Traders Buy Citigroup Inc. (C) on Weakness
Investors bought shares of Citigroup Inc. (NYSE:C) on weakness during trading hours on Thursday. $119.46 million flowed into the stock on the tick-up and $87.63 million flowed out of the stock on the tick-down, for a money net flow of $31.83 million into the stock. Of all companies tracked, Citigroup had the 11th highest net in-flow for the day. Citigroup traded down ($0.13) for the day and closed at $46.50
C has been the subject of several recent research reports. Deutsche Bank AG reiterated a “hold” rating on shares of Citigroup in a research note on Saturday, June 4th. Credit Suisse Group AG reiterated a “buy” rating on shares of Citigroup in a research note on Saturday, July 9th. Jefferies Group reiterated a “buy” rating on shares of Citigroup in a research note on Sunday, July 10th. Vetr upgraded shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $47.21 target price for the company in a research note on Tuesday, July 5th. Finally, Argus reiterated a “hold” rating on shares of Citigroup in a research note on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $55.49.
The company has a 50-day moving average of $44.12 and a 200 day moving average of $43.15. The company has a market capitalization of $135.10 billion and a price-to-earnings ratio of 9.84.
Citigroup (NYSE:C) last posted its 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. During the same period last year, the business posted $1.45 earnings per share. The business earned $17.55 billion during the quarter, compared to analysts’ expectations of $17.47 billion. The company’s revenue for the quarter was down 9.9% compared to the same quarter last year. Equities research analysts predict that Citigroup Inc. will post $4.63 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 26th. Investors of record on Monday, August 1st will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.38%. This is a positive change from Citigroup’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Thursday, July 28th.
In related news, insider Joseph Michael Murray sold 8,122 shares of the firm’s stock in a transaction on Wednesday, July 20th. The shares were sold at an average price of $44.35, for a total value of $360,210.70. Following the completion of the transaction, the insider now directly owns 35,042 shares of the company’s stock, valued at $1,554,112.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
A number of hedge funds and institutional investors have recently bought and sold shares of the company. Aberdeen Asset Management PLC UK raised its position in Citigroup by 4.2% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 1,877,074 shares of the financial services provider’s stock valued at $98,565,000 after buying an additional 76,153 shares during the last quarter. L & S Advisors Inc acquired a new stake in Citigroup during the fourth quarter valued at $9,026,000. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in Citigroup by 5.2% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 399,324 shares of the financial services provider’s stock valued at $20,665,000 after buying an additional 19,735 shares during the period. Schroder Investment Management Group increased its stake in 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 period. Finally, Whittier Trust Co. of Nevada Inc. increased its stake in Citigroup by 4.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 70,053 shares of the financial services provider’s stock valued at $3,625,000 after buying an additional 3,141 shares during the period.
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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