Citigroup Inc. (NYSE:C) saw a significant growth in short interest in July. As of July 14th, there was short interest totalling 24,366,859 shares, a growth of 13.1% from the June 30th total of 21,548,445 shares. Based on an average trading volume of 17,165,816 shares, the days-to-cover ratio is currently 1.4 days. Currently, 0.9% of the company’s stock are sold short.
Several brokerages have issued reports on C. J P Morgan Chase & Co set a $73.50 price objective on shares of Citigroup and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Vetr downgraded shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $76.22 price objective for the company. in a research report on Monday, July 31st. Wells Fargo & Company initiated coverage on shares of Citigroup in a research report on Wednesday. They issued an “outperform” rating for the company. Deutsche Bank AG reissued a “hold” rating on shares of Citigroup in a research report on Monday, July 3rd. Finally, Credit Suisse Group reissued an “outperform” rating and set a $76.00 price target (up previously from $70.00) on shares of Citigroup in a research report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Citigroup currently has an average rating of “Buy” and a consensus target price of $68.04.
In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $68.97, for a total value 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 0.10% of the stock is owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Miles Capital Inc. acquired a new stake in shares of Citigroup during the fourth quarter valued at about $205,000. Norges Bank acquired a new stake in shares of Citigroup during the fourth quarter valued at about $1,927,671,000. Elkhorn Investments LLC acquired a new stake in shares of Citigroup during the fourth quarter valued at about $960,000. Israel Discount Bank of New York GFN acquired a new stake in shares of Citigroup during the fourth quarter valued at about $579,000. Finally, Dodge & Cox acquired a new stake in shares of Citigroup during the fourth quarter valued at about $264,000. Institutional investors and hedge funds own 74.89% of the company’s stock.
Citigroup (C) opened at 68.43 on Thursday. Citigroup has a one year low of $44.51 and a one year high of $69.86. The stock’s 50 day moving average price is $67.03 and its 200-day moving average price is $61.79. The firm has a market capitalization of $186.44 billion, a price-to-earnings ratio of 13.70 and a beta of 1.48.
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 analysts’ consensus estimates of $1.21 by $0.07. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The firm’s revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.24 earnings per share. On average, equities research analysts anticipate that Citigroup will post $5.22 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Thursday, August 3rd. This is an increase from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s dividend payout ratio is currently 25.55%.
Citigroup announced that its board has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $15.60 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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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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