Citigroup (NYSE:C) Price Target Raised to $176.00 at Bank of America

Citigroup (NYSE:C) had its target price increased by equities researchers at Bank of America from $170.00 to $176.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 23.90% from the stock’s previous close.

Several other brokerages have also issued reports on C. Evercore set a $143.00 target price on shares of Citigroup in a research report on Monday. Oppenheimer lowered shares of Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Piper Sandler reiterated an “overweight” rating and issued a $145.00 price objective (up from $125.00) on shares of Citigroup in a report on Wednesday, April 15th. Jefferies Financial Group began coverage on Citigroup in a research note on Thursday, March 26th. They set a “buy” rating and a $135.00 price objective for the company. Finally, Truist Financial increased their target price on Citigroup from $147.00 to $158.00 and gave the company a “buy” rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $145.00.

Citigroup Price Performance

Shares of C stock traded down $1.81 during trading hours on Tuesday, hitting $142.05. 1,917,165 shares of the company’s stock were exchanged, compared to its average volume of 13,611,587. Citigroup has a fifty-two week low of $85.48 and a fifty-two week high of $147.96. The firm has a market cap of $242.28 billion, a P/E ratio of 17.61, a P/E/G ratio of 0.60 and a beta of 1.11. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. The firm has a 50 day moving average of $132.80 and a two-hundred day moving average of $122.17.

Citigroup (NYSE:C) last issued its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, topping the consensus estimate of $2.63 by $0.43. The company had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The firm’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.96 EPS. Sell-side analysts forecast that Citigroup will post 10.83 EPS for the current year.

Citigroup announced that its Board of Directors has initiated a stock buyback plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Edward Skyler sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the completion of the sale, the insider directly owned 182,022 shares in the company, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the transaction, the director directly owned 12,194 shares in the company, valued at $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.11% of the stock is owned by company insiders.

Institutional Trading of Citigroup

Several hedge funds have recently made changes to their positions in C. Brighton Jones LLC raised its position in shares of Citigroup by 166.9% during the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after buying an additional 12,499 shares during the period. Sivia Capital Partners LLC raised its position in Citigroup by 20.5% in the second quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company’s stock valued at $835,000 after purchasing an additional 1,669 shares during the period. United Bank acquired a new position in shares of Citigroup in the 2nd quarter valued at $972,000. Osterweis Capital Management Inc. grew its holdings in shares of Citigroup by 3,016.7% during the 2nd quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock worth $80,000 after purchasing an additional 905 shares during the period. Finally, HUB Investment Partners LLC increased its position in shares of Citigroup by 26.9% during the 2nd quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock worth $1,301,000 after purchasing an additional 3,238 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: JPMorgan raised its price target on Citigroup to $149 from $135.50 and reiterated an Overweight rating, signaling confidence in further upside ahead of earnings. Benzinga report on JPMorgan price target increase
• Positive Sentiment: Analysts expect U.S. bank earnings, including Citigroup (C), to benefit from a surge in sales and trading revenue and solid M&A advisory fees, helped in part by the blockbuster SpaceX IPO. Reuters article on Wall Street bank earnings
• Positive Sentiment: Citigroup was highlighted in a broader bullish note on big-bank stocks, with JPMorgan saying investment-banking and trading revenues may exceed prior guidance and lifting targets across the group. Yahoo Finance article on bank stocks rallying ahead of earnings
• Positive Sentiment: Citigroup also announced a new expansion in its commodities business by becoming a clearing member of London Precious Metals Clearing Limited, broadening its gold, silver, platinum and palladium settlement services. Business Wire article on Citi precious metals clearing
• Neutral Sentiment: Multiple pieces noted that Citigroup (C) is expected to report quarterly earnings on Tuesday, with consensus calling for higher EPS year over year; the report itself is the main near-term catalyst. American Banking News earnings preview
• Neutral Sentiment: Citigroup was also mentioned for appointing Citi as depositary bank for Vicore Pharma’s ADR program, a routine fee-generating services win with limited immediate stock impact. Yahoo Finance article on Vicore Pharma ADR appointment

Citigroup Company Profile

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.