Citigroup’s (C) “Outperform” Rating Reaffirmed at Credit Suisse Group
Credit Suisse Group reiterated their outperform rating on shares of Citigroup Inc. (NYSE:C) in a research note published on Wednesday morning. Credit Suisse Group currently has a $76.00 target price on the financial services provider’s stock, up from their prior target price of $70.00.
Several other analysts have also recently issued reports on C. UBS AG upgraded shares of Citigroup from a sell rating to a neutral rating and upped their target price for the company from $58.00 to $64.00 in a research report on Friday, June 9th. BidaskClub cut shares of Citigroup from a buy rating to a hold rating in a research report on Wednesday, July 12th. HSBC Holdings plc began coverage on shares of Citigroup in a research report on Tuesday, July 11th. They set a hold rating and a $71.00 target price on the stock. Nomura upped their target price on shares of Citigroup from $74.00 to $78.00 and gave the company a buy rating in a research report on Monday, July 17th. Finally, BMO Capital Markets restated a buy rating and set a $64.00 target price on shares of Citigroup in a research report on Thursday, June 1st. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $67.74.
Citigroup (C) opened at 67.43 on Wednesday. The company has a market capitalization of $183.72 billion, a PE ratio of 13.50 and a beta of 1.48. The stock’s 50 day moving average price is $65.99 and its 200-day moving average price is $61.19. Citigroup has a 52 week low of $42.50 and a 52 week high of $68.91.
Citigroup (NYSE:C) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.07. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business’s revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.24 EPS. On average, equities research analysts predict that Citigroup will post $5.22 earnings per share for the current fiscal year.
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Citigroup declared that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $15.60 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Monday, August 7th will be paid a dividend of $0.32 per share. The ex-dividend date is Thursday, August 3rd. This is an increase from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.90%. Citigroup’s dividend payout ratio (DPR) is currently 12.77%.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Citigroup by 2,718.7% in the first quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock valued at $11,749,573,000 after buying an additional 189,447,104 shares during the period. Vanguard Group Inc. increased its stake in shares of Citigroup by 2.5% in the first quarter. Vanguard Group Inc. now owns 183,198,941 shares of the financial services provider’s stock valued at $10,958,960,000 after buying an additional 4,391,347 shares during the period. FMR LLC increased its stake in shares of Citigroup by 18.2% in the first quarter. FMR LLC now owns 105,742,815 shares of the financial services provider’s stock valued at $6,325,535,000 after buying an additional 16,257,931 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Citigroup by 31.3% in the first quarter. Bank of New York Mellon Corp now owns 43,167,279 shares of the financial services provider’s stock valued at $2,582,269,000 after buying an additional 10,294,403 shares during the period. Finally, Harris Associates L P increased its stake in shares of Citigroup by 25.9% in the first quarter. Harris Associates L P now owns 41,129,780 shares of the financial services provider’s stock valued at $2,460,384,000 after buying an additional 8,464,257 shares during the period. Hedge funds and other institutional investors own 74.87% of the company’s stock.
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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