Citigroup Inc. (C) Rating Reiterated by J P Morgan Chase & Co
Citigroup Inc. (NYSE:C)‘s stock had its “overweight” rating reaffirmed by research analysts at J P Morgan Chase & Co in a report released on Friday. They currently have a $78.50 price target on the financial services provider’s stock, up from their prior price target of $77.50. J P Morgan Chase & Co’s price target would indicate a potential upside of 3.78% from the stock’s previous close.
Other research analysts have also issued reports about the stock. Wells Fargo & Company reiterated a “buy” rating on shares of Citigroup in a report on Monday, October 2nd. BidaskClub upgraded shares of Citigroup from a “hold” rating to a “buy” rating in a report on Thursday, September 21st. Royal Bank Of Canada reiterated a “buy” rating and set a $75.00 price objective on shares of Citigroup in a report on Wednesday, September 27th. Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Citigroup in a report on Wednesday, September 27th. Finally, Deutsche Bank AG reiterated a “hold” rating and set a $67.00 price objective (up from $61.00) on shares of Citigroup in a report on Tuesday, September 26th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Citigroup presently has a consensus rating of “Buy” and a consensus price target of $71.65.
Citigroup (NYSE:C) opened at 75.64 on Friday. The company has a market cap of $206.09 billion, a price-to-earnings ratio of 15.14 and a beta of 1.45. The firm’s 50-day moving average price is $69.77 and its 200-day moving average price is $64.77. Citigroup has a 1-year low of $47.54 and a 1-year high of $76.02. Citigroup also saw some unusual options trading activity on Thursday. Stock traders purchased 71,029 call options on the company. This represents an increase of 192% compared to the typical daily volume of 24,344 call options.
Citigroup (NYSE:C) last released its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.07. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.24 EPS. Equities research analysts forecast that Citigroup will post $5.21 EPS for the current fiscal year.
Citigroup announced that its board has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
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In other news, insider Jeffrey R. Walsh sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the sale, the insider now owns 56,394 shares of the company’s stock, valued at $3,889,494.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Francisco Aristeguieta sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the sale, the chief executive officer now directly owns 77,570 shares of the company’s stock, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in Citigroup by 2,718.7% during the first quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock worth $11,749,573,000 after purchasing an additional 189,447,104 shares during the last quarter. FMR LLC lifted its stake in Citigroup by 18.2% during the first quarter. FMR LLC now owns 105,742,815 shares of the financial services provider’s stock worth $6,325,535,000 after purchasing an additional 16,257,931 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Citigroup by 31.3% during the first quarter. Bank of New York Mellon Corp now owns 43,167,279 shares of the financial services provider’s stock worth $2,582,269,000 after purchasing an additional 10,294,403 shares during the last quarter. Harris Associates L P lifted its stake in Citigroup by 25.9% during the first quarter. Harris Associates L P now owns 41,129,780 shares of the financial services provider’s stock worth $2,460,384,000 after purchasing an additional 8,464,257 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in Citigroup by 109.5% during the second quarter. Lazard Asset Management LLC now owns 9,292,727 shares of the financial services provider’s stock worth $621,497,000 after purchasing an additional 4,856,866 shares during the last quarter. 75.38% of the stock is owned by institutional investors and hedge funds.
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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