Jefferies Group Equities Analysts Increase Earnings Estimates for Citigroup Inc. (C)
Citigroup Inc. (NYSE:C) – Equities research analysts at Jefferies Group increased their Q3 2017 EPS estimates for Citigroup in a report released on Tuesday. Jefferies Group analyst K. Usdin now expects that the financial services provider will post earnings of $1.37 per share for the quarter, up from their prior forecast of $1.25. Jefferies Group has a “Hold” rating and a $81.00 price objective on the stock. Jefferies Group also issued estimates for Citigroup’s Q4 2017 earnings at $1.21 EPS and FY2017 earnings at $5.20 EPS.
Citigroup (NYSE:C) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 EPS 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 analysts’ expectations of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business’s revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company earned $1.24 EPS.
Other research analysts have also issued research reports about the company. Buckingham Research reaffirmed a “buy” rating and set a $81.00 price objective (up previously from $70.00) on shares of Citigroup in a report on Monday, July 10th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $75.00 price objective on shares of Citigroup in a report on Friday, July 14th. Vetr lowered Citigroup from a “strong-buy” rating to a “buy” rating and set a $73.42 price objective on the stock. in a report on Monday, July 3rd. BidaskClub raised Citigroup from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Finally, Nomura upped their price objective on Citigroup from $74.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, July 17th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, fourteen have given a buy rating and three have issued a strong buy rating to the company. Citigroup has a consensus rating of “Buy” and a consensus price target of $74.17.
Shares of Citigroup (NYSE C) opened at 74.94 on Thursday. Citigroup has a 52 week low of $47.54 and a 52 week high of $76.02. The stock’s 50 day moving average is $70.52 and its 200-day moving average is $65.19. The firm has a market cap of $204.18 billion, a PE ratio of 15.00 and a beta of 1.45.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its position 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 worth $11,749,573,000 after acquiring an additional 189,447,104 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Citigroup by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 183,198,941 shares of the financial services provider’s stock worth $10,958,960,000 after acquiring an additional 4,391,347 shares in the last quarter. FMR LLC grew its position in shares of Citigroup by 3.8% in the 2nd quarter. FMR LLC now owns 109,804,452 shares of the financial services provider’s stock worth $7,343,721,000 after acquiring an additional 4,061,637 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Citigroup by 6.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 46,110,561 shares of the financial services provider’s stock worth $3,083,874,000 after acquiring an additional 2,943,282 shares in the last quarter. Finally, Harris Associates L P grew its position in shares of Citigroup by 0.5% in the 2nd quarter. Harris Associates L P now owns 41,350,951 shares of the financial services provider’s stock worth $2,765,551,000 after acquiring an additional 221,171 shares in the last quarter. Institutional investors own 75.37% of the company’s stock.
In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was 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 owns 56,394 shares in the company, valued at approximately $3,889,494.18. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Francisco Aristeguieta sold 40,000 shares of the firm’s stock in a transaction that occurred 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 sale, 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. 0.10% of the stock is owned by company insiders.
Citigroup declared that its Board of Directors has approved a stock repurchase program on Wednesday, June 28th that permits the company to repurchase $15.60 billion in shares. This repurchase authorization permits the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management 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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