Investors Buy Citigroup Inc. (C) on Weakness
Traders purchased shares of Citigroup Inc. (NYSE:C) on weakness during trading hours on Friday. $204.38 million flowed into the stock on the tick-up and $150.41 million flowed out of the stock on the tick-down, for a money net flow of $53.97 million into the stock. Of all equities tracked, Citigroup had the 3rd highest net in-flow for the day. Citigroup traded down ($0.42) for the day and closed at $66.80
Several research analysts have weighed in on the company. Vetr lowered Citigroup from a “strong-buy” rating to a “buy” rating and set a $66.90 target price on the stock. in a report on Tuesday, April 25th. Zacks Investment Research upgraded Citigroup from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Jefferies Group LLC reiterated a “hold” rating and set a $68.00 target price on shares of Citigroup in a report on Monday, May 15th. BMO Capital Markets reiterated a “buy” rating and set a $64.00 target price on shares of Citigroup in a report on Thursday, June 1st. Finally, Buckingham Research reiterated a “buy” rating and set a $81.00 target price (up from $70.00) on shares of Citigroup in a report on Monday, July 10th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $69.08.
The stock has a market cap of $182.00 billion, a P/E ratio of 13.37 and a beta of 1.48. The company’s 50-day moving average is $67.13 and its 200-day moving average is $61.82.
Citigroup (NYSE:C) last announced its quarterly 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. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. During the same quarter in the previous year, the company earned $1.24 earnings per share. Citigroup’s quarterly revenue was up 2.0% on a year-over-year basis. On average, analysts expect that Citigroup Inc. will post $5.22 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be given a dividend of $0.32 per share. The ex-dividend date is Thursday, August 3rd. This represents a $1.28 annualized dividend and a dividend yield of 1.92%. This is a boost from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s payout ratio is currently 25.55%.
Citigroup declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In related news, insider Jeffrey R. Walsh sold 5,000 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total transaction of $344,850.00. Following the transaction, the insider now owns 56,394 shares in the company, valued at $3,889,494.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.10% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position 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 in the last quarter. Vanguard Group Inc. boosted its position 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 in the last quarter. FMR LLC boosted its position in shares of Citigroup by 3.8% in the second quarter. FMR LLC now owns 109,804,452 shares of the financial services provider’s stock valued at $7,343,721,000 after buying an additional 4,061,637 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Citigroup by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 46,110,561 shares of the financial services provider’s stock valued at $3,083,874,000 after buying an additional 2,943,282 shares in the last quarter. Finally, Harris Associates L P boosted its position 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 in the last quarter. Institutional investors own 74.89% of the company’s stock.
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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