Citi Trends (NASDAQ:CTRN) issued its quarterly earnings results on Friday. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.06, Briefing.com reports. Citi Trends had a net margin of 2.04% and a return on equity of 7.70%. The business had revenue of $212.14 million for the quarter, compared to the consensus estimate of $211.00 million. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 14.4% on a year-over-year basis. Citi Trends updated its FY19 guidance to $1.55-1.70 EPS.
Citi Trends (NASDAQ CTRN) opened at $26.47 on Friday. Citi Trends has a 1-year low of $15.54 and a 1-year high of $28.12. The firm has a market cap of $363.70, a P/E ratio of 21.01 and a beta of 0.50.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 20th. Shareholders of record on Tuesday, March 6th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.21%. The ex-dividend date of this dividend is Monday, March 5th. Citi Trends’s dividend payout ratio is currently 31.37%.
A number of large investors have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Citi Trends by 16.8% during the fourth quarter. BlackRock Inc. now owns 1,379,974 shares of the company’s stock valued at $36,514,000 after purchasing an additional 198,714 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in Citi Trends by 4.2% during the fourth quarter. Alliancebernstein L.P. now owns 1,125,634 shares of the company’s stock valued at $29,784,000 after purchasing an additional 45,530 shares in the last quarter. State Street Corp lifted its holdings in Citi Trends by 5.7% during the second quarter. State Street Corp now owns 296,756 shares of the company’s stock valued at $6,296,000 after purchasing an additional 15,901 shares in the last quarter. Garnet Equity Capital Holdings Inc. purchased a new position in Citi Trends during the fourth quarter valued at approximately $6,906,000. Finally, Algert Global LLC lifted its holdings in Citi Trends by 136.1% during the third quarter. Algert Global LLC now owns 233,938 shares of the company’s stock valued at $4,648,000 after purchasing an additional 134,839 shares in the last quarter. 88.82% of the stock is currently owned by institutional investors and hedge funds.
Separately, BidaskClub raised shares of Citi Trends from a “sell” rating to a “hold” rating in a report on Thursday.
Citi Trends declared that its Board of Directors has authorized a stock repurchase plan on Friday, March 16th that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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Citi Trends Company Profile
Citi Trends, Inc is a retailer of urban fashion apparel and accessories. The Company’s segment is retail operations. The Company operates approximately 520 stores in both urban and rural markets in over 30 states. The Company offers products under its brands, such as Citi Steps and Red Ape. The Company’s merchandise includes apparel, accessories and home.
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