Citigroup (NYSE:C) Earns “Overweight” Rating from Morgan Stanley

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Morgan Stanley reaffirmed their overweight rating on shares of Citigroup (NYSE:C) in a report released on Monday, LiveTradingNews reports. They currently have a $90.00 price objective on the financial services provider’s stock, up from their previous price objective of $84.00.

C has been the topic of several other research reports. Wells Fargo & Co set a $85.00 target price on Citigroup and gave the company a buy rating in a research report on Friday, August 16th. Keefe, Bruyette & Woods upgraded Citigroup from a market perform rating to an outperform rating and upped their target price for the company from $74.00 to $86.00 in a research report on Friday, July 26th. ValuEngine lowered Citigroup from a hold rating to a sell rating in a research report on Monday, October 21st. Vining Sparks upgraded Citigroup to a buy rating and set a $80.00 target price on the stock in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their target price on Citigroup from $77.50 to $84.50 and gave the company an overweight rating in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the company. Citigroup presently has an average rating of Buy and a consensus target price of $81.28.

C stock traded up $0.42 during midday trading on Monday, reaching $74.82. 8,944,770 shares of the stock were exchanged, compared to its average volume of 14,285,270. The stock has a market capitalization of $162.43 billion, a PE ratio of 11.25, a P/E/G ratio of 0.85 and a beta of 1.80. Citigroup has a 52 week low of $48.42 and a 52 week high of $76.28. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.00 and a quick ratio of 1.00. The company has a fifty day moving average price of $71.73 and a 200 day moving average price of $68.54.

Citigroup (NYSE:C) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $2.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.12. The business had revenue of $18.57 billion for the quarter, compared to analyst estimates of $18.54 billion. Citigroup had a return on equity of 10.16% and a net margin of 18.28%. Citigroup’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 EPS. As a group, analysts anticipate that Citigroup will post 7.58 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Monday, November 4th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Friday, November 1st. Citigroup’s dividend payout ratio (DPR) is currently 30.68%.

In related news, insider Michael Whitaker sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $62.03, for a total transaction of $465,225.00. Following the transaction, the insider now directly owns 93,848 shares of the company’s stock, valued at approximately $5,821,391.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.09% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the company. Invesco Ltd. increased its position in shares of Citigroup by 27.8% during the second quarter. Invesco Ltd. now owns 48,104,326 shares of the financial services provider’s stock valued at $3,368,746,000 after acquiring an additional 10,457,813 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Citigroup by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 36,542,950 shares of the financial services provider’s stock worth $2,559,105,000 after acquiring an additional 122,127 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Citigroup by 1,638.7% in the second quarter. Nuveen Asset Management LLC now owns 23,014,050 shares of the financial services provider’s stock worth $1,611,674,000 after acquiring an additional 21,690,409 shares during the period. Morgan Stanley boosted its holdings in shares of Citigroup by 3.4% in the second quarter. Morgan Stanley now owns 12,856,381 shares of the financial services provider’s stock worth $900,333,000 after acquiring an additional 427,951 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Citigroup by 0.8% in the second quarter. Charles Schwab Investment Management Inc. now owns 11,309,671 shares of the financial services provider’s stock worth $792,017,000 after acquiring an additional 88,835 shares during the period. 78.87% of the stock is owned by hedge funds and other institutional investors.

Citigroup Company Profile

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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