Traders Buy Citigroup Inc. (C) on Weakness
Investors bought shares of Citigroup Inc. (NYSE:C) on weakness during trading hours on Friday. $137.57 million flowed into the stock on the tick-up and $59.96 million flowed out of the stock on the tick-down, for a money net flow of $77.61 million into the stock. Of all stocks tracked, Citigroup had the 12th highest net in-flow for the day. Citigroup traded down ($0.27) for the day and closed at $43.81
Several equities analysts recently weighed in on C shares. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $63.00 price objective (down previously from $70.00) on shares of Citigroup in a research report on Wednesday, July 6th. Vetr downgraded Citigroup from a “strong-buy” rating to a “buy” rating and set a $48.04 price target on the stock. in a report on Monday, June 27th. Drexel Hamilton reiterated a “buy” rating and set a $65.00 price target on shares of Citigroup in a report on Monday, July 18th. Wells Fargo & Co. downgraded Citigroup from an “outperform” rating to a “market perform” rating in a report on Friday, July 8th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $66.00 price target (up previously from $63.00) on shares of Citigroup in a report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have given a buy rating to the company’s stock. Citigroup currently has an average rating of “Buy” and a consensus price target of $56.01.
The firm has a market capitalization of $127.29 billion and a price-to-earnings ratio of 9.27. The stock’s 50-day moving average price is $42.84 and its 200-day moving average price is $42.83.
Citigroup (NYSE:C) last posted its quarterly earnings results on Friday, July 15th. The financial services provider reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.14. The business earned $17.55 billion during the quarter, compared to the consensus estimate of $17.47 billion. During the same quarter last year, the company posted $1.45 EPS. The firm’s revenue was down 9.9% on a year-over-year basis. Equities analysts predict that Citigroup Inc. will post $4.63 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Monday, August 1st will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend is Thursday, July 28th. This is a boost from Citigroup’s previous quarterly dividend of $0.05.
In related news, insider Joseph Michael Murray sold 8,122 shares of the stock in a transaction on Wednesday, July 20th. The stock was sold at an average price of $44.35, for a total value of $360,210.70. Following the sale, the insider now owns 35,042 shares in the company, valued at approximately $1,554,112.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
A number of hedge funds and institutional investors have recently modified their holdings of C. BlackRock Advisors LLC raised its position in shares of Citigroup by 1.6% in the fourth quarter. BlackRock Advisors LLC now owns 29,497,830 shares of the financial services provider’s stock worth $1,526,513,000 after buying an additional 458,911 shares in the last quarter. Oarsman Capital Inc. raised its position in shares of Citigroup by 6.7% in the fourth quarter. Oarsman Capital Inc. now owns 67,386 shares of the financial services provider’s stock worth $3,487,000 after buying an additional 4,227 shares in the last quarter. State of Tennessee Treasury Department raised its position in shares of Citigroup by 3.7% in the fourth quarter. State of Tennessee Treasury Department now owns 3,153,916 shares of the financial services provider’s stock worth $163,216,000 after buying an additional 112,692 shares in the last quarter. Ashburton Jersey Ltd purchased a new position in shares of Citigroup during the fourth quarter worth approximately $14,248,000. Finally, Gluskin Sheff & Assoc Inc. purchased a new position in shares of Citigroup during the fourth quarter worth approximately $39,917,000.
Citigroup Inc (Citi) is a financial services holding company, whose businesses provide consumers, corporations, governments and institutions with 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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