Traders Buy Citigroup Inc. (C) on Weakness
Investors purchased shares of Citigroup Inc. (NYSE:C) on weakness during trading on Thursday. $200.63 million flowed into the stock on the tick-up and $180.48 million flowed out of the stock on the tick-down, for a money net flow of $20.15 million into the stock. Of all companies tracked, Citigroup had the 22nd highest net in-flow for the day. Citigroup traded down ($1.26) for the day and closed at $66.06
A number of research firms recently commented on C. ValuEngine raised shares of Citigroup from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 1st. Keefe, Bruyette & Woods set a $75.00 price objective on shares of Citigroup and gave the stock a “buy” rating in a research note on Sunday, August 13th. HSBC Holdings plc set a $74.00 price objective on shares of Citigroup and gave the stock a “hold” rating in a research note on Friday, August 11th. Wells Fargo & Company began coverage on shares of Citigroup in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $90.00 price objective for the company. Finally, Vetr raised shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 price objective for the company in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $69.08.
The stock has a market cap of $179.98 billion, a PE ratio of 13.23 and a beta of 1.47. The company has a 50-day moving average of $67.63 and a 200 day moving average of $63.18.
Citigroup (NYSE:C) last announced its earnings results on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.07. The business had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The firm’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.24 earnings per share. Analysts expect that Citigroup Inc. will post $5.22 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were paid a $0.32 dividend. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $1.28 dividend on an annualized basis and a yield of 1.94%. This is a boost from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s dividend payout ratio (DPR) is currently 25.55%.
Citigroup announced that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $15.60 billion in shares. This repurchase authorization permits the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the transaction, the insider now directly owns 56,394 shares of the company’s stock, valued at $3,889,494.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 77,570 shares in the company, valued at $5,239,853.50. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Citigroup by 2,718.7% in the first quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock valued at $11,749,573,000 after purchasing an additional 189,447,104 shares during the period. Vanguard Group Inc. raised its position in shares of Citigroup by 2.5% in the first quarter. Vanguard Group Inc. now owns 183,198,941 shares of the financial services provider’s stock valued at $10,958,960,000 after purchasing an additional 4,391,347 shares during the period. FMR LLC raised its position in shares of Citigroup by 3.8% in the second quarter. FMR LLC now owns 109,804,452 shares of the financial services provider’s stock valued at $7,343,721,000 after purchasing an additional 4,061,637 shares during the period. Bank of New York Mellon Corp raised its position in shares of Citigroup by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 46,110,561 shares of the financial services provider’s stock valued at $3,083,874,000 after purchasing an additional 2,943,282 shares during the period. Finally, Harris Associates L P raised its position in shares of Citigroup by 0.5% in the second quarter. Harris Associates L P now owns 41,350,951 shares of the financial services provider’s stock valued at $2,765,551,000 after purchasing an additional 221,171 shares during the period. 75.40% of the stock is currently owned by institutional investors.
Citigroup Company Profile
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.
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