Investors Buy Citigroup Inc. (C) on Weakness
Investors bought shares of Citigroup Inc. (NYSE:C) on weakness during trading hours on Friday. $156.63 million flowed into the stock on the tick-up and $106.12 million flowed out of the stock on the tick-down, for a money net flow of $50.51 million into the stock. Of all equities tracked, Citigroup had the 17th highest net in-flow for the day. Citigroup traded down ($0.36) for the day and closed at $71.40
Several equities analysts have recently commented on the company. UBS AG upgraded Citigroup from a “sell” rating to a “neutral” rating and increased their target price for the company from $58.00 to $64.00 in a research note on Friday, June 9th. Keefe, Bruyette & Woods set a $75.00 price objective on Citigroup and gave the stock a “buy” rating in a research note on Sunday, August 13th. BidaskClub upgraded Citigroup from a “hold” rating to a “buy” rating in a research note on Thursday. Wells Fargo & Company assumed coverage on Citigroup in a research note on Wednesday, August 9th. They set an “outperform” rating and a $90.00 price objective on the stock. Finally, BMO Capital Markets restated a “buy” rating and set a $64.00 price objective on shares of Citigroup in a research note on Thursday, June 1st. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $70.08.
The firm has a market cap of $194.53 billion, a P/E ratio of 14.29 and a beta of 1.47. The company’s 50-day moving average price is $68.04 and its 200 day moving average price is $63.70.
Citigroup (NYSE:C) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.07. The company had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The business’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.24 earnings per share. On average, equities research analysts predict that Citigroup Inc. will post $5.21 EPS for the current fiscal year.
The firm also recently disclosed 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 1.79%. This is a positive change from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s payout ratio is currently 25.55%.
Citigroup declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of the business’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the sale, the insider now owns 56,394 shares in the company, valued at $3,889,494.18. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Francisco Aristeguieta sold 40,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total value of $2,702,000.00. Following the sale, the chief executive officer now owns 77,570 shares of the company’s stock, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Catamount Wealth Management bought a new stake in shares of Citigroup during the second quarter worth $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. raised its position in shares of Citigroup by 206.0% during the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,530 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 1,030 shares during the last quarter. Patten Group Inc. raised its position in shares of Citigroup by 6.6% during the first quarter. Patten Group Inc. now owns 1,765 shares of the financial services provider’s stock worth $105,000 after acquiring an additional 110 shares during the last quarter. Dubuque Bank & Trust Co. raised its position in shares of Citigroup by 60.8% during the second quarter. Dubuque Bank & Trust Co. now owns 1,584 shares of the financial services provider’s stock worth $106,000 after acquiring an additional 599 shares during the last quarter. Finally, Balentine LLC raised its position in shares of Citigroup by 20.2% during the second quarter. Balentine LLC now owns 1,617 shares of the financial services provider’s stock worth $108,000 after acquiring an additional 272 shares during the last quarter. Institutional investors own 75.38% of the company’s stock.
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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