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

Citigroup (NYSE:C) announced its quarterly earnings results on Friday. The company reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $20.46 billion. During the same period last year, the company posted $1.86 EPS. Citigroup’s revenue for the quarter was down 1.6% on a year-over-year basis. Citigroup updated its FY 2024 guidance to EPS.

Citigroup Trading Down 1.7 %

NYSE C opened at $59.68 on Friday. The firm has a market capitalization of $114.30 billion, a P/E ratio of 17.66, a PEG ratio of 0.93 and a beta of 1.52. The business has a fifty day simple moving average of $57.91 and a 200 day simple moving average of $50.62. Citigroup has a 12 month low of $38.17 and a 12 month high of $63.90. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.52.

Citigroup Announces Dividend

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 given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend is Friday, May 3rd. Citigroup’s payout ratio is currently 62.72%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Morgan Stanley upgraded shares of Citigroup from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $46.00 to $65.00 in a report on Tuesday, January 30th. Keefe, Bruyette & Woods lifted their price objective on shares of Citigroup from $54.00 to $66.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Evercore ISI boosted their target price on shares of Citigroup from $58.00 to $60.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Wolfe Research raised shares of Citigroup from a “peer perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research report on Wednesday, January 3rd. Finally, Jefferies Financial Group upped their price objective on Citigroup from $56.00 to $65.00 and gave the company a “hold” rating in a research note on Monday, April 8th. One 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’s stock. Based on data from MarketBeat.com, Citigroup presently has an average rating of “Moderate Buy” and a consensus target price of $62.56.

Institutional Investors Weigh In On Citigroup

Institutional investors and hedge funds have recently bought and sold shares of the stock. Orion Capital Management LLC purchased a new stake in shares of Citigroup during the 4th quarter valued at $26,000. Frazier Financial Advisors LLC purchased a new stake in shares of Citigroup during the 4th quarter valued at $29,000. Beaird Harris Wealth Management LLC increased its position in shares of Citigroup by 1,962.1% during the 4th quarter. Beaird Harris Wealth Management LLC now owns 598 shares of the company’s stock valued at $31,000 after purchasing an additional 569 shares during the last quarter. Carmel Capital Partners LLC purchased a new stake in shares of Citigroup during the 3rd quarter valued at $25,000. Finally, SkyView Investment Advisors LLC purchased a new stake in shares of Citigroup during the 1st quarter valued at $28,000. 71.72% of the stock is owned by hedge funds and other institutional investors.

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.