Citigroup’s (C) “Overweight” Rating Reaffirmed at Atlantic Securities
Citigroup Inc. (NYSE:C)‘s stock had its “overweight” rating restated by Atlantic Securities in a report released on Tuesday. They presently have a $85.00 target price on the financial services provider’s stock, up from their prior target price of $75.00. Atlantic Securities’ price objective would indicate a potential upside of 20.32% from the company’s current price.
A number of other research analysts have also weighed in on C. Vetr lowered shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $70.90 target price on the stock. in a research note on Monday, June 12th. BidaskClub raised shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Bank of America Corporation reissued a “buy” rating and issued a $68.00 target price (up from $64.00) on shares of Citigroup in a research note on Tuesday, June 13th. Keefe, Bruyette & Woods set a $69.00 target price on shares of Citigroup and gave the stock a “buy” rating in a research note on Thursday, June 8th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $64.00 target price on shares of Citigroup in a research note on Thursday, June 1st. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Citigroup currently has a consensus rating of “Buy” and an average target price of $70.73.
Citigroup (NYSE:C) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.07. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. During the same period in the previous year, the firm posted $1.24 EPS. Citigroup’s revenue was up 2.0% compared to the same quarter last year.
Citigroup declared that its board has approved a stock buyback program on Wednesday, June 28th that allows the company to repurchase $15.60 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
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In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the completion of the transaction, the insider now owns 56,394 shares in the company, valued at $3,889,494.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Francisco Aristeguieta sold 40,000 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the completion of the transaction, the chief executive officer now owns 77,570 shares of the company’s stock, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. Insiders own 0.10% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Intl Fcstone Inc. acquired a new position in shares of Citigroup during the second quarter worth $291,000. Gs Investments Inc. acquired a new position in shares of Citigroup during the second quarter worth $301,000. Lord Abbett & CO. LLC grew its stake in shares of Citigroup by 223.8% during the second quarter. Lord Abbett & CO. LLC now owns 2,126,630 shares of the financial services provider’s stock worth $142,229,000 after purchasing an additional 1,469,915 shares in the last quarter. Sentry Investment Management LLC grew its stake in shares of Citigroup by 1.0% during the second quarter. Sentry Investment Management LLC now owns 221,536 shares of the financial services provider’s stock worth $14,816,000 after purchasing an additional 2,287 shares in the last quarter. Finally, WFG Advisors LP grew its stake in shares of Citigroup by 25.3% during the second quarter. WFG Advisors LP now owns 8,948 shares of the financial services provider’s stock worth $598,000 after purchasing an additional 1,807 shares in the last quarter. Hedge funds and other institutional investors own 75.38% 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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