Traders Buy Shares of Citigroup Inc. (C) on Weakness
Traders bought shares of Citigroup Inc. (NYSE:C) on weakness during trading hours on Friday. $118.92 million flowed into the stock on the tick-up and $76.10 million flowed out of the stock on the tick-down, for a money net flow of $42.82 million into the stock. Of all stocks tracked, Citigroup had the 10th highest net in-flow for the day. Citigroup traded down ($0.15) for the day and closed at $45.58
A number of equities analysts have recently issued reports on the company. Deutsche Bank AG reaffirmed a “hold” rating on shares of Citigroup in a research report on Saturday, June 4th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Citigroup in a research report on Sunday, April 17th. Jefferies Group reissued a “buy” rating on shares of Citigroup in a research report on Sunday, July 10th. Vetr raised Citigroup from a “buy” rating to a “strong-buy” rating and set a $47.21 target price on the stock in a research report on Tuesday, July 5th. Finally, Morgan Stanley reissued a “hold” rating and issued a $50.00 target price on shares of Citigroup in a research report on Tuesday, April 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and sixteen have assigned a buy rating to the stock. Citigroup currently has a consensus rating of “Buy” and a consensus target price of $55.96.
The stock has a 50 day moving average price of $43.41 and a 200 day moving average price of $42.99. The stock has a market capitalization of $132.43 billion and a price-to-earnings ratio of 9.65.
Citigroup (NYSE:C) last released its quarterly earnings data on Friday, July 15th. The financial services provider reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.14. The company had revenue of $17.55 billion for the quarter, compared to analysts’ expectations of $17.47 billion. The firm’s quarterly revenue was down 9.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.45 EPS. Analysts forecast that Citigroup Inc. will post $4.62 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Monday, August 1st will be issued a dividend of $0.16 per share. This is a boost from Citigroup’s previous quarterly dividend of $0.05. This represents a $0.64 dividend on an annualized basis and a yield of 1.40%. The ex-dividend date is Thursday, July 28th.
In other Citigroup news, insider Joseph Michael Murray sold 8,122 shares of the company’s stock in a transaction dated Wednesday, July 20th. The shares were 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 of the company’s stock, valued at $1,554,112.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Several hedge funds have made changes to their positions in the stock. BNP Paribas Arbitrage SA increased its stake in shares of Citigroup by 89.9% in the fourth quarter. BNP Paribas Arbitrage SA now owns 14,817,113 shares of the financial services provider’s stock valued at $393,357,000 after buying an additional 7,013,858 shares during the period. Jennison Associates LLC increased its position in shares of Citigroup by 60.5% in the fourth quarter. Jennison Associates LLC now owns 14,682,508 shares of the financial services provider’s stock valued at $759,820,000 after buying an additional 5,533,946 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Citigroup by 12.6% in the fourth quarter. Schroder Investment Management Group now owns 10,023,022 shares of the financial services provider’s stock valued at $518,691,000 after buying an additional 1,118,933 shares during the last quarter. Gluskin Sheff & Assoc Inc. purchased a new position in shares of Citigroup during the fourth quarter valued at about $39,917,000. Finally, Standard Life Investments LTD increased its position in shares of Citigroup by 4.6% in the fourth quarter. Standard Life Investments LTD now owns 16,475,624 shares of the financial services provider’s stock valued at $852,696,000 after buying an additional 731,328 shares during the last quarter.
Citigroup Inc (Citi) is a financial services holding company. The Company’s 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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