Citigroup’s (C) Overweight Rating Reiterated at J P Morgan Chase & Co
Citigroup Inc. (NYSE:C)‘s stock had its “overweight” rating restated by research analysts at J P Morgan Chase & Co in a research note issued on Friday. They currently have a $78.50 price objective on the financial services provider’s stock, up from their prior price objective of $77.50. J P Morgan Chase & Co’s target price suggests a potential upside of 3.78% from the stock’s previous close.
C has been the topic of a number of other reports. Wells Fargo & Company began coverage on Citigroup in a report on Wednesday, August 9th. They set an “outperform” rating and a $90.00 target price on the stock. Zacks Investment Research raised Citigroup from a “sell” rating to a “hold” rating in a report on Friday, July 7th. HSBC Holdings plc set a $74.00 target price on Citigroup and gave the stock a “hold” rating in a report on Friday, August 11th. Jefferies Group LLC reissued a “hold” rating and set a $68.00 target price on shares of Citigroup in a report on Friday, July 7th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $67.00 target price (up from $61.00) on shares of Citigroup in a report on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $71.65.
Citigroup (C) traded down 0.11% during midday trading on Friday, hitting $75.64. The stock had a trading volume of 16,105,801 shares. The firm has a 50-day moving average price of $69.52 and a 200-day moving average price of $64.65. The firm has a market capitalization of $206.09 billion, a price-to-earnings ratio of 15.14 and a beta of 1.45. Citigroup has a 1-year low of $47.54 and a 1-year high of $76.02. Citigroup also was the target of unusually large options trading on Thursday. Traders acquired 71,029 call options on the company. This is an increase of 192% compared to the average volume of 24,344 call options.
Citigroup (NYSE:C) last posted its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.07. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The firm’s revenue was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.24 EPS. On average, equities research analysts anticipate that Citigroup will post $5.21 earnings per share for the current year.
Citigroup declared that its board 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 reacquire up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
In related news, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 77,570 shares of the company’s stock, valued at $5,239,853.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction that occurred 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 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 owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of C. Catamount Wealth Management purchased a new stake in shares of Citigroup during the second quarter valued at approximately $100,000. Mitsubishi UFJ Securities Holdings Co. Ltd. increased its position in shares of Citigroup by 206.0% during the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,530 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 1,030 shares during the last quarter. Patten Group Inc. increased its position in shares of Citigroup by 6.6% during the first quarter. Patten Group Inc. now owns 1,765 shares of the financial services provider’s stock valued at $105,000 after acquiring an additional 110 shares during the last quarter. Gemmer Asset Management LLC increased its position in shares of Citigroup by 3.2% during the third quarter. Gemmer Asset Management LLC now owns 2,234 shares of the financial services provider’s stock valued at $106,000 after acquiring an additional 69 shares during the last quarter. Finally, FNY Partners Fund LP purchased a new stake in shares of Citigroup during the fourth quarter valued at approximately $106,000. 75.38% of the stock is owned by 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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