Citigroup (NYSE:C – Free Report) had its price objective raised by JPMorgan Chase & Co. from $135.50 to $149.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.
Other equities analysts have also issued research reports about the stock. Wells Fargo & Company increased their target price on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, June 18th. Evercore set a $139.00 price target on shares of Citigroup in a research note on Wednesday, April 15th. Oppenheimer cut Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods lifted their price objective on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Finally, Jefferies Financial Group initiated coverage on shares of Citigroup in a research note on Thursday, March 26th. They set a “buy” rating and a $135.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $141.71.
View Our Latest Research Report on Citigroup
Citigroup Stock Performance
Citigroup (NYSE:C – Get Free Report) last released its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.63 by $0.43. The company had revenue of $24.63 billion during the quarter, compared to analysts’ expectations of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.96 earnings per share. On average, equities analysts forecast that Citigroup will post 10.83 EPS for the current year.
Citigroup announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 7th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 13.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
Insider Activity at Citigroup
In other news, insider Edward Skyler sold 25,000 shares of the firm’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the sale, the insider owned 182,022 shares in the company, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the transaction, the director directly owned 12,194 shares in the company, valued at $1,527,908.20. This trade represents a 14.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.11% of the company’s stock.
Institutional Investors Weigh In On Citigroup
Several hedge funds have recently made changes to their positions in C. Truist Financial Corp raised its position in shares of Citigroup by 4.7% during the 4th quarter. Truist Financial Corp now owns 375,977 shares of the company’s stock valued at $43,873,000 after acquiring an additional 16,744 shares during the last quarter. Gunderson Capital Management Inc. acquired a new stake in shares of Citigroup during the fourth quarter worth about $7,165,000. Brighton Jones LLC lifted its holdings in shares of Citigroup by 166.9% in the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after purchasing an additional 12,499 shares in the last quarter. UniSuper Management Pty Ltd raised its holdings in Citigroup by 38.8% during the fourth quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company’s stock worth $152,496,000 after acquiring an additional 365,041 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in Citigroup by 11.8% during the fourth quarter. Nordea Investment Management AB now owns 7,986,407 shares of the company’s stock worth $933,891,000 after acquiring an additional 844,056 shares in the last quarter. Institutional investors own 71.72% of the company’s stock.
Trending Headlines about Citigroup
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: JPMorgan raised its price target on Citigroup to $149 from $135.50 and reiterated an Overweight rating, signaling confidence in further upside ahead of earnings. Benzinga report on JPMorgan price target increase
- Positive Sentiment: Analysts expect U.S. bank earnings, including Citigroup (C), to benefit from a surge in sales and trading revenue and solid M&A advisory fees, helped in part by the blockbuster SpaceX IPO. Reuters article on Wall Street bank earnings
- Positive Sentiment: Citigroup was highlighted in a broader bullish note on big-bank stocks, with JPMorgan saying investment-banking and trading revenues may exceed prior guidance and lifting targets across the group. Yahoo Finance article on bank stocks rallying ahead of earnings
- Positive Sentiment: Citigroup also announced a new expansion in its commodities business by becoming a clearing member of London Precious Metals Clearing Limited, broadening its gold, silver, platinum and palladium settlement services. Business Wire article on Citi precious metals clearing
- Neutral Sentiment: Multiple pieces noted that Citigroup (C) is expected to report quarterly earnings on Tuesday, with consensus calling for higher EPS year over year; the report itself is the main near-term catalyst. American Banking News earnings preview
- Neutral Sentiment: Citigroup was also mentioned for appointing Citi as depositary bank for Vicore Pharma’s ADR program, a routine fee-generating services win with limited immediate stock impact. Yahoo Finance article on Vicore Pharma ADR appointment
About Citigroup
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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