Citigroup Inc (NYSE:C) Expected to Announce Quarterly Sales of $18.70 Billion

Brokerages expect Citigroup Inc (NYSE:C) to announce $18.70 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Citigroup’s earnings, with the highest sales estimate coming in at $18.92 billion and the lowest estimate coming in at $18.55 billion. Citigroup reported sales of $18.47 billion in the same quarter last year, which indicates a positive year over year growth rate of 1.2%. The company is expected to issue its next earnings report on Friday, July 12th.

According to Zacks, analysts expect that Citigroup will report full year sales of $74.08 billion for the current financial year, with estimates ranging from $73.57 billion to $74.41 billion. For the next year, analysts forecast that the business will report sales of $76.78 billion, with estimates ranging from $75.92 billion to $77.88 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Citigroup.

Citigroup (NYSE:C) last posted its earnings results on Monday, April 15th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.09. The business had revenue of $18.58 billion during the quarter, compared to analyst estimates of $18.56 billion. Citigroup had a return on equity of 10.05% and a net margin of 18.32%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.68 earnings per share.

C has been the subject of a number of analyst reports. Oppenheimer increased their price target on Citigroup from $94.00 to $99.00 and gave the company an “outperform” rating in a report on Tuesday, March 26th. Goldman Sachs Group raised Citigroup from a “neutral” rating to a “buy” rating and set a $64.51 price target for the company in a report on Thursday, May 30th. Jefferies Financial Group raised Citigroup from a “hold” rating to a “buy” rating and increased their price target for the company from $64.00 to $73.00 in a report on Friday, February 22nd. Wells Fargo & Co increased their price target on Citigroup from $82.00 to $90.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. Finally, BMO Capital Markets increased their price target on Citigroup from $92.00 to $93.00 and gave the company an “outperform” rating in a report on Monday, April 15th. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $79.39.

C traded down $0.30 on Wednesday, reaching $67.19. The company’s stock had a trading volume of 3,352,406 shares, compared to its average volume of 12,178,639. The company has a market capitalization of $156.05 billion, a P/E ratio of 10.10, a P/E/G ratio of 0.73 and a beta of 1.72. Citigroup has a 1 year low of $48.42 and a 1 year high of $75.24. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.01 and a current ratio of 1.01.

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Monday, May 6th were issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Friday, May 3rd. Citigroup’s dividend payout ratio is presently 27.07%.

In other Citigroup news, CEO Stephen Bird sold 30,000 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $69.33, for a total transaction of $2,079,900.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.09% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in C. HighPoint Advisor Group LLC increased its position in Citigroup by 24.5% in the 4th quarter. HighPoint Advisor Group LLC now owns 7,878 shares of the financial services provider’s stock valued at $507,000 after acquiring an additional 1,552 shares during the period. Front Barnett Associates LLC grew its holdings in shares of Citigroup by 0.4% in the 1st quarter. Front Barnett Associates LLC now owns 134,044 shares of the financial services provider’s stock worth $8,340,000 after acquiring an additional 551 shares during the last quarter. Family Legacy Inc. grew its holdings in shares of Citigroup by 341.8% in the 4th quarter. Family Legacy Inc. now owns 1,542 shares of the financial services provider’s stock worth $80,000 after acquiring an additional 1,193 shares during the last quarter. MUFG Securities EMEA plc acquired a new position in shares of Citigroup in the 4th quarter worth $29,160,000. Finally, RWC Asset Management LLP grew its holdings in shares of Citigroup by 13.4% in the 4th quarter. RWC Asset Management LLP now owns 420,019 shares of the financial services provider’s stock worth $21,866,000 after acquiring an additional 49,563 shares during the last quarter. 76.00% of the stock is currently owned by institutional investors and hedge funds.

About Citigroup

Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).

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