Truist Financial Issues Pessimistic Forecast for Citigroup (NYSE:C) Stock Price

Citigroup (NYSE:C) had its price target cut by investment analysts at Truist Financial from $84.00 to $79.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 24.94% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Morgan Stanley reduced their price target on shares of Citigroup from $110.00 to $109.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Oppenheimer lowered their price objective on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Evercore ISI decreased their price target on shares of Citigroup from $79.00 to $76.00 and set an “in-line” rating for the company in a research note on Tuesday, April 1st. StockNews.com cut shares of Citigroup from a “buy” rating to a “hold” rating in a report on Sunday, March 30th. Finally, Bank of America dropped their price target on Citigroup from $90.00 to $89.00 and set a “buy” rating on the stock in a research report on Wednesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Citigroup has a consensus rating of “Moderate Buy” and an average target price of $84.61.

Citigroup Stock Up 1.8 %

C stock opened at $63.23 on Wednesday. Citigroup has a 1-year low of $53.51 and a 1-year high of $84.74. The stock has a market cap of $119.01 billion, a price-to-earnings ratio of 10.63, 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. The company’s 50 day moving average is $71.47 and its 200 day moving average is $70.91.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, April 15th. The company reported $1.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.84 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The company had revenue of $21.60 billion during the quarter, compared to the consensus estimate of $21.34 billion. Sell-side analysts predict that Citigroup will post 7.53 EPS for the current fiscal year.

Citigroup declared that its board has initiated a stock buyback plan on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, COO Anand Selvakesari sold 30,000 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the completion of the sale, the chief operating officer now owns 229,180 shares in the company, valued at approximately $18,586,498. This represents a 11.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sara Wechter sold 15,125 shares of the firm’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 in the company, valued at $8,893,277.80. The trade was a 12.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,590 shares of company stock valued at $8,523,149 in the last 90 days. 0.08% of the stock is currently owned by insiders.

Institutional Trading of Citigroup

Large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Citigroup in the fourth quarter worth about $1,935,599,000. Capital World Investors raised its stake in 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 acquiring an additional 25,705,141 shares during the period. FMR LLC raised its stake in Citigroup by 29.7% during the 4th quarter. FMR LLC now owns 34,362,176 shares of the company’s stock worth $2,418,754,000 after acquiring an additional 7,863,718 shares during the period. Franklin Resources Inc. boosted its position in shares of Citigroup by 18.5% in the third 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 period. Finally, Swedbank AB increased its stake in shares of Citigroup by 90.2% in the fourth quarter. Swedbank AB now owns 8,326,745 shares of the company’s stock worth $586,120,000 after purchasing an additional 3,947,912 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.

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.