Citigroup Inc. (NYSE:C – Get Free Report) has earned a consensus rating of “Moderate Buy” from the nineteen analysts that are covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $145.2222.
C has been the subject of several recent research reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $150.00 price objective on shares of Citigroup in a report on Wednesday, July 15th. Wells Fargo & Company upped their price objective on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Thursday, June 18th. Morgan Stanley increased their target price on shares of Citigroup from $154.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Evercore set a $143.00 target price on shares of Citigroup in a research note on Monday, July 6th. Finally, Bank of America boosted their price target on shares of Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th.
Get Our Latest Report on Citigroup
Citigroup Price Performance
Citigroup (NYSE:C – Get Free Report) last issued its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The firm had revenue of $24.77 billion for the quarter, compared to analyst estimates of $23.74 billion. During the same period in the previous year, the company posted $1.96 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. Analysts anticipate that Citigroup will post 11.2 earnings per share for the current year.
Citigroup announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 13.7% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
Citigroup Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a $0.67 dividend. The ex-dividend date is Monday, August 3rd. This represents a $2.68 dividend on an annualized basis and a yield of 1.9%. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s dividend payout ratio (DPR) is presently 28.94%.
Hedge Funds Weigh In On Citigroup
A number of large investors have recently made changes to their positions in C. Vega Investment Solutions lifted its holdings in Citigroup by 106.2% during the 2nd quarter. Vega Investment Solutions now owns 10,600 shares of the company’s stock worth $1,484,000 after purchasing an additional 5,460 shares in the last quarter. Twin Peaks Wealth Advisors LLC grew its holdings in Citigroup by 16.1% during the 2nd quarter. Twin Peaks Wealth Advisors LLC now owns 1,950 shares of the company’s stock valued at $273,000 after buying an additional 271 shares in the last quarter. Visionary Wealth Advisors increased its position in shares of Citigroup by 5.3% during the second quarter. Visionary Wealth Advisors now owns 9,442 shares of the company’s stock valued at $1,322,000 after buying an additional 477 shares during the period. GSG Advisors LLC bought a new stake in shares of Citigroup during the second quarter valued at about $200,000. Finally, Safeguard Investment Advisory Group LLC purchased a new stake in shares of Citigroup in the second quarter worth about $229,000. 71.72% of the stock is owned by institutional investors.
Key Citigroup News
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: New $380 billion Aegon mandate: Citi Investor Services won a full middle-office mandate from Aegon Asset Management, expanding an existing 20-year relationship. The contract adds to Citi’s custody, fund administration and related fee-generating services and strengthens its securities-services franchise. Citi Investor Services Wins US$380 Billion Middle Office Mandate from Aegon Asset Management
- Positive Sentiment: Kard acquisition expands consumer-card monetization: Citi’s U.S. Consumer Cards business agreed to acquire Kard Financial, a commerce-media and rewards platform. The deal is intended to improve personalized merchant offers, customer engagement and potential fee opportunities across Citi’s large card transaction base. Citi Expands Customer Engagement and Commerce Media Capabilities With Addition of Kard
- Positive Sentiment: Strong Asia ADR pipeline: Citi reportedly sees robust demand for American depositary receipts in Asia, particularly as technology companies seek funding. A stronger pipeline could support investment-banking fees and reinforce Citi’s international franchise. Citigroup Sees Robust ADR Pipeline in Asia on Tech Funding Drive
- Neutral Sentiment: Macro outlook remains important: CEO Jane Fraser discussed cooler inflation, the Federal Reserve’s rate path, corporate dealmaking regulation and AI investment. These factors could affect net interest income, credit conditions and investment-banking activity, but the remarks did not provide a clear near-term earnings change. This is the big UNKNOWN: Citigroup CEO analyzes US economy
- Neutral Sentiment: Funding activity under review: Recent fixed-income offerings provide investors with additional information about Citi’s funding mix and borrowing costs. The offerings may support liquidity, although higher funding expenses remain a consideration. Is Citigroup (C) Undervalued After Its Latest Bond Offerings?
Citigroup Company Profile
Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.
Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.
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