Bank of America Cuts Citigroup (NYSE:C) Price Target to $89.00

Citigroup (NYSE:C) had its target price decreased by research analysts at Bank of America from $90.00 to $89.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 26.27% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Oppenheimer dropped their price objective on shares of Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research note on Friday, January 3rd. Barclays raised shares of Citigroup from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $70.00 to $95.00 in a research report on Monday, January 6th. Truist Financial started coverage on shares of Citigroup in a research note on Tuesday, January 7th. They set a “buy” rating and a $85.00 price target for the company. Evercore ISI lowered their price objective on Citigroup from $79.00 to $76.00 and set an “in-line” rating on the stock in a research note on Tuesday. Finally, Piper Sandler restated an “overweight” rating and set a $83.00 target price (up previously from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.86.

Citigroup Stock Down 0.7 %

NYSE C opened at $70.48 on Wednesday. Citigroup has a twelve month low of $53.51 and a twelve month high of $84.74. The stock has a market cap of $132.66 billion, a PE ratio of 11.85, a PEG ratio of 0.64 and a beta of 1.43. The firm has a 50-day simple moving average of $76.66 and a 200 day simple moving average of $71.00. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.96 and a current ratio of 0.96.

Citigroup (NYSE:C) last announced its quarterly earnings data on Wednesday, January 15th. The company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.12. The company had revenue of $19.58 billion during the quarter, compared to the consensus estimate of $19.51 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter last year, the company earned $0.84 EPS. On average, research analysts forecast that Citigroup will post 7.53 EPS for the current year.

Citigroup announced that its board has authorized a stock repurchase plan on Wednesday, January 15th that authorizes the company to repurchase $20.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 13.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Sara Wechter sold 15,125 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the transaction, the insider now owns 109,780 shares of the company’s stock, valued at $8,893,277.80. This represents a 12.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Mason sold 58,465 shares of Citigroup stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 217,331 shares of the company’s stock, valued at approximately $18,084,112.51. The trade was a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 103,590 shares of company stock valued at $8,523,149. Insiders own 0.08% of the company’s stock.

Hedge Funds Weigh In On Citigroup

Hedge funds and other institutional investors have recently bought and sold shares of the business. True Wealth Design LLC boosted its position in shares of Citigroup by 11.1% in the 4th quarter. True Wealth Design LLC now owns 1,195 shares of the company’s stock worth $84,000 after purchasing an additional 119 shares during the last quarter. Continuum Advisory LLC lifted its stake in Citigroup by 1.9% in the fourth quarter. Continuum Advisory LLC now owns 6,519 shares of the company’s stock valued at $459,000 after buying an additional 120 shares during the period. Blake Schutter Theil Wealth Advisors LLC boosted its holdings in Citigroup by 1.6% during the fourth quarter. Blake Schutter Theil Wealth Advisors LLC now owns 8,637 shares of the company’s stock worth $608,000 after buying an additional 135 shares during the last quarter. Hemington Wealth Management grew its position in shares of Citigroup by 10.9% during the 4th quarter. Hemington Wealth Management now owns 1,387 shares of the company’s stock worth $97,000 after buying an additional 136 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in shares of Citigroup by 3.4% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 4,112 shares of the company’s stock valued at $289,000 after acquiring an additional 137 shares during the last quarter. 71.72% of the stock is owned by institutional investors.

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.