Citigroup (NYSE:C – Free Report) had its price objective reduced by JPMorgan Chase & Co. from $149.00 to $147.00 in a research report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.
Several other brokerages have also commented on C. UBS Group dropped their price objective on Citigroup from $150.00 to $142.00 and set a “neutral” rating on the stock in a report on Monday, August 3rd. Royal Bank Of Canada reissued an “outperform” rating and issued a $150.00 price target on shares of Citigroup in a research note on Wednesday, July 15th. Bank of America upped their price objective on shares of Citigroup from $170.00 to $176.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Wall Street Zen cut shares of Citigroup from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Wells Fargo & Company raised their price target on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $149.22.
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Citigroup Stock Down 0.1%
Citigroup (NYSE:C – Get Free Report) last posted 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. The firm had revenue of $24.77 billion during the quarter, compared to analysts’ expectations of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.96 EPS. As a group, sell-side analysts anticipate that Citigroup will post 11.19 earnings per share for the current year.
Citigroup Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Monday, August 3rd were paid a $0.67 dividend. This is an increase from Citigroup’s previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a yield of 2.1%. The ex-dividend date was Monday, August 3rd. Citigroup’s payout ratio is currently 28.94%.
Institutional Trading of Citigroup
Institutional investors have recently modified their holdings of the stock. Compass Financial Management LLC acquired a new stake in shares of Citigroup during the second quarter worth about $898,000. UniSuper Management Pty Ltd boosted its position in shares of Citigroup by 38.8% in the 4th quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company’s stock valued at $152,496,000 after purchasing an additional 365,041 shares during the period. Andra AP fonden boosted its position in shares of Citigroup by 22.3% in the 2nd quarter. Andra AP fonden now owns 274,600 shares of the company’s stock valued at $38,433,000 after purchasing an additional 50,100 shares during the period. Saudi Central Bank grew its stake in Citigroup by 80.8% during the 2nd quarter. Saudi Central Bank now owns 119,392 shares of the company’s stock worth $16,710,000 after buying an additional 53,348 shares during the last quarter. Finally, Vestor Capital LLC increased its position in Citigroup by 4,918,233.3% during the first quarter. Vestor Capital LLC now owns 295,100 shares of the company’s stock worth $33,467,000 after buying an additional 295,094 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.
Key Headlines Impacting Citigroup
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Multi-market payments expansion: Citi launched access to multiple cross-border instant-payment systems through a single account setup on the Swift network. The offering could strengthen Citi’s transaction-banking franchise, reduce client onboarding friction and create longer-term fee opportunities. Citigroup Opens Single Account Access to Multi-Market Instant Payments
- Positive Sentiment: Constructive earnings outlook: A Q3 preview argued that Citi’s earnings should remain solid despite macroeconomic risks. That view follows the company’s latest quarterly results, when it exceeded consensus estimates for both earnings and revenue, with revenue rising 14.5% year over year. Citigroup Q3 Preview
- Positive Sentiment: Potentially friendlier capital planning: The Federal Reserve’s proposed stress-test changes could reduce swings in banks’ capital requirements and improve planning visibility for Citi. Any eventual reduction in capital uncertainty could support buybacks, dividends or lending capacity. Fed Revamps Bank Stress Tests
- Neutral Sentiment: Research and product activity: Citi raised its Bitcoin and Ethereum forecasts and continues expanding structured-product offerings. These developments may enhance trading and investment-banking activity, but they are unlikely to materially change near-term results for C. Citigroup Raises One-Year Bitcoin Forecast
- Negative Sentiment: Target-price reduction and macro concerns: JPMorgan lowered its Citi price target from $149 to $147, although it retained an Overweight rating. Separately, Citi warned that bond-market volatility driven by the long end of the yield curve could pressure risk assets, while oil-related inflation adds uncertainty around interest rates. JPMorgan Lowers Citigroup Price Target Citi Warns on Rate Volatility
Citigroup Company Profile
Citigroup Inc is a global financial services company headquartered in New York City and listed on the New York Stock Exchange under the symbol C. Through its subsidiaries and businesses, Citi provides banking, lending, investment, payments, wealth management and other financial services to consumers, businesses, governments and institutional clients.
Citi’s principal businesses include Services, which supports institutional clients with treasury, trade, securities services and related solutions; Markets, which provides sales, trading, research and financing services; Banking, which offers investment banking and corporate banking; and Wealth, which provides private banking and wealth management.
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