Citigroup (NYSE:C) Price Target Cut to $84.00 by Analysts at Truist Financial

Citigroup (NYSE:C) had its price target cut by Truist Financial from $85.00 to $84.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently weighed in on the company. Bank of America dropped their target price on Citigroup from $90.00 to $89.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. Evercore ISI cut their price objective on shares of Citigroup from $79.00 to $76.00 and set an “in-line” rating on the stock in a report on Tuesday, April 1st. Keefe, Bruyette & Woods lifted their target price on shares of Citigroup from $85.00 to $92.00 and gave the stock an “outperform” rating in a research note on Thursday, January 16th. Piper Sandler restated an “overweight” rating and set a $83.00 price target (up previously from $80.00) on shares of Citigroup in a research note on Thursday, January 16th. Finally, Oppenheimer decreased their price target on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Citigroup presently has a consensus rating of “Moderate Buy” and an average price target of $83.23.

Citigroup Stock Down 8.0 %

Shares of NYSE C opened at $58.00 on Friday. The stock has a market capitalization of $109.17 billion, a PE ratio of 9.75, a price-to-earnings-growth ratio of 0.64 and a beta of 1.29. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. Citigroup has a 12-month low of $53.51 and a 12-month high of $84.74. The stock’s fifty day simple moving average is $75.61 and its two-hundred day simple moving average is $71.11.

Citigroup (NYSE:C) last released its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The business had revenue of $19.58 billion for the quarter, compared to analysts’ expectations of $19.51 billion. During the same period last year, the business earned $0.84 EPS. The company’s revenue was up 12.3% compared to the same quarter last year. As a group, analysts expect that Citigroup will post 7.53 EPS for the current fiscal year.

Citigroup announced that its board has approved a stock buyback program on Wednesday, January 15th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 13.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Citigroup Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Monday, May 5th. Citigroup’s dividend payout ratio (DPR) is 37.65%.

Insiders Place Their Bets

In other news, CFO Mark Mason sold 58,465 shares of the firm’s stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $83.21, for a total transaction of $4,864,872.65. Following the sale, the chief financial officer now directly owns 217,331 shares in the company, valued at $18,084,112.51. This trade represents a 21.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sara Wechter sold 15,125 shares of the company’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $81.01, for a total value of $1,225,276.25. Following the completion of the transaction, the insider now directly owns 109,780 shares of the company’s stock, valued at $8,893,277.80. The trade was a 12.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 103,590 shares of company stock worth $8,523,149. Corporate insiders own 0.08% of the company’s stock.

Institutional Investors Weigh In On Citigroup

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Citigroup during the fourth quarter valued at $1,935,599,000. Capital World Investors raised its position in shares of Citigroup by 455.2% during the 4th quarter. Capital World Investors now owns 31,352,582 shares of the company’s stock worth $2,206,908,000 after purchasing an additional 25,705,141 shares during the last quarter. FMR LLC lifted its stake in Citigroup by 29.7% in the 4th quarter. FMR LLC now owns 34,362,176 shares of the company’s stock valued at $2,418,754,000 after buying an additional 7,863,718 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Citigroup by 18.5% in the 3rd quarter. Franklin Resources Inc. now owns 30,027,213 shares of the company’s stock worth $1,998,976,000 after buying an additional 4,680,713 shares during the last quarter. Finally, Swedbank AB increased its stake in Citigroup by 90.2% during the 4th quarter. Swedbank AB now owns 8,326,745 shares of the company’s stock worth $586,120,000 after buying an additional 3,947,912 shares in the last quarter. Institutional investors and hedge funds own 71.72% of the company’s stock.

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.