Citigroup (NYSE:C) Given New $84.00 Price Target at Truist Financial

Citigroup (NYSE:C) had its target price dropped by equities research analysts at Truist Financial from $85.00 to $84.00 in a report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 48.37% from the company’s current price.

A number of other analysts have also weighed in on the company. Evercore ISI reduced their target price on Citigroup from $79.00 to $76.00 and set an “in-line” rating on the stock in a research note on Tuesday. Piper Sandler reiterated an “overweight” rating and set a $83.00 price objective (up previously from $80.00) on shares of Citigroup in a report on Thursday, January 16th. JPMorgan Chase & Co. lowered their price target on Citigroup from $85.50 to $75.50 and set a “neutral” rating for the company in a report on Thursday. StockNews.com cut shares of Citigroup from a “buy” rating to a “hold” rating in a report on Sunday, March 30th. Finally, The Goldman Sachs Group reduced their price target on shares of Citigroup from $90.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $83.23.

Citigroup Price Performance

NYSE C traded down $6.44 during trading hours on Friday, reaching $56.61. The company’s stock had a trading volume of 14,716,400 shares, compared to its average volume of 13,904,616. Citigroup has a 1 year low of $53.51 and a 1 year high of $84.74. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.50. The company has a market capitalization of $106.56 billion, a price-to-earnings ratio of 9.56, a PEG ratio of 0.64 and a beta of 1.43. The firm’s 50-day moving average price is $76.08 and its 200-day moving average price is $70.95.

Citigroup (NYSE:C) last issued its earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share 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 during the quarter, compared to analyst estimates of $19.51 billion. During the same quarter in the prior year, the business earned $0.84 earnings per share. Citigroup’s revenue for the quarter was up 12.3% on a year-over-year basis. On average, equities research analysts predict that Citigroup will post 7.53 EPS for the current fiscal year.

Citigroup declared that its board has approved a stock repurchase program on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 13.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Citigroup news, CFO Mark Mason sold 58,465 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $83.21, for a total value of $4,864,872.65. Following the sale, the chief financial officer now owns 217,331 shares of the company’s stock, valued at $18,084,112.51. The trade was a 21.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sara Wechter sold 15,125 shares of Citigroup stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $81.01, for a total value of $1,225,276.25. Following the completion of the transaction, the insider now owns 109,780 shares of the company’s stock, valued at $8,893,277.80. The trade was a 12.11 % 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 over the last ninety days. Company insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Citigroup

Several large investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Citigroup in the 4th quarter valued at about $1,935,599,000. Capital World Investors boosted its holdings in shares of Citigroup by 455.2% in the fourth quarter. Capital World Investors now owns 31,352,582 shares of the company’s stock valued at $2,206,908,000 after acquiring an additional 25,705,141 shares during the period. FMR LLC grew its position in shares of Citigroup by 29.7% during the fourth quarter. FMR LLC now owns 34,362,176 shares of the company’s stock worth $2,418,754,000 after acquiring an additional 7,863,718 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Citigroup by 18.5% in the 3rd quarter. Franklin Resources Inc. now owns 30,027,213 shares of the company’s stock valued at $1,998,976,000 after acquiring an additional 4,680,713 shares during the period. Finally, Swedbank AB raised its position in Citigroup by 90.2% in the 4th quarter. Swedbank AB now owns 8,326,745 shares of the company’s stock valued at $586,120,000 after purchasing an additional 3,947,912 shares during the last quarter. Institutional investors and hedge funds own 71.72% of the company’s stock.

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.