The Vanguard Group, Inc. recently announced the acquisition of new stake in Citigroup Inc. (NYSE:C). The institutional investor has increased its shareholding in the Financial company by 0.27% to 161.65 million shares with purchase of 0.44 million shares. This fresh investment now brings its stake to 8.40% valued currently at $6.67 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.46 million to 92.58 million shares. And SSgA Funds Management, Inc. has lifted its position by 1.75% or 1.44 million shares – to 83.96 million shares.
With over 22.97 million Citigroup Inc. (C) shares trading Friday and a closing price of $42.71 on the day, the dollar volume was approximately $981.23 million. The shares have shown a negative half year performance of -6.38% and its price on 09/15/23 lost nearly -1.00%. Currently, there are 1.94B common shares owned by the public and among those 1.90B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for C have a consensus price objective of $53.88. The analysts have set the share’s price value over the next 12 months at a high of $95.00 and a low of $43.00. The average price target is 20.91% above its recent price level and an upside to the estimated low will see the stock gain 0.67% over that period. But an upside of 55.04% will see the stock hit the forecast high price target while median target price for the stock is $50.00.
Insiders at the company have transacted a total of 131 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 102 of these insider trades were purchases, accounting for 1,506,952 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 264,495 shares.
The top 3 mutual fund holders in Citigroup Inc. are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Fidelity 500 Index Fund. Vanguard Total Stock Market ETF owns 56.92 million shares of the company’s stock, all valued at over $2.35 billion. The company sold -0.65 million shares recently to bring their total holdings to about 2.96% of the shares outstanding. Vanguard 500 Index Fund sold -0.33 million shares to see its total holdings shrink to 46.29 million shares valued at over $1.91 billion and representing 2.40% of the shares outstanding. Fidelity 500 Index Fund bought 0.14 million shares to bring its total holdings to over 22.12 million shares at a value of $913.54 million. Fidelity 500 Index Fund now owns shares totaling to 1.15% of the shares outstanding.
Shares of Citigroup Inc. (NYSE: C) opened at $42.75, down -$0.39 from a prior closing price of $43.14. However, the script later moved the day high at 43.24, down -1.00%. The company’s stock has a 5-day price change of 5.22% and -12.05% over the past three months. C shares are trading -5.57% year to date (YTD), with the 12-month market performance down to -11.81% lower. It has a 12-month low price of $40.01 and touched a high of $53.23 over the same period. C has an average intraday trading volume of 16.36 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.88%, -3.57%, and -8.59% respectively.
Institutional ownership of Citigroup Inc. (NYSE: C) shares accounts for 73.70% of the company’s 1.94B shares outstanding. Mutual fund holders own 36.56%, while other institutional holders and individual stakeholders account for 36.94% and 0.59% respectively.
It has a market capitalization of $83.07B and a beta (3y monthly) value of 1.56. The stock’s trailing 12-month PE ratio is 6.77, while the earnings-per-share (ttm) stands at $6.31. The company has a PEG of 1.74 and the debt-to-equity ratio at 1.42. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.33% over the week and 1.91% over the month.
Analysts forecast that Citigroup Inc. (C) will achieve an EPS of $1.24 for the current quarter, $1.13 for the next quarter and $5.96 for 2024. The lowest estimate earnings-per-share for the quarter is $0.54 while analysts give the company a high EPS estimate of $1.52. Comparatively, EPS for the current quarter was $1.63 a year ago. Earnings per share for the fiscal year are expected to decrease by -29.90%, and 1.29% over the next financial year. EPS should shrink at an annualized rate of 3.90% over the next five years, compared to 5.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate Citigroup Inc. (C) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 17 of the 28 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the C, a number of firms have released research notes about the stock. HSBC Securities stated their Hold rating for the stock in a research note on September 07, 2023, with the firm’s price target at $43.
