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

Citigroup Inc. (NYSE:C - Get Free Report) announced a quarterly dividend on Thursday, April 3rd, RTT News reports. Shareholders of record on Monday, May 5th will be paid a dividend of 0.56 per share on Friday, May 23rd. This represents a $2.24 annualized dividend and a 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% annually over the last three years. Citigroup has a dividend payout ratio of 23.7% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Trading Down 8.0 %

Shares of C traded down $5.05 during mid-day trading on Friday, reaching $58.00. The stock had a trading volume of 51,682,961 shares, compared to its average volume of 14,041,940. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96. The business's fifty day moving average is $75.61 and its 200 day moving average is $70.95. Citigroup has a 52-week low of $53.51 and a 52-week high of $84.74. The firm has a market cap of $109.17 billion, a price-to-earnings ratio of 9.75, a P/E/G ratio of 0.64 and a beta of 1.29.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 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 net margin of 7.43% and a return on equity of 6.62%. The business's revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.84 EPS. On average, sell-side analysts predict that Citigroup will post 7.53 EPS for the current fiscal year.

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Citigroup declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 13.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at Citigroup

In related news, insider Sara Wechter sold 15,125 shares of the business's stock in a transaction 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 directly owns 109,780 shares of the company's stock, valued at $8,893,277.80. The trade was a 12.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Mason sold 58,465 shares of the firm's stock in a transaction dated 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 directly owns 217,331 shares in the company, valued at approximately $18,084,112.51. The trade was a 21.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 103,590 shares of company stock valued at $8,523,149 over the last quarter. 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 raised its position in Citigroup Inc. (NYSE:C - Free Report) by 166.9% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 19,990 shares of the company's stock after buying an additional 12,499 shares during the quarter. Brighton Jones LLC's holdings in Citigroup were worth $1,407,000 as of its most recent filing with the SEC. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on C shares. Truist Financial decreased their price objective on shares of Citigroup from $85.00 to $84.00 and set a "buy" rating on the stock in a report on Friday. Bank of America decreased their price target on Citigroup from $90.00 to $89.00 and set a "buy" rating on the stock in a research note on Wednesday. StockNews.com lowered Citigroup from a "buy" rating to a "hold" rating in a research report on Sunday, March 30th. Oppenheimer cut their price objective on Citigroup from $110.00 to $102.00 and set an "outperform" rating on the stock in a report on Friday, January 3rd. Finally, JPMorgan Chase & Co. lowered their target price on Citigroup from $85.50 to $75.50 and set a "neutral" rating for the company in a report on Thursday. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $83.23.

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.