Citigroup (NYSE:C) Price Target Cut to $83.00

Citigroup (NYSE:C) had its price objective decreased by BMO Capital Markets from $87.00 to $83.00 in a research note published on Wednesday morning, The Fly reports.

Several other research analysts have also issued reports on the stock. Barclays decreased their price target on shares of Citigroup from $78.00 to $63.00 and set an overweight rating on the stock in a research report on Wednesday. Morgan Stanley decreased their price target on shares of Citigroup from $61.00 to $58.00 and set an overweight rating on the stock in a research report on Tuesday, September 15th. Seaport Global Securities began coverage on shares of Citigroup in a research report on Wednesday, July 8th. They issued a buy rating and a $65.00 price target on the stock. Credit Suisse Group decreased their price target on shares of Citigroup from $75.00 to $65.00 and set an outperform rating on the stock in a research report on Wednesday. Finally, Wells Fargo & Company decreased their price objective on shares of Citigroup from $72.00 to $66.00 and set an overweight rating for the company in a research note on Tuesday, September 15th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eighteen have given a buy rating to the company’s stock. Citigroup has a consensus rating of Buy and an average price target of $69.40.

NYSE C opened at $43.19 on Wednesday. Citigroup has a 12 month low of $32.00 and a 12 month high of $83.11. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $89.92 billion, a PE ratio of 8.47, a P/E/G ratio of 1.24 and a beta of 1.78. The company’s 50 day simple moving average is $46.81 and its 200 day simple moving average is $48.19.

Citigroup (NYSE:C) last posted its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.39. The firm had revenue of $17.30 billion for the quarter, compared to analyst estimates of $17.18 billion. Citigroup had a net margin of 13.64% and a return on equity of 7.40%. The firm’s quarterly revenue was down 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.97 earnings per share. Sell-side analysts anticipate that Citigroup will post 3.52 earnings per share for the current fiscal year.

In other Citigroup news, Director Gary M. Reiner sold 485 shares of Citigroup stock in a transaction on Wednesday, October 14th. The shares were sold at an average price of $102.74, for a total transaction of $49,828.90. Following the completion of the sale, the director now owns 4,462 shares of the company’s stock, valued at approximately $458,425.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.07% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in C. Public Investment Fund acquired a new stake in shares of Citigroup in the 1st quarter valued at $521,979,000. Nordea Investment Management AB lifted its stake in shares of Citigroup by 123.8% in the 2nd quarter. Nordea Investment Management AB now owns 13,113,214 shares of the financial services provider’s stock valued at $658,414,000 after purchasing an additional 7,254,912 shares during the last quarter. Sanders Capital LLC lifted its stake in shares of Citigroup by 52.0% in the 2nd quarter. Sanders Capital LLC now owns 19,635,229 shares of the financial services provider’s stock valued at $1,108,724,000 after purchasing an additional 6,714,645 shares during the last quarter. Thornburg Investment Management Inc. lifted its stake in shares of Citigroup by 201.4% in the 2nd quarter. Thornburg Investment Management Inc. now owns 4,661,658 shares of the financial services provider’s stock valued at $238,211,000 after purchasing an additional 3,115,208 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Citigroup by 133.7% in the 2nd quarter. SG Americas Securities LLC now owns 529,591 shares of the financial services provider’s stock valued at $27,062,000 after purchasing an additional 2,098,850 shares during the last quarter. 75.57% of the stock is owned by institutional investors and hedge funds.

About Citigroup

Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).

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