Investors Buy Citigroup Inc. (C) on Weakness
Investors purchased shares of Citigroup Inc. (NYSE:C) on weakness during trading hours on Friday. $156.63 million flowed into the stock on the tick-up and $106.12 million flowed out of the stock on the tick-down, for a money net flow of $50.51 million into the stock. Of all equities tracked, Citigroup had the 17th highest net in-flow for the day. Citigroup traded down ($0.36) for the day and closed at $71.40
Several analysts have issued reports on C shares. Zacks Investment Research upgraded shares of Citigroup from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. Vetr upgraded shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 target price on the stock in a research note on Thursday, August 3rd. BMO Capital Markets reiterated a “buy” rating and issued a $64.00 target price on shares of Citigroup in a research note on Thursday, June 1st. Buckingham Research reiterated a “buy” rating and issued a $81.00 target price (up from $70.00) on shares of Citigroup in a research note on Monday, July 10th. Finally, Credit Suisse Group reiterated an “outperform” rating and issued a $72.00 target price (up from $64.00) on shares of Citigroup in a research note on Monday, July 17th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $69.79.
The stock has a market capitalization of $194.53 billion, a price-to-earnings ratio of 14.29 and a beta of 1.47. The stock has a 50-day moving average of $68.04 and a 200 day moving average of $63.70. Citigroup also was the target of some unusual options trading activity on Wednesday. Stock traders acquired 55,869 call options on the company. This represents an increase of 175% compared to the average volume of 20,342 call options.
Citigroup (NYSE:C) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. During the same period last year, the business earned $1.24 EPS. The company’s revenue was up 2.0% compared to the same quarter last year. Equities analysts predict that Citigroup Inc. will post $5.21 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Monday, August 7th were issued a $0.32 dividend. This is a boost from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend was Thursday, August 3rd. Citigroup’s dividend payout ratio (DPR) is currently 25.55%.
Citigroup announced that its board has authorized a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the completion of the transaction, the insider now directly owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the completion of the transaction, the chief executive officer now directly owns 77,570 shares of the company’s stock, valued at $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 institutional investors have recently made changes to their positions in C. Catamount Wealth Management purchased a new position in shares of Citigroup in the 2nd quarter valued at approximately $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. raised its position in shares of Citigroup by 206.0% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,530 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 1,030 shares during the last quarter. Patten Group Inc. raised its position in shares of Citigroup by 6.6% in the 1st quarter. Patten Group Inc. now owns 1,765 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 110 shares during the last quarter. Dubuque Bank & Trust Co. raised its position in shares of Citigroup by 60.8% in the 2nd quarter. Dubuque Bank & Trust Co. now owns 1,584 shares of the financial services provider’s stock valued at $106,000 after purchasing an additional 599 shares during the last quarter. Finally, Balentine LLC raised its position in shares of Citigroup by 20.2% in the 2nd quarter. Balentine LLC now owns 1,617 shares of the financial services provider’s stock valued at $108,000 after purchasing an additional 272 shares during the last quarter. 75.38% of the stock is owned by hedge funds and other institutional investors.
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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