Citigroup Inc. (NYSE:C) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a report released on Thursday.
C has been the subject of a number of other research reports. Wells Fargo & Company began coverage on Citigroup in a report on Wednesday, August 9th. They set an “outperform” rating and a $90.00 price objective for the company. Zacks Investment Research upgraded Citigroup from a “sell” rating to a “hold” rating in a report on Friday, July 7th. HSBC Holdings plc set a $74.00 price objective on Citigroup and gave the stock a “hold” rating in a report 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 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 equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. Citigroup has an average rating of “Buy” and a consensus price target of $69.79.
Shares of Citigroup (NYSE C) traded up 0.42% during mid-day trading on Thursday, reaching $71.76. The company had a trading volume of 11,509,157 shares. The firm’s 50-day moving average is $68.04 and its 200 day moving average is $63.70. The company has a market capitalization of $195.51 billion, a price-to-earnings ratio of 14.37 and a beta of 1.47. Citigroup has a 12 month low of $45.16 and a 12 month high of $72.13. Citigroup also was the recipient of unusually large options trading on Wednesday. Investors acquired 55,869 call options on the company. This is an increase of approximately 175% compared to the typical daily volume of 20,342 call options.
Citigroup (NYSE:C) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.07. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.38 billion. During the same quarter in the previous year, the company posted $1.24 earnings per share. The business’s revenue was up 2.0% on a year-over-year basis. On average, equities research analysts predict that Citigroup will post $5.21 earnings per share for the current year.
Citigroup announced that its Board of Directors has approved a share buyback plan on Wednesday, June 28th that permits the company to buyback $15.60 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
In related news, insider Jeffrey R. Walsh sold 5,000 shares of the firm’s 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 transaction, the insider now owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Francisco Aristeguieta sold 40,000 shares of the firm’s stock in a transaction dated 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 directly owns 77,570 shares in the company, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. Corporate insiders own 0.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Intl Fcstone Inc. bought a new position in Citigroup in the 2nd quarter valued at about $291,000. Gs Investments Inc. bought a new position in Citigroup in the 2nd quarter valued at about $301,000. Lord Abbett & CO. LLC lifted its position in Citigroup by 223.8% in the 2nd quarter. Lord Abbett & CO. LLC now owns 2,126,630 shares of the financial services provider’s stock valued at $142,229,000 after acquiring an additional 1,469,915 shares in the last quarter. Sentry Investment Management LLC lifted its position in Citigroup by 1.0% in the 2nd quarter. Sentry Investment Management LLC now owns 221,536 shares of the financial services provider’s stock valued at $14,816,000 after acquiring an additional 2,287 shares in the last quarter. Finally, WFG Advisors LP lifted its position in Citigroup by 25.3% in the 2nd quarter. WFG Advisors LP now owns 8,948 shares of the financial services provider’s stock valued at $598,000 after acquiring an additional 1,807 shares in the last quarter. 75.38% of the stock is currently owned by institutional investors and hedge funds.
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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