Citigroup Inc. (C) Upgraded at BidaskClub
BidaskClub upgraded shares of Citigroup Inc. (NYSE:C) from a hold rating to a buy rating in a report issued on Thursday morning.
Other analysts have also recently issued reports about the stock. J P Morgan Chase & Co set a $73.50 price target on shares of Citigroup and gave the stock a buy rating in a research report on Wednesday, August 2nd. Credit Suisse Group reaffirmed a buy rating and set a $73.00 price target on shares of Citigroup in a research report on Wednesday, September 13th. ValuEngine raised shares of Citigroup from a buy rating to a strong-buy rating in a research report on Friday, September 1st. Vetr cut shares of Citigroup from a strong-buy rating to a buy rating and set a $76.22 price target for the company. in a research report on Monday, July 31st. Finally, Wells Fargo & Company initiated coverage on shares of Citigroup in a research report on Wednesday, August 9th. They set an outperform rating and a $90.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $70.08.
Citigroup (NYSE C) opened at 71.40 on Thursday. Citigroup has a 52-week low of $45.16 and a 52-week high of $71.70. The stock has a market capitalization of $194.53 billion, a price-to-earnings ratio of 14.29 and a beta of 1.47. The stock’s 50 day moving average price is $68.04 and its 200 day moving average price is $63.70.
Citigroup (NYSE:C) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.38 billion. During the same period in the previous year, the company earned $1.24 EPS. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, analysts forecast that Citigroup will post $5.21 EPS for the current year.
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The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were given a $0.32 dividend. This is a boost from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, August 3rd. This represents a $1.28 annualized dividend and a yield of 1.79%. Citigroup’s dividend payout ratio is 25.55%.
Citigroup declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $15.60 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of the 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 completion of 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were 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 of the company’s stock, valued at $5,239,853.50. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. Catamount Wealth Management bought a new stake in Citigroup during the second quarter worth approximately $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its holdings in Citigroup by 206.0% during 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 buying an additional 1,030 shares in the last quarter. Patten Group Inc. boosted its holdings in Citigroup by 6.6% during the first quarter. Patten Group Inc. now owns 1,765 shares of the financial services provider’s stock worth $105,000 after buying an additional 110 shares in the last quarter. Dubuque Bank & Trust Co. boosted its holdings in Citigroup by 60.8% during the second quarter. Dubuque Bank & Trust Co. now owns 1,584 shares of the financial services provider’s stock worth $106,000 after buying an additional 599 shares in the last quarter. Finally, Balentine LLC boosted its holdings in Citigroup by 20.2% during the second quarter. Balentine LLC now owns 1,617 shares of the financial services provider’s stock worth $108,000 after buying an additional 272 shares in the last quarter. Hedge funds and other 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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