Citigroup (NYSE:C) Shares Down 0.3% After Analyst Downgrade

Citigroup Inc. (NYSE:C - Get Free Report)'s stock price dropped 0.3% on Monday after Truist Financial lowered their price target on the stock from $85.00 to $84.00. Truist Financial currently has a buy rating on the stock. Citigroup traded as low as $55.51 and last traded at $57.95. Approximately 12,876,579 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 14,044,357 shares. The stock had previously closed at $58.13.

Several other analysts also recently commented on the stock. Piper Sandler restated an "overweight" rating and set a $83.00 price objective (up from $80.00) on shares of Citigroup in a research report on Thursday, January 16th. Keefe, Bruyette & Woods lifted their target price on Citigroup from $85.00 to $92.00 and gave the company an "outperform" rating in a research note on Thursday, January 16th. Bank of America cut their target price on shares of Citigroup from $90.00 to $89.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Barclays upgraded Citigroup from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $70.00 to $95.00 in a research report on Monday, January 6th. Finally, Evercore ISI decreased their target price on Citigroup from $79.00 to $76.00 and set an "in-line" rating on the stock in a research report on Tuesday, April 1st. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $84.54.

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Insider Buying and Selling

In other news, COO Anand Selvakesari sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $81.10, for a total value of $2,433,000.00. Following the sale, the chief operating officer now directly owns 229,180 shares in the company, valued at approximately $18,586,498. This represents a 11.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark Mason sold 58,465 shares of the business's stock in a transaction on Friday, February 14th. The shares were 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 of the company's stock, 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 sold a total of 103,590 shares of company stock worth $8,523,149 over the last three months. 0.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Citigroup

A number of institutional investors have recently modified their holdings of the stock. True Wealth Design LLC increased its position in shares of Citigroup by 11.1% during the fourth quarter. True Wealth Design LLC now owns 1,195 shares of the company's stock valued at $84,000 after acquiring an additional 119 shares during the last quarter. Continuum Advisory LLC boosted its position in shares of Citigroup by 1.9% during the 4th quarter. Continuum Advisory LLC now owns 6,519 shares of the company's stock worth $459,000 after purchasing an additional 120 shares during the period. Blake Schutter Theil Wealth Advisors LLC raised its holdings in Citigroup by 1.6% in the fourth quarter. Blake Schutter Theil Wealth Advisors LLC now owns 8,637 shares of the company's stock valued at $608,000 after acquiring an additional 135 shares in the last quarter. Hemington Wealth Management lifted its stake in Citigroup by 10.9% in the fourth quarter. Hemington Wealth Management now owns 1,387 shares of the company's stock worth $97,000 after acquiring an additional 136 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its position in shares of Citigroup by 3.4% in the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 4,112 shares of the company's stock valued at $289,000 after purchasing an additional 137 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Citigroup Price Performance

The firm has a market capitalization of $116.33 billion, a price-to-earnings ratio of 10.37, a price-to-earnings-growth ratio of 0.64 and a beta of 1.29. The stock's fifty day moving average price is $73.24 and its two-hundred day moving average price is $70.93. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.50.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings results on Wednesday, January 15th. The company reported $1.34 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.22 by $0.12. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. The company had revenue of $19.58 billion during the quarter, compared to the consensus estimate of $19.51 billion. During the same period in the previous year, the business earned $0.84 EPS. Citigroup's revenue for the quarter was up 12.3% on a year-over-year basis. Equities research analysts expect that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Monday, May 5th will be paid a $0.56 dividend. The ex-dividend date is Monday, May 5th. This represents a $2.24 annualized dividend and a yield of 3.62%. Citigroup's dividend payout ratio is currently 37.65%.

Citigroup announced that its Board of Directors has authorized a stock repurchase program on Wednesday, January 15th that authorizes the company to buyback $20.00 billion in shares. This buyback authorization authorizes the company to buy up to 13.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

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.