Piper Sandler Reiterates Overweight Rating for Citigroup (NYSE:C)

Citigroup (NYSE:C)‘s stock had its “overweight” rating reaffirmed by analysts at Piper Sandler in a research note issued to investors on Thursday,Benzinga reports. They presently have a $83.00 target price on the stock, up from their previous target price of $80.00. Piper Sandler’s price target would suggest a potential upside of 3.68% from the company’s current price.

Several other brokerages have also commented on C. Wells Fargo & Company upped their price target on shares of Citigroup from $85.00 to $95.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Truist Financial began coverage on Citigroup in a report on Tuesday, January 7th. They set a “buy” rating and a $85.00 price objective for the company. Barclays upgraded Citigroup from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $70.00 to $95.00 in a report on Monday, January 6th. Oppenheimer dropped their price target on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Finally, Morgan Stanley reduced their price objective on Citigroup from $86.00 to $82.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Citigroup has an average rating of “Moderate Buy” and an average price target of $83.93.

Citigroup Trading Up 2.0 %

Shares of Citigroup stock opened at $80.05 on Thursday. Citigroup has a fifty-two week low of $50.51 and a fifty-two week high of $80.45. The business’s fifty day moving average is $70.99 and its two-hundred day moving average is $65.41. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.55. The firm has a market cap of $151.40 billion, a PE ratio of 23.20, a P/E/G ratio of 0.59 and a beta of 1.43.

Citigroup (NYSE:C) last issued its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.12. Citigroup had a return on equity of 6.19% and a net margin of 4.70%. The firm had revenue of $19.58 billion for the quarter, compared to analyst estimates of $19.51 billion. During the same period last year, the company earned $0.84 EPS. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. Analysts anticipate that Citigroup will post 5.88 earnings per share for the current year.

Citigroup declared that its Board of Directors has approved a share repurchase program on Wednesday, January 15th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the company to buy up to 13.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Citigroup

Large investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in shares of Citigroup by 2.0% in the third quarter. Geode Capital Management LLC now owns 39,919,798 shares of the company’s stock worth $2,492,238,000 after acquiring an additional 791,758 shares in the last quarter. Franklin Resources Inc. increased its holdings in Citigroup by 18.5% during the 3rd quarter. Franklin Resources Inc. now owns 30,027,213 shares of the company’s stock worth $1,998,976,000 after purchasing an additional 4,680,713 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Citigroup by 3.2% in the 3rd quarter. Fisher Asset Management LLC now owns 28,970,357 shares of the company’s stock valued at $1,813,544,000 after purchasing an additional 911,694 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Citigroup by 5.5% during the 2nd quarter. Legal & General Group Plc now owns 17,428,251 shares of the company’s stock valued at $1,105,999,000 after buying an additional 913,231 shares during the last quarter. Finally, Greenhaven Associates Inc. grew its position in shares of Citigroup by 1.5% during the third quarter. Greenhaven Associates Inc. now owns 16,883,391 shares of the company’s stock worth $1,056,900,000 after buying an additional 242,545 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Company Profile

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.