Citigroup Inc. (NYSE:C) to Issue $0.60 Quarterly Dividend

Key Points

• Citigroup declared a quarterly dividend of $0.60 per share (annualized $2.40, ~1.9% yield); shareholders of record are May 4 and the payment date is May 22 (ex-dividend date May 4).
• The bank beat quarterly estimates with $3.06 EPS vs. $2.63 expected and revenue of $24.63B (up 14.1% YoY); its current dividend payout ratio is ~25.6% and analysts forecast next-year EPS that imply a ~19.4% payout, indicating strong coverage.
• Analysts hold a consensus "Moderate Buy" rating with a price target of $136.79; the stock recently traded around $127.44 with a PE of ~15.8 and market cap of about $218.6B.

Citigroup Inc. (NYSE:C - Get Free Report) declared a quarterly dividend on Thursday, April 2nd. Shareholders of record on Monday, May 4th will be paid a dividend of 0.60 per share on Friday, May 22nd. This represents a c) annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, May 4th.

Citigroup has raised its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 2 years. Citigroup has a dividend payout ratio of 25.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Citigroup to earn $12.38 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 19.4%.

Citigroup Trading Down 0.4%

C traded down $0.54 during trading on Friday, hitting $127.44. The company's stock had a trading volume of 10,614,678 shares, compared to its average volume of 10,627,126. The firm's 50 day moving average price is $117.01 and its 200-day moving average price is $112.16. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 1.00. The stock has a market cap of $218.55 billion, a PE ratio of 15.79, a PEG ratio of 0.57 and a beta of 1.14. Citigroup has a twelve month low of $69.17 and a twelve month high of $135.29.

Citigroup (NYSE:C - Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.63 by $0.43. The company had revenue of $24.63 billion during the quarter, compared to the consensus estimate of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.Citigroup's revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.96 EPS. On average, analysts expect that Citigroup will post 10.66 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on C. Piper Sandler restated an "overweight" rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a report on Wednesday, April 15th. Royal Bank Of Canada restated an "outperform" rating and set a $139.00 price objective on shares of Citigroup in a report on Wednesday, April 15th. HSBC restated a "buy" rating and set a $87.00 price objective on shares of Citigroup in a report on Wednesday, January 7th. TD Cowen restated a "hold" rating on shares of Citigroup in a report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. upped their price objective on Citigroup from $131.00 to $135.50 and gave the stock an "overweight" rating in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $136.79.

Citigroup Company Profile

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi's principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.

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