FY2017 EPS Estimates for Citigroup Inc. (C) Decreased by Jefferies Group

Citigroup Inc. (NYSE:C) – Investment analysts at Jefferies Group cut their FY2017 earnings per share (EPS) estimates for Citigroup in a research note issued on Monday. Jefferies Group analyst K. Usdin now expects that the financial services provider will earn $5.08 per share for the year, down from their previous forecast of $5.25. Jefferies Group currently has a “Hold” rating and a $81.00 target price on the stock. Jefferies Group also issued estimates for Citigroup’s Q1 2018 earnings at $1.48 EPS, Q2 2018 earnings at $1.46 EPS, Q3 2018 earnings at $1.45 EPS and Q4 2018 earnings at $1.35 EPS.

Several other brokerages have also recently weighed in on C. ValuEngine raised shares of Citigroup from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. Credit Suisse Group reissued a “buy” rating and set a $73.00 price target on shares of Citigroup in a research report on Wednesday, September 13th. Vetr raised shares of Citigroup from a “buy” rating to a “strong-buy” rating and set a $73.42 price target on the stock in a research report on Monday, June 26th. Zacks Investment Research raised shares of Citigroup from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. Finally, BidaskClub cut shares of Citigroup from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have given a buy rating and three have given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $74.17.

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Shares of Citigroup (C) opened at 75.45 on Wednesday. Citigroup has a 12-month low of $47.54 and a 12-month high of $76.14. The stock has a 50 day moving average of $70.52 and a 200 day moving average of $65.19. The company has a market cap of $205.57 billion, a price-to-earnings ratio of 15.11 and a beta of 1.45.

Citigroup (NYSE:C) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business had revenue of $17.90 billion during the quarter, compared to analyst estimates of $17.38 billion. During the same quarter last year, the business earned $1.24 earnings per share. Citigroup’s quarterly revenue was up 2.0% compared to the same quarter last year.

Citigroup announced that its board has authorized a share buyback program on Wednesday, June 28th that permits the company to buyback $15.60 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

In related news, CEO Francisco Aristeguieta sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the sale, the chief executive officer now directly owns 77,570 shares in the company, valued at $5,239,853.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey R. Walsh sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction of $344,850.00. Following the sale, the insider now owns 56,394 shares in the company, valued at $3,889,494.18. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in shares of Citigroup by 2,718.7% during the first quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock worth $11,749,573,000 after buying an additional 189,447,104 shares during the period. Vanguard Group Inc. increased its stake in shares of Citigroup by 2.5% during the first quarter. Vanguard Group Inc. now owns 183,198,941 shares of the financial services provider’s stock worth $10,958,960,000 after buying an additional 4,391,347 shares during the period. FMR LLC increased its stake in shares of Citigroup by 3.8% during the second quarter. FMR LLC now owns 109,804,452 shares of the financial services provider’s stock worth $7,343,721,000 after buying an additional 4,061,637 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Citigroup by 6.8% during the second quarter. Bank of New York Mellon Corp now owns 46,110,561 shares of the financial services provider’s stock worth $3,083,874,000 after buying an additional 2,943,282 shares during the period. Finally, Harris Associates L P increased its stake in shares of Citigroup by 0.5% during the second quarter. Harris Associates L P now owns 41,350,951 shares of the financial services provider’s stock worth $2,765,551,000 after buying an additional 221,171 shares during the period. Hedge funds and other institutional investors own 75.37% of the company’s stock.

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.

Earnings History and Estimates for Citigroup (NYSE:C)

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