Citigroup (NYSE:C) Posts Quarterly Earnings Results, Beats Expectations By $0.29 EPS

Citigroup (NYSE:C) released its earnings results on Friday. The company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.29, Briefing.com reports. Citigroup had a net margin of 5.88% and a return on equity of 6.49%. The business had revenue of $21.10 billion during the quarter, compared to analysts’ expectations of $20.46 billion. During the same quarter last year, the company earned $1.86 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. Citigroup updated its FY 2024 guidance to EPS.

Citigroup Stock Performance

Shares of Citigroup stock opened at $59.68 on Friday. The company has a debt-to-equity ratio of 1.52, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $114.30 billion, a P/E ratio of 17.66, a P/E/G ratio of 0.93 and a beta of 1.52. The firm has a 50 day simple moving average of $57.91 and a 200 day simple moving average of $50.62. Citigroup has a fifty-two week low of $38.17 and a fifty-two week high of $63.90.

Citigroup Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Monday, May 6th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date is Friday, May 3rd. Citigroup’s dividend payout ratio is currently 62.72%.

Institutional Trading of Citigroup

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Meridian Wealth Management LLC grew its holdings in Citigroup by 130.4% during the 3rd quarter. Meridian Wealth Management LLC now owns 175,576 shares of the company’s stock worth $7,221,000 after acquiring an additional 99,371 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in Citigroup during the 3rd quarter worth $209,000. Allspring Global Investments Holdings LLC grew its holdings in Citigroup by 56.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,245,693 shares of the company’s stock worth $64,078,000 after acquiring an additional 449,310 shares during the period. GFS Advisors LLC acquired a new stake in Citigroup during the 4th quarter worth $2,003,000. Finally, Sound Income Strategies LLC grew its holdings in Citigroup by 9.1% during the 4th quarter. Sound Income Strategies LLC now owns 258,150 shares of the company’s stock worth $13,279,000 after acquiring an additional 21,440 shares during the period. Institutional investors and hedge funds own 71.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Oppenheimer reduced their target price on shares of Citigroup from $95.00 to $88.00 and set an “outperform” rating for the company in a research note on Tuesday, March 19th. HSBC raised their price target on shares of Citigroup from $61.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Jefferies Financial Group raised their price target on shares of Citigroup from $56.00 to $65.00 and gave the stock a “hold” rating in a research note on Monday, April 8th. Morgan Stanley upgraded shares of Citigroup from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $46.00 to $65.00 in a research note on Tuesday, January 30th. Finally, BMO Capital Markets cut shares of Citigroup from an “outperform” rating to a “market perform” rating and set a $57.00 price target for the company. in a research note on Wednesday, January 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $62.56.

Citigroup Company Profile

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.