Traders Sell Citigroup Inc. (C) on Strength (C)
Traders sold shares of Citigroup Inc. (NYSE:C) on strength during trading hours on Tuesday. $132.99 million flowed into the stock on the tick-up and $187.69 million flowed out of the stock on the tick-down, for a money net flow of $54.70 million out of the stock. Of all equities tracked, Citigroup had the 17th highest net out-flow for the day. Citigroup traded up $0.33 for the day and closed at $74.13
A number of brokerages have recently issued reports on C. Vetr upgraded Citigroup from a “buy” rating to a “strong-buy” rating and set a $71.55 price objective for the company in a report on Wednesday, June 7th. Keefe, Bruyette & Woods set a $69.00 price objective on Citigroup and gave the company a “buy” rating in a report on Thursday, June 8th. UBS AG upgraded Citigroup from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $58.00 to $64.00 in a research report on Friday, June 9th. J P Morgan Chase & Co reissued a “sell” rating on shares of Citigroup in a report on Friday, June 9th. Finally, Bank of America Corporation reissued a “buy” rating and issued a $68.00 target price (up previously from $64.00) on shares of Citigroup in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Citigroup presently has a consensus rating of “Buy” and an average price target of $71.16.
The stock’s 50-day moving average price is $68.94 and its 200 day moving average price is $64.41. The firm has a market cap of $201.97 billion, a P/E ratio of 14.84 and a beta of 1.45.
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, topping 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 analyst estimates of $17.38 billion. During the same quarter last year, the firm earned $1.24 EPS. The company’s revenue was up 2.0% on a year-over-year basis. On average, analysts predict that Citigroup Inc. will post $5.20 earnings per share for the current fiscal year.
Citigroup declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to buyback $15.60 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 8.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other Citigroup news, CEO Francisco Aristeguieta sold 40,000 shares of Citigroup stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $67.55, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey R. Walsh sold 5,000 shares of Citigroup stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction 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 $3,889,494.18. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Eqis Capital Management Inc. raised its holdings in Citigroup by 31.0% in the 3rd quarter. Eqis Capital Management Inc. now owns 23,768 shares of the financial services provider’s stock worth $1,729,000 after acquiring an additional 5,624 shares during the last quarter. Intl Fcstone Inc. purchased a new stake in Citigroup during the 2nd quarter valued at $291,000. Gs Investments Inc. purchased a new stake in Citigroup during the 2nd quarter valued at $301,000. Lord Abbett & CO. LLC boosted its stake in Citigroup by 223.8% during the 2nd quarter. Lord Abbett & CO. LLC now owns 2,126,630 shares of the financial services provider’s stock valued at $142,229,000 after purchasing an additional 1,469,915 shares during the last quarter. Finally, Sentry Investment Management LLC boosted its stake in Citigroup by 1.0% during the 2nd quarter. Sentry Investment Management LLC now owns 221,536 shares of the financial services provider’s stock valued at $14,816,000 after purchasing an additional 2,287 shares during the last quarter. 75.38% of the stock is owned by institutional investors.
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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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