Citigroup (NYSE:C) Now Covered by HSBC

HSBC began coverage on shares of Citigroup (NYSE:C) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $164.00 price target on the stock. HSBC’s target price points to a potential upside of 29.02% from the stock’s current price.

Several other research analysts have also issued reports on C. Bank of America lifted their price target on shares of Citigroup from $170.00 to $176.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Zacks Research downgraded Citigroup from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 14th. Oppenheimer lowered Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Morgan Stanley raised their price objective on Citigroup from $154.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Finally, Truist Financial decreased their target price on Citigroup from $158.00 to $154.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $149.33.

Citigroup Stock Down 1.8%

C stock opened at $127.11 on Monday. The stock has a market cap of $216.79 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 0.57 and a beta of 1.13. The firm’s 50-day simple moving average is $134.14 and its 200 day simple moving average is $130.62. Citigroup has a fifty-two week low of $93.66 and a fifty-two week high of $147.96. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71.

Citigroup (NYSE:C) last announced its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.74 by $0.41. The company had revenue of $24.77 billion during the quarter, compared to analyst estimates of $23.74 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.96 EPS. As a group, sell-side analysts predict that Citigroup will post 11.23 EPS for the current year.

Institutional Trading of Citigroup

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp increased its position in Citigroup by 3.7% in the 2nd quarter. State Street Corp now owns 80,956,349 shares of the company’s stock worth $11,199,986,000 after purchasing an additional 2,913,701 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Citigroup by 4.0% during the 4th quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock valued at $3,990,422,000 after buying an additional 1,326,224 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Citigroup during the 2nd quarter valued at about $3,244,602,000. Bank of America Corp DE grew its stake in shares of Citigroup by 2.8% in the 1st quarter. Bank of America Corp DE now owns 26,869,012 shares of the company’s stock valued at $3,047,215,000 after buying an additional 728,043 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of Citigroup by 6.2% in the 4th quarter. Invesco Ltd. now owns 15,139,403 shares of the company’s stock valued at $1,766,617,000 after buying an additional 887,430 shares in the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: An analyst preview upgraded Citigroup, arguing that third-quarter earnings should remain solid despite macroeconomic risks. This supports the view that the bank’s earnings momentum may continue following its latest quarter’s revenue and EPS beat. Citigroup Q3 Preview: Earnings Should Be Alright Despite Macro Risks
• Positive Sentiment: Citigroup raised its 12-month Bitcoin forecast to $113,000 and its Ethereum forecast to $3,028, citing renewed investor demand and exchange-traded-fund activity. Stronger crypto markets could benefit Citi’s trading, custody and digital-assets businesses, although the direct earnings impact remains uncertain. Citigroup raises one-year Bitcoin forecast to $113,000
• Positive Sentiment: Citi is expanding its token-services and stablecoin infrastructure, including its Coinbase relationship and blockchain payment network in Japan and the United Arab Emirates. The initiatives strengthen its longer-term digital-payments positioning but are still developing businesses. Citigroup Deepens Stablecoin Push
• Neutral Sentiment: A Federal Reserve overhaul of bank stress tests is intended to reduce swings in capital requirements and improve planning visibility for large banks including Citigroup. The change could help capital management, but its financial effect is not yet clear. Fed Revamps Bank Stress Tests
• Negative Sentiment: Money-center banks sold off broadly, with Citigroup among the hardest-hit names, as traders reduced exposure to financial stocks. This sector pressure outweighed the company’s favorable earnings outlook and helps explain why Citigroup underperformed while the broader market improved. Bank Stocks Slide as Money-Center Names Lead Financials Lower

Citigroup Company Profile

Citigroup Inc is a global financial services company headquartered in New York City and listed on the New York Stock Exchange under the symbol C. Through its subsidiaries and businesses, Citi provides banking, lending, investment, payments, wealth management and other financial services to consumers, businesses, governments and institutional clients.

Citi’s principal businesses include Services, which supports institutional clients with treasury, trade, securities services and related solutions; Markets, which provides sales, trading, research and financing services; Banking, which offers investment banking and corporate banking; and Wealth, which provides private banking and wealth management.