Citigroup Inc. (C) Given “Overweight” Rating at Atlantic Securities
Citigroup Inc. (NYSE:C)‘s stock had its “overweight” rating reiterated by stock analysts at Atlantic Securities in a note issued to investors on Tuesday. They presently have a $85.00 price target on the financial services provider’s stock, up from their previous price target of $75.00. Atlantic Securities’ price objective points to a potential upside of 20.32% from the stock’s current price.
C has been the topic of several other research reports. BMO Capital Markets reaffirmed a “buy” rating and set a $64.00 price target on shares of Citigroup in a research report on Thursday, June 1st. Vetr raised shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $71.55 price target on the stock in a research report on Wednesday, June 7th. Keefe, Bruyette & Woods set a $69.00 price target on shares of Citigroup and gave the company a “buy” rating in a research report on Thursday, June 8th. UBS AG raised shares of Citigroup from a “sell” rating to a “neutral” rating and lifted their price target for the company from $58.00 to $64.00 in a research report on Friday, June 9th. Finally, J P Morgan Chase & Co reaffirmed a “sell” rating on shares of Citigroup in a research report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $70.73.
Citigroup (NYSE:C) last released its earnings results 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. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.38 billion. During the same period last year, the company posted $1.24 EPS. The business’s revenue was up 2.0% on a year-over-year basis.
Citigroup declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $15.60 billion in shares. This buyback authorization permits the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
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In related news, CEO Francisco Aristeguieta sold 40,000 shares of the business’s stock in a transaction 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 in the company, valued at $5,239,853.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Jeffrey R. Walsh sold 5,000 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction of $344,850.00. Following the transaction, the insider now owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.
Several hedge funds have recently modified their holdings of C. Catamount Wealth Management acquired a new position in shares of Citigroup during the second quarter worth $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. grew its stake in shares of 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 purchasing an additional 1,030 shares in the last quarter. Patten Group Inc. grew its stake in shares of 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 purchasing an additional 110 shares in the last quarter. Dubuque Bank & Trust Co. grew its stake in shares of 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 purchasing an additional 599 shares in the last quarter. Finally, Balentine LLC grew its stake in shares of 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 purchasing an additional 272 shares in the last quarter. Hedge funds and other institutional investors own 75.38% of the company’s stock.
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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