Citigroup (NYSE:C) Announces Quarterly Earnings Results

Citigroup (NYSE:C) announced its earnings results on Friday. The company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.29, Briefing.com reports. Citigroup had a net margin of 4.90% and a return on equity of 6.17%. The firm had revenue of $21.10 billion for the quarter, compared to analysts’ expectations of $20.46 billion. During the same period in the prior year, the company earned $1.86 EPS. The business’s revenue was down 1.6% compared to the same quarter last year. Citigroup updated its FY 2024 guidance to EPS.

Citigroup Price Performance

NYSE C opened at $59.68 on Monday. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. The firm’s 50 day moving average price is $57.91 and its 200-day moving average price is $50.69. Citigroup has a 52-week low of $38.17 and a 52-week high of $63.90. The company has a market cap of $114.30 billion, a PE ratio of 17.66, a P/E/G ratio of 0.93 and a beta of 1.52.

Citigroup Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Monday, May 6th will be paid a dividend of $0.53 per share. The ex-dividend date is Friday, May 3rd. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.55%. Citigroup’s dividend payout ratio is presently 62.72%.

Analyst Ratings Changes

C has been the topic of a number of recent analyst reports. The Goldman Sachs Group reissued a “buy” rating on shares of Citigroup in a research report on Monday, April 1st. Barclays increased their price objective on shares of Citigroup from $59.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 2nd. BMO Capital Markets lowered shares of Citigroup from an “outperform” rating to a “market perform” rating and set a $57.00 price objective on the stock. in a research report on Wednesday, January 10th. Wells Fargo & Company reissued an “overweight” rating and issued a $80.00 price objective on shares of Citigroup in a research report on Monday, April 1st. Finally, Jefferies Financial Group upped their target price on shares of Citigroup from $56.00 to $65.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Citigroup has an average rating of “Moderate Buy” and an average target price of $62.56.

Institutional Investors Weigh In On Citigroup

Hedge funds and other institutional investors have recently bought and sold shares of the company. Meridian Wealth Management LLC lifted its position in Citigroup by 130.4% during the third quarter. Meridian Wealth Management LLC now owns 175,576 shares of the company’s stock valued at $7,221,000 after acquiring an additional 99,371 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in shares of Citigroup in the third quarter worth $209,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Citigroup by 56.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,245,693 shares of the company’s stock worth $64,078,000 after buying an additional 449,310 shares during the last quarter. GFS Advisors LLC purchased a new position in shares of Citigroup in the fourth quarter worth $2,003,000. Finally, Sound Income Strategies LLC raised its holdings in shares of Citigroup by 9.1% in the fourth quarter. Sound Income Strategies LLC now owns 258,150 shares of the company’s stock worth $13,279,000 after buying an additional 21,440 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Company Profile

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.