Citigroup Stock Rating Reaffirmed by Zacks (C)
Citigroup (NYSE:C)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Wednesday. They currently have a $55.00 price target on the stock. Zacks‘s price objective indicates a potential upside of 5.51% from the company’s current price.
Zacks’ analyst wrote, “Continuing the positive note, Citigroup reported impressive second-quarter 2014 results. Adjusted earnings surpassed the Zacks Consensus Estimate. However, earnings were below the year-ago figure. Notably, prior to the earnings release, Citigroup struck a deal with the U.S. Department of Justice (DOJ), several state attorneys general (State AGs) and the Federal Deposit Insurance Corporation (the FDIC) worth $7 billion. Though revenues declined, 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. 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.”
In other Citigroup news, CFO John C. Gerspach sold 2,000 shares of Citigroup stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $48.55, for a total value of $97,100.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of Citigroup (NYSE:C) traded down 0.54% during mid-day trading on Wednesday, hitting $51.85. 6,905,681 shares of the company’s stock traded hands. Citigroup has a 52 week low of $45.18 and a 52 week high of $55.28. The stock’s 50-day moving average is $49.11 and its 200-day moving average is $48.31. The company has a market cap of $157.2 billion and a P/E ratio of 17.15.
Citigroup (NYSE:C) last released its earnings data on Monday, July 14th. The company reported $1.24 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.10 by $0.14. The company had revenue of $19.38 billion for the quarter, compared to the consensus estimate of $18.94 billion. During the same quarter last year, the company posted $1.25 earnings per share. On average, analysts predict that Citigroup will post $3.64 earnings per share for the current fiscal year.
A number of other firms have also recently commented on C. Analysts at S&P Equity Research reiterated a “hold” rating on shares of Citigroup in a research note on Tuesday, July 15th. Separately, analysts at Oppenheimer raised their price target on shares of Citigroup from $67.00 to $68.00 in a research note on Tuesday, July 15th. They now have an “outperform” rating on the stock. Finally, analysts at Keefe, Bruyette & Woods initiated coverage on shares of Citigroup in a research note on Tuesday, July 8th. They set a “market perform” rating and a $52.00 price target on the stock. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Citigroup has a consensus rating of “Buy” and a consensus target price of $58.50.
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.
To view Zacks’ full report, visit Zacks’ official website.
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