Citigroup (NYSE:C) Price Target Raised to $86.00 at Morgan Stanley

Citigroup (NYSE:C) had its target price lifted by Morgan Stanley from $79.00 to $86.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts also recently issued reports about the company. Royal Bank of Canada upped their target price on Citigroup from $63.00 to $66.00 and gave the stock an outperform rating in a research note on Monday, June 17th. BMO Capital Markets upped their target price on Citigroup from $63.00 to $65.00 and gave the stock a market perform rating in a research note on Thursday, July 11th. Keefe, Bruyette & Woods upped their target price on Citigroup from $66.00 to $69.00 and gave the stock a market perform rating in a research note on Thursday, June 20th. Piper Sandler increased their price objective on Citigroup from $70.00 to $73.00 and gave the company an overweight rating in a research note on Monday, July 15th. Finally, Argus increased their price objective on Citigroup from $70.00 to $72.00 and gave the company a buy rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $69.06.

Citigroup Price Performance

Shares of NYSE C opened at $62.03 on Monday. The business’s 50 day moving average price is $60.73 and its 200 day moving average price is $61.74. The firm has a market cap of $118.32 billion, a P/E ratio of 17.38, a P/E/G ratio of 0.69 and a beta of 1.45. Citigroup has a 52 week low of $38.17 and a 52 week high of $67.81. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.47.

Citigroup (NYSE:C) last issued its earnings results on Friday, July 12th. The company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.13. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. The firm had revenue of $20.14 billion for the quarter, compared to analyst estimates of $20.07 billion. During the same quarter in the prior year, the firm earned $1.37 earnings per share. Citigroup’s revenue for the quarter was up 3.6% on a year-over-year basis. On average, sell-side analysts expect that Citigroup will post 5.79 earnings per share for the current year.

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Monday, August 5th were issued a dividend of $0.56 per share. The ex-dividend date was Monday, August 5th. This is a boost from Citigroup’s previous quarterly dividend of $0.53. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.61%. Citigroup’s dividend payout ratio is currently 62.75%.

Hedge Funds Weigh In On Citigroup

A number of hedge funds have recently modified their holdings of the business. Lloyd Advisory Services LLC. boosted its holdings in Citigroup by 355.9% during the 1st quarter. Lloyd Advisory Services LLC. now owns 19,115 shares of the company’s stock valued at $1,209,000 after acquiring an additional 14,922 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in Citigroup by 13.3% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 73,317 shares of the company’s stock valued at $4,653,000 after acquiring an additional 8,593 shares during the period. Lazard Asset Management LLC boosted its holdings in Citigroup by 13.4% during the 1st quarter. Lazard Asset Management LLC now owns 201,456 shares of the company’s stock valued at $12,739,000 after acquiring an additional 23,774 shares during the period. Capital World Investors boosted its stake in shares of Citigroup by 9.1% in the 4th quarter. Capital World Investors now owns 4,187,362 shares of the company’s stock valued at $215,398,000 after buying an additional 350,087 shares during the period. Finally, BDF Gestion purchased a new position in shares of Citigroup in the 2nd quarter valued at about $3,861,000. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

About Citigroup

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.