Trading Report: The Citigroup Inc. (C) Sees Large Volume Increase Following Strong Earnings

The Citigroup Inc. (C) Sees Large Volume Increase Following Strong Earnings

Citigroup Inc. (NYSE:C) shares saw unusually-strong trading volume on Friday following a stronger than expected earnings report. Approximately 18,994,088 shares traded hands during mid-day trading, an increase of 2% from the previous session’s volume of 18,612,531 shares.The stock last traded at $48.79 and had previously closed at $48.47.

The financial services provider reported $1.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.08. The business earned $17.80 billion during the quarter, compared to analyst estimates of $17.32 billion. Citigroup had a return on equity of 7.24% and a net margin of 17.97%. The company’s revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.31 earnings per share.

Several analysts have recently weighed in on C shares. Jefferies Group upped their price objective on Citigroup from $54.00 to $58.00 and gave the company a “buy” rating in a report on Monday, October 10th. Credit Agricole SA upped their price objective on Citigroup from $61.00 to $63.00 and gave the company a “buy” rating in a report on Friday, September 23rd. Nomura cut their price objective on Citigroup from $57.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, September 7th. Goldman Sachs Group Inc. lowered Citigroup from a “buy” rating to a “neutral” rating and cut their target price for the stock from $52.00 to $50.00 in a research report on Friday, September 16th. Finally, TheStreet raised Citigroup from a “hold” rating to a “buy” rating in a research report on Tuesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seventeen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $54.76.

In other Citigroup news, insider Joseph Michael Murray sold 8,122 shares of the company’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $44.35, for a total value of $360,210.70. Following the completion of the transaction, the insider now owns 35,042 shares of the company’s stock, valued at approximately $1,554,112.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.13% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. UMB Bank N A MO boosted its position in shares of Citigroup by 0.5% in the second quarter. UMB Bank N A MO now owns 6,721 shares of the financial services provider’s stock worth $285,000 after buying an additional 36 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV boosted its position in shares of Citigroup by 0.8% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,434 shares of the financial services provider’s stock worth $230,000 after buying an additional 43 shares during the last quarter. Pitcairn Co. boosted its position in shares of Citigroup by 0.5% in the second quarter. Pitcairn Co. now owns 10,299 shares of the financial services provider’s stock worth $437,000 after buying an additional 53 shares during the last quarter. HM Payson & Co. boosted its position in shares of Citigroup by 1.0% in the second quarter. HM Payson & Co. now owns 5,642 shares of the financial services provider’s stock worth $239,000 after buying an additional 57 shares during the last quarter. Finally, Cannell Peter B & Co. Inc. boosted its position in shares of Citigroup by 0.5% in the second quarter. Cannell Peter B & Co. Inc. now owns 14,695 shares of the financial services provider’s stock worth $623,000 after buying an additional 75 shares during the last quarter. 71.41% of the stock is owned by hedge funds and other institutional investors.

The company has a market capitalization of $141.23 billion, a price-to-earnings ratio of 10.29 and a beta of 1.86. The stock has a 50-day moving average price of $47.49 and a 200 day moving average price of $45.05.

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