Zacks: Brokerages Expect Citigroup Inc. (C) Will Announce Quarterly Sales of $17.63 Billion
Wall Street analysts forecast that Citigroup Inc. (NYSE:C) will announce sales of $17.63 billion for the current quarter, Zacks reports. Three analysts have issued estimates for Citigroup’s earnings. The lowest sales estimate is $17.35 billion and the highest is $17.84 billion. Citigroup reported sales of $17.01 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 3.6%. The firm is scheduled to announce its next quarterly earnings report on Wednesday, January 17th.
According to Zacks, analysts expect that Citigroup will report full-year sales of $17.63 billion for the current fiscal year, with estimates ranging from $70.85 billion to $72.50 billion. For the next fiscal year, analysts forecast that the firm will post sales of $74.29 billion per share, with estimates ranging from $73.03 billion to $75.83 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Citigroup.
Citigroup (NYSE:C) last released its quarterly earnings data on Thursday, October 12th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.10. The firm had revenue of $18.17 billion for the quarter, compared to analysts’ expectations of $17.87 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.48%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.24 earnings per share.
Several research analysts recently commented on C shares. Vetr downgraded Citigroup from a “strong-buy” rating to a “buy” rating and set a $73.42 price objective for the company. in a research note on Monday, July 3rd. HSBC Holdings plc set a $74.00 price objective on Citigroup and gave the company a “hold” rating in a research note on Friday, August 11th. Societe Generale raised Citigroup from a “sell” rating to a “hold” rating and increased their price objective for the company from $63.00 to $70.00 in a research note on Monday, September 11th. Royal Bank Of Canada reissued a “buy” rating and issued a $75.00 price objective on shares of Citigroup in a research note on Wednesday, September 27th. Finally, Nomura increased their price objective on Citigroup from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, July 17th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $74.77.
In other Citigroup news, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction dated 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 sale, the insider now directly owns 56,394 shares in the company, valued at approximately $3,889,494.18. The disclosure for this sale can be found here. Company insiders own 0.10% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. BlackRock Inc. raised its position in Citigroup by 2,718.7% in 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 purchasing an additional 189,447,104 shares in the last quarter. Amalgamated Bank raised its position in Citigroup by 1.0% in the 1st quarter. Amalgamated Bank now owns 195,156 shares of the financial services provider’s stock valued at $11,674,000 after purchasing an additional 1,937 shares in the last quarter. Shelton Capital Management raised its position in Citigroup by 13.9% in the 1st quarter. Shelton Capital Management now owns 60,400 shares of the financial services provider’s stock valued at $3,613,000 after purchasing an additional 7,384 shares in the last quarter. Capital Analysts LLC raised its position in Citigroup by 5.4% in the 2nd quarter. Capital Analysts LLC now owns 45,844 shares of the financial services provider’s stock valued at $3,066,000 after purchasing an additional 2,367 shares in the last quarter. Finally, Brookfield Asset Management Inc. raised its position in Citigroup by 51.8% in the 1st quarter. Brookfield Asset Management Inc. now owns 43,390 shares of the financial services provider’s stock valued at $2,596,000 after purchasing an additional 14,810 shares in the last quarter. 72.16% of the stock is currently owned by institutional investors.
Shares of Citigroup (C) opened at 73.53 on Tuesday. Citigroup has a 52-week low of $47.70 and a 52-week high of $76.14. The company has a market cap of $194.41 billion, a PE ratio of 14.19 and a beta of 1.45. The stock’s 50 day moving average is $71.63 and its 200 day moving average is $65.99.
Citigroup declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to buyback $15.60 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Monday, November 6th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date is Friday, November 3rd. Citigroup’s dividend payout ratio (DPR) is 24.66%.
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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