Citigroup (NYSE:C) Price Target Cut to $78.00 by Analysts at Royal Bank of Canada

Citigroup (NYSE:C - Get Free Report) had its price objective decreased by Royal Bank of Canada from $85.00 to $78.00 in a research note issued on Wednesday, MarketBeat Ratings reports. The firm currently has an "outperform" rating on the stock. Royal Bank of Canada's price objective points to a potential upside of 23.36% from the company's previous close.

Other research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods restated an "outperform" rating and set a $92.00 price target (down previously from $96.00) on shares of Citigroup in a research report on Wednesday. Truist Financial dropped their price target on Citigroup from $84.00 to $79.00 and set a "buy" rating for the company in a research report on Wednesday. JPMorgan Chase & Co. decreased their price objective on Citigroup from $85.50 to $75.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Bank of America dropped their target price on shares of Citigroup from $90.00 to $89.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Finally, Oppenheimer lowered their price target on shares of Citigroup from $110.00 to $102.00 and set an "outperform" rating on the stock in a research report on Friday, January 3rd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $84.61.

Citigroup Stock Performance

NYSE:C traded up $1.13 during trading hours on Wednesday, reaching $63.23. The company had a trading volume of 14,653,830 shares, compared to its average volume of 14,419,522. The business's 50 day moving average price is $71.12 and its 200-day moving average price is $70.92. The firm has a market cap of $119.01 billion, a PE ratio of 10.63, a price-to-earnings-growth ratio of 0.64 and a beta of 1.29. Citigroup has a 1-year low of $53.51 and a 1-year high of $84.74. The company has a debt-to-equity ratio of 1.50, a current ratio of 0.96 and a quick ratio of 0.96.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The company reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.84 by $0.12. The company had revenue of $21.60 billion for the quarter, compared to the consensus estimate of $21.34 billion. Citigroup had a return on equity of 6.62% and a net margin of 7.43%. Research analysts forecast that Citigroup will post 7.53 EPS for the current year.

Citigroup declared that its board has approved a share buyback plan on Wednesday, January 15th that authorizes the company to repurchase $20.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 13.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Sara Wechter sold 15,125 shares of the company's stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $81.01, for a total transaction of $1,225,276.25. Following the sale, the insider now directly owns 109,780 shares of the company's stock, valued at $8,893,277.80. This represents a 12.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Mason sold 58,465 shares of Citigroup 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 completion of the transaction, the chief financial officer now owns 217,331 shares of the company's stock, 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 sold a total of 103,590 shares of company stock valued at $8,523,149 over the last 90 days. 0.08% of the stock is owned by company insiders.

Institutional Investors Weigh In On Citigroup

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its position in Citigroup by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 40,587,155 shares of the company's stock worth $2,853,484,000 after acquiring an additional 667,357 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Citigroup by 2.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 38,561,690 shares of the company's stock valued at $2,714,359,000 after purchasing an additional 815,003 shares during the period. FMR LLC boosted its holdings in Citigroup by 29.7% during the fourth quarter. FMR LLC now owns 34,362,176 shares of the company's stock worth $2,418,754,000 after buying an additional 7,863,718 shares in the last quarter. Franklin Resources Inc. grew its position in Citigroup by 9.3% during the fourth quarter. Franklin Resources Inc. now owns 32,832,063 shares of the company's stock worth $2,311,048,000 after buying an additional 2,804,850 shares during the period. Finally, Capital World Investors increased its holdings in Citigroup by 455.2% in the fourth quarter. Capital World Investors now owns 31,352,582 shares of the company's stock valued at $2,206,908,000 after buying an additional 25,705,141 shares in the last quarter. Institutional investors and hedge funds 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.