Brokerages Expect Citigroup Inc. (C) to Announce $1.27 Earnings Per Share
Equities analysts forecast that Citigroup Inc. (NYSE:C) will post earnings of $1.27 per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Citigroup’s earnings. The highest EPS estimate is $1.34 and the lowest is $1.19. Citigroup reported earnings per share of $1.14 during the same quarter last year, which would suggest a positive year-over-year growth rate of 11.4%. The business is scheduled to announce its next earnings report on Wednesday, January 17th.
On average, analysts expect that Citigroup will report full-year earnings of $5.29 per share for the current year, with EPS estimates ranging from $5.10 to $5.39. For the next year, analysts expect that the company will report earnings of $5.94 per share, with EPS estimates ranging from $5.55 to $6.40. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow Citigroup.
Citigroup (NYSE:C) last posted its quarterly earnings data on Thursday, October 12th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.10. Citigroup had a net margin of 18.11% and a return on equity of 7.48%. The firm had revenue of $18.17 billion during the quarter, compared to analysts’ expectations of $17.87 billion. During the same quarter in the previous year, the company posted $1.24 EPS. Citigroup’s revenue was up 2.3% on a year-over-year basis.
Several brokerages recently commented on C. Wells Fargo & Company began coverage on shares of Citigroup in a research note on Wednesday, August 9th. They issued an “outperform” rating and a $90.00 price objective for the company. Zacks Investment Research raised shares of Citigroup from a “sell” rating to a “hold” rating in a research note on Friday, July 7th. HSBC Holdings plc set a $74.00 price objective on shares of Citigroup and gave the company a “hold” rating in a research note on Friday, August 11th. Morgan Stanley increased their price objective on shares of Citigroup from $73.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, October 13th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $68.00 price objective on shares of Citigroup in a research note on Friday, July 7th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $74.77.
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Citigroup (C) traded up 0.89% on Friday, reaching $73.53. 15,634,587 shares of the company traded hands. Citigroup has a 52-week low of $47.70 and a 52-week high of $76.14. The company has a market capitalization of $194.41 billion, a PE ratio of 14.19 and a beta of 1.45. The stock has a 50-day moving average of $71.49 and a 200 day moving average of $65.80.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Shareholders of record on Monday, November 6th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend is Friday, November 3rd. Citigroup’s payout ratio is 24.66%.
Citigroup announced that its board has approved a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $15.60 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of Citigroup stock in a transaction dated 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 transaction, the insider now directly owns 56,394 shares in the company, valued at $3,889,494.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Francisco Aristeguieta sold 40,000 shares of Citigroup stock in a transaction dated 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 transaction, the chief executive officer now owns 77,570 shares of the company’s stock, valued at $5,239,853.50. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Citigroup by 2,718.7% during the first 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 during the last quarter. Vanguard Group Inc. grew its holdings in shares of Citigroup by 2.5% during the first quarter. Vanguard Group Inc. now owns 183,198,941 shares of the financial services provider’s stock valued at $10,958,960,000 after buying an additional 4,391,347 shares during the last quarter. FMR LLC grew its holdings in shares of Citigroup by 3.8% during the second quarter. FMR LLC now owns 109,804,452 shares of the financial services provider’s stock valued at $7,343,721,000 after buying an additional 4,061,637 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Citigroup by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 46,110,561 shares of the financial services provider’s stock valued at $3,083,874,000 after buying an additional 2,943,282 shares during the last quarter. Finally, Harris Associates L P grew its holdings in shares of Citigroup by 0.5% during the second quarter. Harris Associates L P now owns 41,350,951 shares of the financial services provider’s stock valued at $2,765,551,000 after buying an additional 221,171 shares during the last quarter. Hedge funds and other institutional investors own 75.39% of the company’s stock.
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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