Analysts Anticipate Citigroup Inc. (C) Will Announce Earnings of $1.28 Per Share
Brokerages expect Citigroup Inc. (NYSE:C) to report earnings per share (EPS) of $1.28 for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Citigroup’s earnings. The lowest EPS estimate is $1.17 and the highest is $1.37. Citigroup reported earnings per share of $1.25 in the same quarter last year, which indicates a positive year-over-year growth rate of 2.4%. The business is scheduled to report its next quarterly earnings results before the market opens on Thursday, October 12th.
On average, analysts expect that Citigroup will report full-year earnings of $5.24 per share for the current financial year, with EPS estimates ranging from $5.10 to $5.36. For the next fiscal year, analysts expect that the company will report earnings of $5.96 per share, with EPS estimates ranging from $5.47 to $6.40. Zacks Investment Research’s earnings per share averages are an average based on a survey of research analysts that that provide coverage for Citigroup.
Citigroup (NYSE:C) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.38 billion. During the same period last year, the company posted $1.24 earnings per share. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year.
C has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Citigroup from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. Vetr raised shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 price target for the company in a research note on Thursday, August 3rd. BMO Capital Markets reaffirmed a “buy” rating and issued a $64.00 price target on shares of Citigroup in a research note on Thursday, June 1st. Buckingham Research reaffirmed a “buy” rating and issued a $81.00 price target (up from $70.00) on shares of Citigroup in a research note on Monday, July 10th. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $72.00 price target (up from $64.00) on shares of Citigroup in a research note on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. Citigroup currently has a consensus rating of “Buy” and a consensus target price of $68.99.
Citigroup (C) opened at 69.22 on Friday. The stock has a market capitalization of $188.61 billion, a PE ratio of 13.86 and a beta of 1.47. Citigroup has a one year low of $45.16 and a one year high of $69.86. The firm has a 50-day moving average of $67.83 and a 200-day moving average of $63.44.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Monday, August 7th were issued a dividend of $0.32 per share. This is an increase from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend was Thursday, August 3rd. Citigroup’s dividend payout ratio is currently 25.55%.
Citigroup announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $15.60 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 8.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
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In other Citigroup news, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $67.55, for a total value of $2,702,000.00. Following the completion of the sale, the chief executive officer now directly owns 77,570 shares of the company’s stock, valued at approximately $5,239,853.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the sale, the insider now directly owns 56,394 shares of the company’s stock, valued at $3,889,494.18. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of C. BlackRock Inc. raised its stake in shares of Citigroup by 2,718.7% in the 1st quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock valued at $11,749,573,000 after buying an additional 189,447,104 shares in the last quarter. FMR LLC raised its stake in shares of Citigroup by 18.2% in the 1st quarter. FMR LLC now owns 105,742,815 shares of the financial services provider’s stock valued at $6,325,535,000 after buying an additional 16,257,931 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Citigroup by 31.3% in the 1st quarter. Bank of New York Mellon Corp now owns 43,167,279 shares of the financial services provider’s stock valued at $2,582,269,000 after buying an additional 10,294,403 shares in the last quarter. Harris Associates L P raised its stake in shares of Citigroup by 25.9% in the 1st quarter. Harris Associates L P now owns 41,129,780 shares of the financial services provider’s stock valued at $2,460,384,000 after buying an additional 8,464,257 shares in the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of Citigroup by 109.5% in the 2nd quarter. Lazard Asset Management LLC now owns 9,292,727 shares of the financial services provider’s stock valued at $621,497,000 after buying an additional 4,856,866 shares in the last quarter. 75.40% of the stock is owned by hedge funds and other institutional investors.
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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