Citigroup (NYSE:C) Shares Down 2.8% – Here’s Why

Citigroup Inc. (NYSE:C) was down 2.8% on Wednesday . The company traded as low as $56.28 and last traded at $57.13. Approximately 8,570,271 shares changed hands during trading, a decline of 40% from the average daily volume of 14,200,030 shares. The stock had previously closed at $58.77.

Analyst Ratings Changes

C has been the subject of a number of recent analyst reports. Barclays raised Citigroup from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $70.00 to $95.00 in a research report on Monday, January 6th. Oppenheimer cut their price target on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Evercore ISI decreased their price objective on shares of Citigroup from $79.00 to $76.00 and set an “in-line” rating on the stock in a report on Tuesday, April 1st. The Goldman Sachs Group cut their target price on shares of Citigroup from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, March 19th. Finally, Truist Financial decreased their price target on shares of Citigroup from $85.00 to $84.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $84.54.

Citigroup Trading Up 0.2 %

The company has a market capitalization of $116.19 billion, a price-to-earnings ratio of 10.38, 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. The business’s 50-day moving average price is $73.24 and its two-hundred day moving average price is $70.93.

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

Citigroup Dividend Announcement

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 paid a dividend of $0.56 per share. The ex-dividend date is Monday, May 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.63%. Citigroup’s payout ratio is 37.65%.

Citigroup declared that its Board of Directors has approved a stock repurchase plan on Wednesday, January 15th that permits the company to repurchase $20.00 billion in shares. This repurchase authorization permits the company to purchase up to 13.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Citigroup

In other news, COO Anand Selvakesari sold 30,000 shares of the business’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 owns 229,180 shares of the company’s stock, valued at approximately $18,586,498. The trade was a 11.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Mason sold 58,465 shares of the firm’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $83.21, for a total value of $4,864,872.65. Following the completion of the sale, the chief financial officer now directly owns 217,331 shares in the company, valued at $18,084,112.51. This trade represents a 21.20 % 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 valued at $8,523,149. Company insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Citigroup

A number of institutional investors have recently added to or reduced their stakes in C. True Wealth Design LLC lifted its holdings in Citigroup by 11.1% in the fourth quarter. True Wealth Design LLC now owns 1,195 shares of the company’s stock valued at $84,000 after buying an additional 119 shares during the period. Continuum Advisory LLC raised its position in shares of Citigroup by 1.9% in the 4th quarter. Continuum Advisory LLC now owns 6,519 shares of the company’s stock worth $459,000 after acquiring an additional 120 shares in the last quarter. Blake Schutter Theil Wealth Advisors LLC lifted its stake in shares of Citigroup by 1.6% in the 4th quarter. Blake Schutter Theil Wealth Advisors LLC now owns 8,637 shares of the company’s stock valued at $608,000 after purchasing an additional 135 shares during the period. Hemington Wealth Management boosted its position in shares of Citigroup by 10.9% during the 4th quarter. Hemington Wealth Management now owns 1,387 shares of the company’s stock valued at $97,000 after purchasing 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% during the fourth 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 purchasing an additional 137 shares during the period. 71.72% of the stock is currently owned by institutional investors and hedge funds.

About Citigroup

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.