverage on shares of Citigroup in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $90.00 price target for the company. Zacks Investment Research upgraded shares of Citigroup from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. HSBC Holdings plc set a $74.00 price target on shares of Citigroup and gave the company a “hold” rating in a research note on Friday, August 11th. Jefferies Group LLC reiterated a “hold” rating and issued a $68.00 price target on shares of Citigroup in a research note on Friday, July 7th. Finally, BMO Capital Markets cut shares of Citigroup from an “outperform” rating to a “market perform” rating and cut their price target for the company from $67.43 to $65.00 in a research note on Monday, July 31st. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $69.79.
The stock has a market cap of $194.53 billion, a PE ratio of 14.29 and a beta of 1.47. The company’s 50-day moving average is $68.04 and its 200-day moving average is $63.70. Citigroup also was the recipient of some unusual options trading on Wednesday. Investors acquired 55,869 call options on the stock. This represents an increase of 175% compared to the average volume of 20,342 call options.
Citigroup (NYSE:C) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.07. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. During the same period in the prior year, the business posted $1.24 earnings per share. The company’s revenue was up 2.0% on a year-over-year basis. On average, equities research analysts predict that Citigroup Inc. will post $5.21 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Monday, August 7th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This is a boost from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 annualized dividend and a dividend yield of 1.79%. Citigroup’s dividend payout ratio is currently 25.55%.
Citigroup announced that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
In related news, insider Jeffrey R. Walsh sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the transaction, the insider now directly owns 56,394 shares in the company, valued at $3,889,494.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Francisco Aristeguieta sold 40,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 77,570 shares in the company, valued at $5,239,853.50. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Catamount Wealth Management bought a new position in shares of Citigroup in the second quarter worth approximately $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in shares of Citigroup by 206.0% in the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,530 shares of the financial services provider’s stock worth $102,000 after purchasing an additional 1,030 shares during the last quarter. Patten Group Inc. increased its position in shares of Citigroup by 6.6% in the first quarter. Patten Group Inc. now owns 1,765 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 110 shares during the last quarter. Dubuque Bank & Trust Co. increased its position in shares of Citigroup by 60.8% in the second quarter. Dubuque Bank & Trust Co. now owns 1,584 shares of the financial services provider’s stock worth $106,000 after purchasing an additional 599 shares during the last quarter. Finally, Balentine LLC increased its position in shares of Citigroup by 20.2% in the second quarter. Balentine LLC now owns 1,617 shares of the financial services provider’s stock worth $108,000 after purchasing an additional 272 shares during the last quarter. Institutional investors own 75.38% 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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