Citigroup (NYSE:C) Announces Quarterly Earnings Results

Citigroup (NYSE:C) released its quarterly earnings data on Tuesday. The company reported $3.15 EPS for the quarter, beating the consensus estimate of $2.72 by $0.43, Briefing.com reports. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.96 EPS.

Citigroup Trading Down 0.2%

NYSE:C opened at $140.56 on Tuesday. The company has a market cap of $239.74 billion, a PE ratio of 17.42, a price-to-earnings-growth ratio of 0.66 and a beta of 1.11. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The company has a 50 day simple moving average of $133.96 and a two-hundred day simple moving average of $123.03. Citigroup has a 12 month low of $86.22 and a 12 month high of $147.96.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Analysts and market strategists are highlighting Citigroup as a standout among large U.S. banks heading into earnings, with expectations that it could post the strongest improvement on key metrics versus peers. As five big U.S. banks report earnings on the same day, Citigroup is the one to watch
• Positive Sentiment: Bank of America analysts said they expect major banks, including Citigroup, to beat both internal and consensus earnings estimates thanks to strong capital markets activity, resilient economic conditions, and healthy wealth-management flows. US bank earnings could surprise to the upside as Bank of America highlights strong operating backdrop
• Positive Sentiment: Citi’s tokenized USD clearing and 24/7 cross-border payment platform is adding to the bullish digital-transformation narrative, suggesting the bank is modernizing core infrastructure and potentially improving long-term efficiency. Does Citi’s Tokenized USD Clearing Breakthrough Deepen the Digital Transformation Narrative for Citigroup (C)?
• Neutral Sentiment: Citigroup received another “Moderate Buy” style analyst rating, reinforcing generally constructive sentiment but not adding a major new catalyst. Citigroup Inc. (NYSE:C) Given Average Rating of “Moderate Buy” by Analysts
• Negative Sentiment: Broader bank stocks were under pressure ahead of earnings, and that risk-off tone could weigh on Citigroup until results are reported. Bank stocks fall ahead of a packed earnings schedule

Citigroup announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to repurchase up to 13.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

C has been the topic of several research analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Weiss Ratings restated a “buy (b)” rating on shares of Citigroup in a report on Monday, April 20th. Morgan Stanley increased their price target on shares of Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $139.00 price objective on shares of Citigroup in a research note on Wednesday, April 15th. Finally, The Goldman Sachs Group boosted their price target on Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Citigroup currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.00.

Insider Buying and Selling at Citigroup

In other Citigroup news, insider Edward Skyler sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the sale, the insider directly owned 182,022 shares of the company’s stock, valued at $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the sale, the director directly owned 12,194 shares in the company, valued at $1,527,908.20. This trade represents a 14.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.11% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Citigroup

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amundi boosted its holdings in Citigroup by 1.3% during the 3rd quarter. Amundi now owns 12,769,397 shares of the company’s stock valued at $1,252,039,000 after acquiring an additional 163,884 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Citigroup by 14.9% in the 4th quarter. AQR Capital Management LLC now owns 6,059,694 shares of the company’s stock worth $707,106,000 after buying an additional 787,451 shares during the period. California Public Employees Retirement System increased its stake in shares of Citigroup by 2.6% during the fourth quarter. California Public Employees Retirement System now owns 3,672,648 shares of the company’s stock valued at $428,561,000 after buying an additional 94,213 shares during the period. Raymond James Financial Inc. lifted its stake in Citigroup by 4.5% in the fourth quarter. Raymond James Financial Inc. now owns 3,225,041 shares of the company’s stock worth $376,414,000 after acquiring an additional 138,519 shares during the period. Finally, Caisse de depot et placement du Quebec lifted its position in shares of Citigroup by 65.5% in the 4th quarter. Caisse de depot et placement du Quebec now owns 2,820,123 shares of the company’s stock worth $329,080,000 after purchasing an additional 1,115,682 shares during the period. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.