Citi Trends (CTRN) to Repurchase $25.00 million in Outstanding Shares

Citi Trends (NASDAQ:CTRN) declared that its board has authorized a stock buyback plan, which allows the company to buyback $25.00 million in shares on Friday, March 16th. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

CTRN stock traded up $0.18 during midday trading on Friday, reaching $32.00. 113,651 shares of the company’s stock traded hands, compared to its average volume of 182,416. The stock has a market cap of $437.20, a price-to-earnings ratio of 25.40 and a beta of 0.22. Citi Trends has a fifty-two week low of $15.54 and a fifty-two week high of $32.30.

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Citi Trends (NASDAQ:CTRN) last announced its quarterly earnings results on Friday, March 16th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.06. Citi Trends had a net margin of 1.93% and a return on equity of 8.39%. The firm had revenue of $212.14 million for the quarter, compared to analysts’ expectations of $211.00 million. During the same period in the previous year, the company posted $0.38 earnings per share. Citi Trends’s revenue was up 14.4% compared to the same quarter last year. research analysts anticipate that Citi Trends will post 1.63 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 20th. Stockholders of record on Tuesday, March 6th were given a dividend of $0.08 per share. The ex-dividend date was Monday, March 5th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.00%. Citi Trends’s payout ratio is currently 25.40%.

A number of brokerages have recently commented on CTRN. BidaskClub upgraded shares of Citi Trends from a “hold” rating to a “buy” rating in a report on Saturday, March 24th. MKM Partners upgraded shares of Citi Trends from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $25.00 to $32.00 in a report on Tuesday, March 20th.

In other Citi Trends news, VP Ivy D. Council sold 4,156 shares of the business’s stock in a transaction on Tuesday, April 3rd. The shares were sold at an average price of $30.71, for a total transaction of $127,630.76. Following the completion of the sale, the vice president now owns 80,984 shares in the company, valued at $2,487,018.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Christina Short sold 2,752 shares of the business’s stock in a transaction on Thursday, March 29th. The shares were sold at an average price of $30.91, for a total transaction of $85,064.32. Following the sale, the senior vice president now owns 50,078 shares of the company’s stock, valued at approximately $1,547,910.98. The disclosure for this sale can be found here. Insiders own 4.60% of the company’s stock.

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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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