Citigroup (NYSE:C) Given New $89.00 Price Target at Bank of America

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

Several other research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods increased their price objective on Citigroup from $85.00 to $92.00 and gave the stock an “outperform” rating in a research note on Thursday, January 16th. Oppenheimer cut their price target on Citigroup from $110.00 to $102.00 and set an “outperform” rating on the stock in a research note on Friday, January 3rd. Evercore ISI lowered their price objective 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. StockNews.com downgraded shares of Citigroup from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, Morgan Stanley lowered their price target on shares of Citigroup from $110.00 to $109.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.86.

Citigroup Stock Performance

Shares of Citigroup stock opened at $71.81 on Wednesday. Citigroup has a 52 week low of $53.51 and a 52 week high of $84.74. The company has a market capitalization of $135.16 billion, a PE ratio of 12.07, a price-to-earnings-growth ratio of 0.64 and a beta of 1.43. The stock’s fifty day moving average is $76.46 and its two-hundred day moving average is $71.01. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.50.

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

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

Citigroup Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Monday, February 3rd were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $2.24 annualized dividend and a dividend yield of 3.12%. Citigroup’s dividend payout ratio is presently 37.65%.

Insider Activity at Citigroup

In other Citigroup news, insider Sara Wechter sold 15,125 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the transaction, the insider now owns 109,780 shares in the company, valued at approximately $8,893,277.80. This represents a 12.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Anand Selvakesari sold 30,000 shares of the firm’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 transaction, the chief operating officer now directly owns 229,180 shares of the company’s stock, valued at approximately $18,586,498. This represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,590 shares of company stock valued at $8,523,149 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.

Institutional Trading of Citigroup

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

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.