Citigroup (C) Raised to Buy at Zacks Investment Research

Citigroup (NYSE:C) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, February 2nd. The firm currently has a $89.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 19.58% from the stock’s previous close.

According to Zacks, “Shares of Citigroup underperformed the industry over the past six months. However, the company boasts an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in each of the trailing four quarters. The fourth-quarter 2017 results were supported by prudent expense management and strong consumer banking. However, fixed income trading income slumped. We believe the company’s restructuring and streamlining efforts, strategic investments in core business, lower tax rate and expense management, will likely support profitability. Moreover, expansion of wealth management business in Australia will act as a tailwind. Yet, several issues, including litigation burden, keep us apprehensive. Also, in spite of rising rates, margin remains under pressure, due to persistent decline in the company’s legacy holdings portfolio.”

A number of other research analysts have also recently commented on the company. Raymond James Financial initiated coverage on Citigroup in a research note on Tuesday, October 31st. They issued a “hold” rating for the company. Morgan Stanley raised their target price on Citigroup from $73.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, October 13th. Jefferies Group set a $81.00 price objective on Citigroup and gave the company a “neutral” rating in a research note on Thursday, October 12th. Nomura lifted their price objective on Citigroup to $84.00 and gave the company a “buy” rating in a research note on Monday, December 11th. Finally, Credit Suisse Group reiterated a “buy” rating and set a $83.00 price objective on shares of Citigroup in a research note on Tuesday, December 12th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $79.65.

Citigroup (C) opened at $74.43 on Friday. The company has a market capitalization of $197,450.00, a P/E ratio of 13.41, a PEG ratio of 1.07 and a beta of 1.54. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.01 and a quick ratio of 1.01. Citigroup has a one year low of $56.55 and a one year high of $80.70.

Citigroup (NYSE:C) last released its earnings results on Tuesday, January 16th. The financial services provider reported $1.28 EPS for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.09. The company had revenue of $17.26 billion during the quarter, compared to analysts’ expectations of $17.23 billion. Citigroup had a positive return on equity of 7.60% and a negative net margin of 7.05%. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.14 EPS. analysts expect that Citigroup will post 6.4 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of C. Janus Henderson Group PLC increased its holdings in shares of Citigroup by 227.4% in the 3rd quarter. Janus Henderson Group PLC now owns 9,629,422 shares of the financial services provider’s stock worth $700,395,000 after purchasing an additional 6,688,305 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Citigroup by 109.5% in the second quarter. Lazard Asset Management LLC now owns 9,292,727 shares of the financial services provider’s stock worth $621,497,000 after acquiring an additional 4,856,866 shares during the period. PointState Capital LP bought a new stake in shares of Citigroup in the second quarter worth $321,322,000. The Manufacturers Life Insurance Company grew its holdings in shares of Citigroup by 42.4% in the second quarter. The Manufacturers Life Insurance Company now owns 14,815,133 shares of the financial services provider’s stock worth $990,836,000 after acquiring an additional 4,413,329 shares during the period. Finally, FMR LLC grew its holdings in shares of Citigroup by 3.8% in the second quarter. FMR LLC now owns 109,804,452 shares of the financial services provider’s stock worth $7,343,721,000 after acquiring an additional 4,061,637 shares during the period. 80.71% of the stock is owned by institutional investors and hedge funds.

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Citigroup Company Profile

Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.

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