Royal Bank Of Canada Reiterates “Outperform” Rating for Citigroup (NYSE:C)

Citigroup (NYSE:C)‘s stock had its “outperform” rating restated by Royal Bank Of Canada in a research note issued on Wednesday,Benzinga reports. They presently have a $150.00 price target on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 11.47% from the company’s current price.

Several other equities analysts have also recently issued reports on C. Truist Financial lowered their price target on Citigroup from $158.00 to $154.00 and set a “buy” rating on the stock in a research report on Wednesday. Barclays lifted their target price on Citigroup from $146.00 to $154.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. The Goldman Sachs Group boosted their price target on shares of Citigroup from $137.00 to $151.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Wall Street Zen raised shares of Citigroup from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Wells Fargo & Company lifted their price objective on shares of Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and an average price target of $145.67.

Citigroup Price Performance

Shares of NYSE:C traded up $1.30 during trading on Wednesday, reaching $134.57. The company had a trading volume of 5,730,107 shares, compared to its average volume of 13,663,857. The firm’s fifty day moving average is $134.06 and its 200 day moving average is $123.11. The firm has a market capitalization of $229.52 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 0.66 and a beta of 1.11. Citigroup has a twelve month low of $87.94 and a twelve month high of $147.96. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business had revenue of $24.75 billion for the quarter, compared to analyst estimates of $23.74 billion. During the same quarter last year, the business earned $1.96 earnings per share. The business’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, equities analysts forecast that Citigroup will post 10.89 EPS for the current year.

Citigroup declared that its board has authorized a stock repurchase program on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 13.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the transaction, the director owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. This trade represents a 14.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.11% of the company’s stock.

Institutional Trading of Citigroup

A number of hedge funds have recently modified their holdings of the business. Brighton Jones LLC lifted its position in shares of Citigroup by 166.9% in the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after purchasing an additional 12,499 shares in the last quarter. Sivia Capital Partners LLC lifted its position in Citigroup by 20.5% in the 2nd quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company’s stock worth $835,000 after buying an additional 1,669 shares in the last quarter. United Bank purchased a new stake in Citigroup in the 2nd quarter worth approximately $972,000. Osterweis Capital Management Inc. boosted its stake in shares of Citigroup by 3,016.7% during the 2nd quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock valued at $80,000 after buying an additional 905 shares during the period. Finally, HUB Investment Partners LLC boosted its stake in shares of Citigroup by 26.9% during the 2nd quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock valued at $1,301,000 after buying an additional 3,238 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup reported a strong Q2 beat, with EPS of $3.15 versus expectations around $2.72-$2.74 and revenue of about $24.8 billion, both above Wall Street estimates. Reuters article
• Positive Sentiment: Results were boosted by strong fixed income trading and investment banking, and Citi said Q2 revenue was its highest in a decade, showing momentum across its core businesses. Yahoo Finance article
• Positive Sentiment: Management said the strong quarter reflects a stronger franchise and that it is using the momentum to accelerate investments aimed at supporting more durable returns, which supports the long-term turnaround thesis. Yahoo Finance article
• Neutral Sentiment: Analysts raised or lowered price targets modestly, but maintained bullish ratings, suggesting expectations remain constructive even after the earnings release. Benzinga article
• Negative Sentiment: Despite the beat, the stock sold off as investors worried that higher expenses and increased spending could pressure second-half profitability. Economic Times article
• Negative Sentiment: Reports that CEO Jane Fraser may speed up job cuts added to concerns that Citi’s transformation still carries execution and cost risks. NewsBytes article

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.