Citigroup (NYSE:C) Issues Earnings Results, Beats Estimates By $0.43 EPS

Citigroup (NYSE:C) posted its earnings results on Tuesday. The company reported $3.15 EPS for the quarter, beating the consensus estimate of $2.72 by $0.43, Briefing.com reports. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The company’s revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.96 EPS.

Citigroup Price Performance

NYSE C opened at $140.56 on Tuesday. Citigroup has a 1 year low of $86.22 and a 1 year high of $147.96. The business’s fifty day moving average is $133.96 and its two-hundred day moving average is $123.03. The stock has a market capitalization of $239.74 billion, a P/E ratio of 17.42, a P/E/G ratio of 0.66 and a beta of 1.11. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup beat earnings expectations by a wide margin, which supports the stock and reinforces improving profitability trends. Press Release
• Positive Sentiment: Revenue growth of 14.5% year over year indicates solid business momentum and better operating leverage. Slide Deck
• Neutral Sentiment: Broad market attention is on big-bank earnings and inflation data, which could create volatility around the stock even after the report. Article
• Neutral Sentiment: Citi analysts also said U.S. equity positioning weakened last week, suggesting a less conviction-driven market backdrop. Article

Citigroup declared that its board has initiated a stock buyback plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 13.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

C has been the subject of several research analyst reports. Evercore set a $143.00 price objective on shares of Citigroup in a report on Monday, July 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Citigroup in a report on Monday, April 20th. Oppenheimer lowered Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Truist Financial boosted their price objective on Citigroup from $147.00 to $158.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Finally, Barclays upped their price objective on Citigroup from $146.00 to $154.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $145.00.

Insider Buying and Selling at Citigroup

In other news, Director John Cunningham Dugan sold 2,117 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the sale, the director directly owned 12,194 shares of the company’s stock, valued at $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the completion of the transaction, the insider owned 182,022 shares of the company’s stock, valued at $23,919,511.02. This trade represents a 12.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.11% of the company’s stock.

Institutional Trading of Citigroup

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Mcguire Capital Advisors Inc. purchased a new position in shares of Citigroup in the fourth quarter worth approximately $25,000. Litman Gregory Wealth Management LLC acquired a new position in Citigroup in the 4th quarter worth approximately $34,000. Bank of Jackson Hole Trust boosted its stake in Citigroup by 235.8% in the 4th quarter. Bank of Jackson Hole Trust now owns 403 shares of the company’s stock worth $47,000 after purchasing an additional 283 shares during the period. JPL Wealth Management LLC purchased a new position in Citigroup during the 3rd quarter worth approximately $50,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Citigroup during the 4th quarter worth approximately $57,000. Institutional investors and hedge funds own 71.72% of the company’s stock.

Citigroup Company Profile

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.