Citigroup (NYSE:C) Reaches New 1-Year High Following Earnings Beat

Shares of Citigroup Inc. (NYSE:C) hit a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $76.83 and last traded at $76.69, with a volume of 4927019 shares traded. The stock had previously closed at $73.50.

The company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.12. The firm had revenue of $19.58 billion for the quarter, compared to analyst estimates of $19.51 billion. Citigroup had a return on equity of 6.19% and a net margin of 4.70%. The business’s revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share.

Citigroup Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Stockholders of record on Monday, February 3rd will be given a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Monday, February 3rd. Citigroup’s dividend payout ratio (DPR) is presently 64.93%.

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

Wall Street Analysts Forecast Growth

C has been the subject of several recent research reports. The Goldman Sachs Group lifted their price target on Citigroup from $72.00 to $81.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Oppenheimer reduced their target price on Citigroup from $110.00 to $102.00 and set an “outperform” rating for the company in a research report on Friday, January 3rd. Keefe, Bruyette & Woods boosted their target price on Citigroup from $82.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Piper Sandler boosted their target price on Citigroup from $73.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Truist Financial started coverage on Citigroup in a research report on Tuesday, January 7th. They set a “buy” rating and a $85.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Citigroup has a consensus rating of “Moderate Buy” and a consensus price target of $80.13.

Hedge Funds Weigh In On Citigroup

Hedge funds and other institutional investors have recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new stake in Citigroup during the 3rd quarter valued at about $28,000. Strategic Investment Solutions Inc. IL purchased a new stake in Citigroup during the 2nd quarter valued at about $31,000. Legacy Investment Solutions LLC purchased a new stake in Citigroup during the 3rd quarter valued at about $31,000. GHP Investment Advisors Inc. boosted its holdings in Citigroup by 184.0% during the 3rd quarter. GHP Investment Advisors Inc. now owns 568 shares of the company’s stock valued at $36,000 after acquiring an additional 368 shares during the period. Finally, Hazlett Burt & Watson Inc. boosted its holdings in Citigroup by 69.3% during the 3rd quarter. Hazlett Burt & Watson Inc. now owns 635 shares of the company’s stock valued at $39,000 after acquiring an additional 260 shares during the period. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Citigroup Price Performance

The company has a market capitalization of $148.43 billion, a PE ratio of 22.75, a PEG ratio of 0.80 and a beta of 1.43. The firm has a fifty day moving average of $70.60 and a two-hundred day moving average of $65.22. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.55.

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.