BidaskClub Lowers Citigroup Inc. (C) to Hold

BidaskClub cut shares of Citigroup Inc. (NYSE:C) from a buy rating to a hold rating in a report released on Wednesday, July 12th.

C has been the topic of several other research reports. Zacks Investment Research upgraded Citigroup from a sell rating to a hold rating in a research report on Friday, July 7th. Jefferies Group LLC reiterated a hold rating and issued a $68.00 price target on shares of Citigroup in a report on Friday, July 7th. Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $78.00 price target (up previously from $77.00) on shares of Citigroup in a report on Thursday, May 4th. Vetr upgraded Citigroup from a hold rating to a buy rating and set a $61.38 price target on the stock in a report on Tuesday, March 21st. Finally, JPMorgan Chase & Co. reiterated a sell rating on shares of Citigroup in a report on Friday, June 9th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $69.08.

Shares of Citigroup (C) opened at 66.80 on Wednesday. Citigroup has a one year low of $45.16 and a one year high of $69.86. The firm has a market capitalization of $182.00 billion, a P/E ratio of 13.37 and a beta of 1.48. The firm has a 50-day moving average of $67.22 and a 200-day moving average of $61.90.

Citigroup (NYSE:C) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.07. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.38 billion. During the same quarter in the prior year, the firm posted $1.24 earnings per share. The business’s quarterly revenue was up 2.0% on a year-over-year basis. On average, equities analysts predict that Citigroup will post $5.22 earnings per share for the current fiscal year.

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Citigroup announced that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $15.60 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 8.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Monday, August 7th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $1.28 annualized dividend and a yield of 1.92%. This is a positive change from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s payout ratio is 25.55%.

In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of Citigroup stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the sale, the insider now owns 56,394 shares of the company’s stock, valued at $3,889,494.18. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.10% of the company’s stock.

Large investors have recently modified their holdings of the company. Fred Alger Management Inc. purchased a new stake in shares of Citigroup during the fourth quarter valued at about $149,000. Blenheim Capital Management BV bought a new position in Citigroup during the fourth quarter valued at approximately $544,000. Roundview Capital LLC increased its position in Citigroup by 7.1% in the fourth quarter. Roundview Capital LLC now owns 33,925 shares of the financial services provider’s stock valued at $2,016,000 after buying an additional 2,243 shares in the last quarter. Foundation Asset Management LP bought a new position in Citigroup during the fourth quarter valued at approximately $16,682,000. Finally, Gardner Lewis Asset Management L P bought a new position in Citigroup during the fourth quarter valued at approximately $4,156,000. 74.89% of the stock is owned by hedge funds and other institutional investors.

About Citigroup

Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.

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