Zacks Investment Research Upgrades Citigroup Inc. (NYSE:C) to “Hold”
Citigroup Inc. (NYSE:C) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Citigroup’s shares outperformed the Zacks categorized Major Regional Banks industry over the last six months. We believe that the company’s restructuring and streamlining efforts, strategic investments in core business and expense management, should support profitability, going forward. Recent Fed's approval to the company's 2017 capital plan also remain encouraging. Moreover, recently approved the Financial Choice Act 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.”
C has been the topic of a number of other reports. Vetr cut Citigroup from a “strong-buy” rating to a “buy” rating and set a $66.90 price target on the stock. in a research note on Tuesday, April 25th. Jefferies Group LLC restated a “hold” rating and set a $68.00 price target on shares of Citigroup in a research note on Monday, May 15th. BMO Capital Markets restated a “buy” rating and set a $64.00 price target on shares of Citigroup in a research note on Thursday, June 1st. Keefe, Bruyette & Woods upgraded Citigroup from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $53.00 to $69.00 in a research note on Wednesday, April 5th. Finally, Rafferty Capital Markets restated a “buy” rating and set a $66.00 price target on shares of Citigroup in a research note on Monday, April 3rd. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $64.91.
Citigroup (NYSE C) traded up 0.41% on Friday, reaching $67.91. The company’s stock had a trading volume of 14,735,303 shares. The company has a 50 day moving average of $62.66 and a 200 day moving average of $60.18. Citigroup has a 52 week low of $40.03 and a 52 week high of $68.30. The firm has a market capitalization of $186.97 billion, a price-to-earnings ratio of 13.69 and a beta of 1.48.
Citigroup (NYSE:C) last released its quarterly earnings results 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. Citigroup had a return on equity of 7.38% and a net margin of 18.55%. The company had revenue of $18.12 billion for the quarter, compared to analysts’ expectations of $17.75 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. The firm’s revenue was up 3.2% compared to the same quarter last year. On average, analysts forecast that Citigroup will post $5.18 earnings per share for the current year.
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A number of institutional investors have recently added to or reduced their stakes in the stock. First National Bank of Mount Dora Trust Investment Services bought a new position in Citigroup during the second quarter valued at about $1,986,000. First American Trust FSB increased its position in Citigroup by 17.6% in the second quarter. First American Trust FSB now owns 105,892 shares of the financial services provider’s stock valued at $7,082,000 after buying an additional 15,858 shares in the last quarter. Independent Portfolio Consultants Inc. increased its position in Citigroup by 95.1% in the second quarter. Independent Portfolio Consultants Inc. now owns 47,749 shares of the financial services provider’s stock valued at $3,193,000 after buying an additional 23,272 shares in the last quarter. Triangle Securities Wealth Management increased its position in Citigroup by 16.1% in the second quarter. Triangle Securities Wealth Management now owns 20,262 shares of the financial services provider’s stock valued at $1,355,000 after buying an additional 2,810 shares in the last quarter. Finally, DnB Asset Management AS increased its position in Citigroup by 0.3% in the second quarter. DnB Asset Management AS now owns 1,935,851 shares of the financial services provider’s stock valued at $129,470,000 after buying an additional 4,876 shares in the last quarter. Institutional investors own 74.24% of the company’s stock.
Citigroup Company Profile
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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