Citigroup Stock Rating Reaffirmed by Zacks (C)
Citigroup (NYSE:C)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Friday. They currently have a $50.00 price objective on the stock. Zacks‘s price objective would indicate a potential upside of 5.75% from the stock’s previous close.
Zacks’ analyst wrote, “Following a disappointing second-half 2013, Citigroup reported impressive first-quarter 2014 results. Driven by prudent expense management, earnings outpaced the Zacks Consensus Estimate as well as the prior-year period earnings. Though fall in revenues was recorded, on the whole, its profit level outpaced expectations. We believe the company’s global footprint and attractive core business are impressive. Yet, a low interest-rate environment and regulatory issues along with litigation risks remain headwinds. Further, the 2014 capital plan rejection is a matter of concern. Considering the tepid economic recovery and expected slump in trading revenues, we believe that robust top-line expansion will remain elusive in the near term. “
C has been the subject of a number of other recent research reports. Analysts at HSBC initiated coverage on shares of Citigroup in a research note on Wednesday, May 21st. They set a “buy” rating and a $56.00 price target on the stock. Separately, analysts at MKM Partners initiated coverage on shares of Citigroup in a research note on Wednesday, May 21st. They set a “buy” rating and a $56.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “hold” rating on shares of Citigroup in a research note on Thursday, April 24th. They now have a $51.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $58.68.
Shares of Citigroup (NYSE:C) traded up 0.51% during mid-day trading on Friday, hitting $47.52. The stock had a trading volume of 6,092,357 shares. Citigroup has a 1-year low of $45.06 and a 1-year high of $55.28. The stock’s 50-day moving average is $47.33 and its 200-day moving average is $49.52. The company has a market cap of $144.4 billion and a P/E ratio of 10.87.
Citigroup (NYSE:C) last announced its earnings results on Monday, April 14th. The company reported $1.30 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.16 by $0.14. The company had revenue of $20.10 billion for the quarter, compared to the consensus estimate of $19.38 billion. During the same quarter last year, the company posted $1.29 earnings per share. On average, analysts predict that Citigroup will post $4.73 earnings per share for the current fiscal year.
In other Citigroup news, Director William Thompson purchased 40,228 shares of the stock on the open market in a transaction that occurred on Tuesday, May 20th. The stock was purchased at an average cost of $37.32 per share, for a total transaction of $1,501,308.96. Following the transaction, the director now directly owns 6,438 shares of the company’s stock, valued at approximately $240,266. The purchase was disclosed in a legal filing with the SEC, which is available at this link.
Citigroup Inc (NYSE:C) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
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