Citigroup Inc. (C) Downgraded by Zacks Investment Research
Citigroup Inc. (NYSE:C) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Citigroup’s shares outperformed the Zacks categorized Major Regional Banks industry year-to-date. We believe that the company’s restructuring and streamlining efforts, strategic investments in core business and expense management, should support profitability, going forward. Recently, the firm has entered into an agreement to vend its Fixed Income Analytics and Index Businesses to London Stock Exchange Group plc. to focus on core operations. Moreover, recently approved the Financial Choice Act to eradicate a number of core financial regulations will act as a tailwind for the company in coming quarters. However, several issues including litigation burden keep us apprehensive. Moreover, inspite of rising rates, margin is under pressure.”
Other equities analysts have also issued reports about the company. Jefferies Group LLC reiterated a “hold” rating and issued a $68.00 price objective on shares of Citigroup in a research note on Friday, May 5th. Keefe, Bruyette & Woods set a $69.00 price target on Citigroup and gave the company a “buy” rating in a research note on Thursday, June 8th. Bank of America Corporation restated a “buy” rating and set a $68.00 price target (up from $64.00) on shares of Citigroup in a research note on Tuesday, June 13th. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $78.00 price target (up from $77.00) on shares of Citigroup in a research note on Thursday, May 4th. Finally, BidaskClub upgraded Citigroup from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $64.65.
Shares of Citigroup (NYSE C) traded up 1.2003% during midday trading on Monday, reaching $64.6569. The company’s stock had a trading volume of 3,285,815 shares. The stock’s 50-day moving average is $61.54 and its 200 day moving average is $59.75. The stock has a market capitalization of $178.02 billion, a P/E ratio of 13.0304 and a beta of 1.48. Citigroup has a 12 month low of $38.31 and a 12 month high of $65.40.
Citigroup (NYSE:C) last posted its quarterly earnings data on Thursday, April 13th. The financial services provider reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.11. The business had revenue of $18.12 billion for the quarter, compared to analyst estimates of $17.75 billion. Citigroup had a return on equity of 7.38% and a net margin of 18.55%. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.10 earnings per share. On average, analysts expect that Citigroup will post $5.19 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 26th. Stockholders of record on Monday, May 1st were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, April 27th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.00%. Citigroup’s dividend payout ratio is 12.88%.
Several institutional investors have recently bought and sold shares of the company. Johnson Financial Group Inc. increased its stake in shares of Citigroup by 48.1% in the fourth quarter. Johnson Financial Group Inc. now owns 38,141 shares of the financial services provider’s stock valued at $2,267,000 after buying an additional 12,388 shares during the period. Sullivan Bruyette Speros & Blaney LLC purchased a new stake in shares of Citigroup during the fourth quarter valued at about $343,000. ING Groep NV increased its stake in shares of Citigroup by 155.2% in the fourth quarter. ING Groep NV now owns 483,974 shares of the financial services provider’s stock valued at $28,738,000 after buying an additional 294,303 shares during the period. Calamos Advisors LLC increased its stake in shares of Citigroup by 6.3% in the fourth quarter. Calamos Advisors LLC now owns 2,289,455 shares of the financial services provider’s stock valued at $136,062,000 after buying an additional 135,744 shares during the period. Finally, Pitcairn Co. increased its stake in shares of Citigroup by 16.3% in the fourth quarter. Pitcairn Co. now owns 11,955 shares of the financial services provider’s stock valued at $710,000 after buying an additional 1,677 shares during the period. Institutional investors own 74.24% 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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