Citigroup Inc. (NYSE:C) to Issue $0.56 Quarterly Dividend

Citigroup Inc. (NYSE:C) declared a quarterly dividend on Thursday, April 3rd, RTT News reports. Stockholders of record on Monday, May 5th will be given a dividend of 0.56 per share on Friday, May 23rd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend is Monday, May 5th.

Citigroup has raised its dividend payment by an average of 2.2% per year over the last three years. Citigroup has a dividend payout ratio of 23.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Citigroup to earn $9.45 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 23.7%.

Citigroup Stock Down 8.0 %

C stock opened at $58.00 on Friday. The company has a market cap of $109.17 billion, a P/E ratio of 9.75, a P/E/G ratio of 0.64 and a beta of 1.29. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50. The company’s 50-day moving average price is $75.61 and its 200 day moving average price is $70.95. Citigroup has a 52 week low of $53.51 and a 52 week high of $84.74.

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

Analyst Ratings Changes

Several analysts have commented on the company. Truist Financial lowered their price target on Citigroup from $85.00 to $84.00 and set a “buy” rating for the company in a report on Friday. Bank of America reduced their price objective on Citigroup from $90.00 to $89.00 and set a “buy” rating on the stock in a research note on Wednesday. Piper Sandler reaffirmed an “overweight” rating and set a $83.00 target price (up from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Oppenheimer lowered their price objective on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a report on Friday, January 3rd. Finally, JPMorgan Chase & Co. cut their target price on shares of Citigroup from $85.50 to $75.50 and set a “neutral” rating on the stock in a report on Thursday. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Citigroup has an average rating of “Moderate Buy” and an average target price of $83.23.

Insider Buying and Selling at Citigroup

In other Citigroup news, insider Sara Wechter sold 15,125 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 109,780 shares in the company, valued at $8,893,277.80. This represents a 12.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Anand Selvakesari sold 30,000 shares of Citigroup stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the sale, the chief operating officer now directly owns 229,180 shares of the company’s stock, valued at $18,586,498. This trade represents a 11.57 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 103,590 shares of company stock valued at $8,523,149. 0.08% of the stock is owned by insiders.

Institutional Trading of Citigroup

A hedge fund recently raised its stake in Citigroup stock. Brighton Jones LLC grew its position in Citigroup Inc. (NYSE:C) by 166.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,990 shares of the company’s stock after purchasing an additional 12,499 shares during the period. Brighton Jones LLC’s holdings in Citigroup were worth $1,407,000 at the end of the most recent quarter. Institutional investors and hedge funds own 71.72% of the company’s stock.

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

Citigroup Company Profile

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.