Citigroup (NYSE:C) Price Target Cut to $89.00 by Analysts at Bank of America

Citigroup (NYSE:C) had its target price trimmed by Bank of America from $90.00 to $89.00 in a research report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts also recently commented on the company. StockNews.com lowered Citigroup from a “buy” rating to a “hold” rating in a research report on Sunday, March 30th. Evercore ISI decreased their target price on shares of Citigroup from $79.00 to $76.00 and set an “in-line” rating for the company in a report on Tuesday. 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 report on Thursday, January 16th. Oppenheimer reduced their price target on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Finally, Truist Financial assumed coverage on shares of Citigroup in a research report on Tuesday, January 7th. They set a “buy” rating and a $85.00 price objective on the stock. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Citigroup currently has a consensus rating of “Moderate Buy” and an average price target of $83.23.

Citigroup Stock Down 8.0 %

C opened at $58.00 on Wednesday. The stock has a market cap of $109.17 billion, a P/E ratio of 9.75, a P/E/G ratio of 0.64 and a beta of 1.29. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. Citigroup has a 12 month low of $53.51 and a 12 month high of $84.74. The stock’s 50 day moving average price is $75.61 and its 200 day moving average price is $70.95.

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

Citigroup Announces Dividend

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

Citigroup declared that its Board of Directors has authorized a stock buyback plan on Wednesday, January 15th that allows the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization allows the company to purchase up to 13.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Citigroup

In other news, insider Sara Wechter sold 15,125 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $81.10, for a total value of $2,433,000.00. Following the completion of the transaction, the chief operating officer now directly owns 229,180 shares of the company’s stock, valued at approximately $18,586,498. The trade was a 11.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,590 shares of company stock worth $8,523,149. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Citigroup

Several hedge funds have recently made changes to their positions in the business. True Wealth Design LLC lifted its position in Citigroup by 11.1% during the 4th quarter. True Wealth Design LLC now owns 1,195 shares of the company’s stock worth $84,000 after buying an additional 119 shares in the last quarter. Continuum Advisory LLC increased its position in shares of Citigroup by 1.9% in the fourth quarter. Continuum Advisory LLC now owns 6,519 shares of the company’s stock valued at $459,000 after acquiring an additional 120 shares during the last quarter. Blake Schutter Theil Wealth Advisors LLC raised its holdings in Citigroup by 1.6% during the fourth quarter. Blake Schutter Theil Wealth Advisors LLC now owns 8,637 shares of the company’s stock worth $608,000 after acquiring an additional 135 shares in the last quarter. Hemington Wealth Management raised its holdings in Citigroup by 10.9% during the fourth quarter. Hemington Wealth Management now owns 1,387 shares of the company’s stock worth $97,000 after acquiring an additional 136 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its stake in Citigroup by 3.4% in the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 4,112 shares of the company’s stock valued at $289,000 after purchasing an additional 137 shares in the last quarter. 71.72% of the stock is 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.