Traders Sell Citigroup Inc (C) on Strength (C)
Investors sold shares of Citigroup Inc (NYSE:C) on strength during trading hours on Monday. $100.24 million flowed into the stock on the tick-up and $155.91 million flowed out of the stock on the tick-down, for a money net flow of $55.67 million out of the stock. Of all companies tracked, Citigroup had the 10th highest net out-flow for the day. Citigroup traded up $0.55 for the day and closed at $68.58
Several equities analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Citigroup from a “sell” rating to a “hold” rating in a report on Friday, July 7th. Vetr upgraded shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 target price on the stock in a report on Thursday, August 3rd. Jefferies Group LLC reiterated a “hold” rating and issued a $68.00 target price on shares of Citigroup in a report on Monday, May 15th. BMO Capital Markets reiterated a “buy” rating and issued a $64.00 target price on shares of Citigroup in a report on Thursday, June 1st. Finally, Buckingham Research reiterated a “buy” rating and issued a $81.00 target price (up from $70.00) on shares of Citigroup in a report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $69.08.
The company’s 50 day moving average price is $67.61 and its 200 day moving average price is $63.02. The stock has a market cap of $186.85 billion, a P/E ratio of 13.73 and a beta of 1.47.
Citigroup (NYSE:C) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.07. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a net margin of 21.69% and a return on equity of 6.66%. The business’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.24 earnings per share. On average, analysts anticipate that Citigroup Inc will post $5.22 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Monday, August 7th were paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend was Thursday, August 3rd. This is a positive change from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s payout ratio is 25.55%.
Citigroup announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $15.60 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other Citigroup news, CEO Francisco Aristeguieta sold 40,000 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the completion of the sale, the chief executive officer now owns 77,570 shares in the company, valued at $5,239,853.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jeffrey R. Walsh sold 5,000 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $68.97, for a total transaction of $344,850.00. Following the sale, the insider now owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Intl Fcstone Inc. bought a new stake in Citigroup during the second quarter valued at $291,000. Gs Investments Inc. bought a new stake in Citigroup during the second quarter valued at $301,000. Lord Abbett & CO. LLC increased its stake in Citigroup by 223.8% during the second quarter. Lord Abbett & CO. LLC now owns 2,126,630 shares of the financial services provider’s stock valued at $142,229,000 after purchasing an additional 1,469,915 shares during the last quarter. Sentry Investment Management LLC increased its stake in Citigroup by 1.0% during the second quarter. Sentry Investment Management LLC now owns 221,536 shares of the financial services provider’s stock valued at $14,816,000 after purchasing an additional 2,287 shares during the last quarter. Finally, WFG Advisors LP increased its stake in Citigroup by 25.3% during the second quarter. WFG Advisors LP now owns 8,948 shares of the financial services provider’s stock valued at $598,000 after purchasing an additional 1,807 shares during the last quarter. Hedge funds and other institutional investors own 75.40% of the company’s stock.
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Citigroup Inc (Citi) is a financial services holding company. The Company’s whose 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.