Citigroup (NYSE:C) Shares Down 0.2% – Here’s Why

Citigroup Inc. (NYSE:C)’s share price dropped 0.2% on Monday . The stock traded as low as $68.52 and last traded at $68.32. Approximately 2,216,840 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 14,375,858 shares. The stock had previously closed at $68.43.

Wall Street Analyst Weigh In

Several analysts recently issued reports on C shares. JPMorgan Chase & Co. cut their target price on Citigroup from $85.50 to $75.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Piper Sandler reissued an “overweight” rating and set a $77.00 price objective (down previously from $83.00) on shares of Citigroup in a research report on Wednesday, April 16th. Bank of America lowered their price target on shares of Citigroup from $90.00 to $89.00 and set a “buy” rating for the company in a research report on Wednesday, April 2nd. Barclays upgraded shares of Citigroup from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $70.00 to $95.00 in a report on Monday, January 6th. Finally, The Goldman Sachs Group cut their price target on Citigroup from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Citigroup presently has a consensus rating of “Moderate Buy” and an average target price of $84.04.

Citigroup Stock Down 0.4 %

The company has a fifty day moving average of $69.38 and a 200 day moving average of $71.15. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.50. The company has a market cap of $128.30 billion, a P/E ratio of 11.45, a price-to-earnings-growth ratio of 0.64 and a beta of 1.29.

Citigroup (NYSE:C) last issued its quarterly earnings data on Tuesday, April 15th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.12. Citigroup had a net margin of 7.43% and a return on equity of 6.62%. The firm had revenue of $21.60 billion for the quarter, compared to analysts’ expectations of $21.34 billion. On average, research analysts anticipate that Citigroup Inc. will post 7.53 earnings per share for the current fiscal year.

Citigroup Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Monday, May 5th will be issued a $0.56 dividend. The ex-dividend date is Monday, May 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.29%. Citigroup’s dividend payout ratio is presently 35.39%.

Citigroup announced that its Board of Directors has initiated a stock buyback program on Wednesday, January 15th that permits the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 13.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, COO Anand Selvakesari sold 30,000 shares of the company’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total transaction of $2,433,000.00. Following the transaction, the chief operating officer now directly owns 229,180 shares of the company’s stock, valued at approximately $18,586,498. This represents a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark Mason sold 58,465 shares of the business’s stock in a transaction on 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 transaction, the chief financial officer now owns 217,331 shares in the company, valued at approximately $18,084,112.51. This trade represents a 21.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,590 shares of company stock valued at $8,523,149 in the last quarter. 0.08% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Core Alternative Capital raised its position in Citigroup by 83.4% during the fourth quarter. Core Alternative Capital now owns 376 shares of the company’s stock worth $26,000 after acquiring an additional 171 shares during the period. Orion Capital Management LLC purchased a new position in shares of Citigroup in the fourth quarter valued at approximately $28,000. MorganRosel Wealth Management LLC purchased a new stake in shares of Citigroup during the first quarter worth approximately $28,000. American National Bank & Trust purchased a new position in Citigroup in the 1st quarter valued at $29,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of Citigroup in the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 71.72% of the company’s stock.

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.