$17.73 Billion in Sales Expected for Citigroup Inc. (C) This Quarter
Brokerages expect Citigroup Inc. (NYSE:C) to announce sales of $17.73 billion for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Citigroup’s earnings, with the lowest sales estimate coming in at $17.43 billion and the highest estimate coming in at $17.95 billion. Citigroup posted sales of $17.76 billion in the same quarter last year, which would indicate a negative year over year growth rate of 0.2%. The company is scheduled to issue its next quarterly earnings results before the market opens on Thursday, October 12th.
According to Zacks, analysts expect that Citigroup will report full-year sales of $17.73 billion for the current fiscal year, with estimates ranging from $71.04 billion to $72.62 billion. For the next financial year, analysts forecast that the business will report sales of $74.82 billion per share, with estimates ranging from $74.14 billion to $75.71 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Citigroup.
Citigroup (NYSE:C) last issued its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.07. The business had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.24 EPS.
C has been the subject of a number of recent research reports. Atlantic Securities reissued an “overweight” rating and set a $85.00 price objective (up from $75.00) on shares of Citigroup in a research note on Tuesday, September 26th. 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 objective for the company in a research note on Thursday, August 3rd. Buckingham Research reissued a “buy” rating and set a $81.00 price objective (up from $70.00) on shares of Citigroup in a research note on Monday, July 10th. Finally, Credit Suisse Group reissued an “outperform” rating and set a $72.00 price objective (up from $64.00) on shares of Citigroup in a research note on Monday, July 17th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $71.43.
In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of Citigroup 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 transaction, the insider now owns 56,394 shares in the company, valued at approximately $3,889,494.18. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Francisco Aristeguieta sold 40,000 shares of Citigroup stock in a transaction on Thursday, August 10th. The shares were 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 in the company, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. 0.10% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in C. BlackRock Inc. lifted its holdings in shares of Citigroup by 2,718.7% during 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 acquiring an additional 189,447,104 shares in the last quarter. FMR LLC lifted its holdings in shares of Citigroup by 18.2% during 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 acquiring an additional 16,257,931 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Citigroup by 31.3% during 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 acquiring an additional 10,294,403 shares in the last quarter. Harris Associates L P lifted its holdings in shares of Citigroup by 25.9% during 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 acquiring an additional 8,464,257 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in shares of Citigroup by 109.5% during 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 acquiring an additional 4,856,866 shares in the last quarter. Institutional investors own 75.38% of the company’s stock.
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Citigroup (NYSE C) opened at 74.06 on Thursday. The firm has a market capitalization of $201.78 billion, a PE ratio of 14.83 and a beta of 1.45. Citigroup has a one year low of $47.54 and a one year high of $74.74. The stock’s 50 day moving average price is $69.29 and its 200 day moving average price is $64.57.
Citigroup declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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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