Citigroup Inc. (C) Rating Increased to Overweight at Morgan Stanley
Citigroup Inc. (NYSE:C) was upgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Wednesday. The brokerage currently has a $70.00 price target on the financial services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 26.08% from the company’s previous close.
Several other brokerages also recently commented on C. Nomura reiterated a “buy” rating and set a $55.00 price target on shares of Citigroup in a report on Thursday, September 29th. Compass Point initiated coverage on shares of Citigroup in a research note on Tuesday, October 11th. They issued a “sell” rating and a $39.00 price objective on the stock. Argus restated a “hold” rating on shares of Citigroup in a research note on Tuesday, October 18th. TheStreet upgraded shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Tuesday, August 23rd. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Citigroup in a research note on Tuesday, August 16th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and sixteen have issued a buy rating to the company. Citigroup currently has an average rating of “Hold” and a consensus target price of $55.70.
Shares of Citigroup (NYSE:C) opened at 55.52 on Wednesday. Citigroup has a one year low of $34.52 and a one year high of $56.83. The firm’s 50 day moving average is $51.37 and its 200-day moving average is $46.73. The firm has a market capitalization of $158.22 billion, a PE ratio of 12.07 and a beta of 1.74.
Citigroup (NYSE:C) last announced its quarterly earnings results on Friday, October 14th. The financial services provider reported $1.24 EPS for the quarter, beating the consensus estimate of $1.16 by $0.08. Citigroup had a return on equity of 7.04% and a net margin of 17.58%. The company had revenue of $17.80 billion for the quarter, compared to the consensus estimate of $17.32 billion. During the same quarter last year, the company posted $1.31 earnings per share. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. On average, equities research analysts predict that Citigroup will post $4.70 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 23rd. Investors of record on Monday, November 7th were given a $0.16 dividend. The ex-dividend date was Thursday, November 3rd. This represents a $0.64 dividend on an annualized basis and a yield of 1.15%. Citigroup’s payout ratio is 13.91%.
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A number of hedge funds have recently made changes to their positions in C. The Manufacturers Life Insurance Company purchased a new stake in shares of Citigroup during the third quarter worth approximately $790,297,000. Emerald Acquisition Ltd. bought a new position in Citigroup during the second quarter valued at about $500,315,000. Vanguard Group Inc. raised its position in Citigroup by 3.5% in the second quarter. Vanguard Group Inc. now owns 175,049,494 shares of the financial services provider’s stock valued at $7,420,348,000 after buying an additional 5,872,249 shares during the last quarter. Capital Research Global Investors raised its position in Citigroup by 71.5% in the third quarter. Capital Research Global Investors now owns 13,970,704 shares of the financial services provider’s stock valued at $659,836,000 after buying an additional 5,824,755 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Citigroup by 38.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 17,929,535 shares of the financial services provider’s stock valued at $760,033,000 after buying an additional 4,966,503 shares during the last quarter. Hedge funds and other institutional investors own 70.81% of the company’s stock.
Citigroup Inc (Citi) is a financial services holding company. The Company’s 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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