Citigroup Inc. (NYSE:C – Get Free Report) shares traded up 1.4% during mid-day trading on Thursday . The company traded as high as $62.97 and last traded at $62.97. 3,450,811 shares were traded during mid-day trading, a decline of 81% from the average session volume of 17,890,531 shares. The stock had previously closed at $62.10.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the stock. Royal Bank of Canada decreased their price objective on shares of Citigroup from $85.00 to $78.00 and set an “outperform” rating for the company in a research note on Wednesday. Morgan Stanley reduced their target price on shares of Citigroup from $110.00 to $109.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $92.00 price objective (down previously from $96.00) on shares of Citigroup in a research note on Wednesday. Truist Financial decreased their price objective on shares of Citigroup from $84.00 to $79.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Barclays raised shares of Citigroup from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $95.00 in a research note on Monday, January 6th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $84.61.
Check Out Our Latest Stock Analysis on C
Citigroup Price Performance
Citigroup (NYSE:C – Get Free Report) last announced its quarterly earnings data on Tuesday, April 15th. The company reported $1.96 EPS for the quarter, beating analysts’ consensus estimates of $1.84 by $0.12. The company had revenue of $21.60 billion during the quarter, compared to the consensus estimate of $21.34 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. On average, equities research analysts forecast that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.
Citigroup Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Monday, May 5th. Citigroup’s dividend payout ratio is presently 37.65%.
Citigroup declared that its board has authorized a stock repurchase program on Wednesday, January 15th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 13.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Insider Activity at Citigroup
In other Citigroup news, COO Anand Selvakesari sold 30,000 shares of the firm’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the transaction, the chief operating officer now directly owns 229,180 shares in the company, valued at $18,586,498. This trade represents a 11.57 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sara Wechter sold 15,125 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.01, for a total value of $1,225,276.25. Following the sale, the insider now owns 109,780 shares of the company’s stock, valued at approximately $8,893,277.80. This trade represents a 12.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,590 shares of company stock worth $8,523,149. 0.08% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Citigroup
A number of hedge funds have recently made changes to their positions in C. Geode Capital Management LLC grew its stake in shares of Citigroup by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 40,587,155 shares of the company’s stock valued at $2,853,484,000 after purchasing an additional 667,357 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Citigroup by 2.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 38,561,690 shares of the company’s stock valued at $2,714,359,000 after buying an additional 815,003 shares during the last quarter. FMR LLC increased its stake in shares of Citigroup by 29.7% in the 4th quarter. FMR LLC now owns 34,362,176 shares of the company’s stock valued at $2,418,754,000 after buying an additional 7,863,718 shares during the period. Franklin Resources Inc. raised its position in shares of Citigroup by 9.3% during the fourth quarter. Franklin Resources Inc. now owns 32,832,063 shares of the company’s stock worth $2,311,048,000 after acquiring an additional 2,804,850 shares during the last quarter. Finally, Capital World Investors lifted its stake in shares of Citigroup by 455.2% during the fourth quarter. Capital World Investors now owns 31,352,582 shares of the company’s stock valued at $2,206,908,000 after acquiring an additional 25,705,141 shares during the period. Institutional investors and hedge funds own 71.72% of the company’s stock.
About Citigroup
Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.
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