Oppenheimer Raises Citigroup (NYSE:C) Price Target to $124.00

Key Points

• Oppenheimer has raised its price target for Citigroup (NYSE:C) from $123.00 to $124.00, indicating a potential upside of 30.75% from the current price, while maintaining an "outperform" rating.
• Citigroup recently reported quarterly earnings of $1.96 per share, surpassing analyst expectations of $1.61, with revenue of $21.67 billion, marking an 8.2% year-over-year increase.
• Institutional investors significantly increased their holdings in Citigroup, with notable purchases from companies like FMR LLC, which raised its stake by 29.7% in the last quarter.

Citigroup (NYSE:C - Get Free Report) had its price target hoisted by equities researchers at Oppenheimer from $123.00 to $124.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's price target suggests a potential upside of 35.02% from the company's current price.

A number of other brokerages have also recently issued reports on C. JPMorgan Chase & Co. lowered their target price on Citigroup from $85.50 to $75.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Cowen initiated coverage on Citigroup in a research report on Wednesday, May 14th. They issued a "hold" rating on the stock. Truist Financial upped their price target on Citigroup from $93.00 to $99.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. TD Cowen upped their price target on Citigroup from $85.00 to $95.00 and gave the company a "hold" rating in a research report on Wednesday, July 16th. Finally, Evercore ISI set a $77.00 price target on Citigroup in a research report on Monday, July 7th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.54.

Citigroup Price Performance

Shares of NYSE:C traded down $1.86 during trading on Wednesday, reaching $91.84. 17,720,586 shares of the company traded hands, compared to its average volume of 15,836,717. The company has a quick ratio of 0.98, a current ratio of 0.99 and a debt-to-equity ratio of 1.61. Citigroup has a 52 week low of $53.51 and a 52 week high of $96.90. The firm has a market capitalization of $171.53 billion, a PE ratio of 13.57, a PEG ratio of 0.81 and a beta of 1.38. The company's 50 day moving average is $84.36 and its two-hundred day moving average is $76.98.

Citigroup (NYSE:C - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The company reported $1.96 EPS for the quarter, topping analysts' consensus estimates of $1.61 by $0.35. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. The company had revenue of $21.67 billion during the quarter, compared to analysts' expectations of $20.75 billion. During the same quarter in the previous year, the firm earned $1.52 EPS. Citigroup's revenue was up 8.2% on a year-over-year basis. As a group, sell-side analysts predict that Citigroup will post 7.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Peter B. Henry sold 3,000 shares of the company's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total transaction of $271,200.00. Following the transaction, the director directly owned 2,140 shares of the company's stock, valued at approximately $193,456. This represents a 58.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.08% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of C. Orion Capital Management LLC bought a new position in shares of Citigroup during the 4th quarter worth approximately $28,000. MorganRosel Wealth Management LLC bought a new stake in Citigroup during the first quarter worth $28,000. American National Bank & Trust bought a new stake in Citigroup during the first quarter worth $29,000. Accent Capital Management LLC boosted its position in Citigroup by 106.0% in the first quarter. Accent Capital Management LLC now owns 412 shares of the company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Finally, Truvestments Capital LLC grew its stake in Citigroup by 131.6% in the 1st quarter. Truvestments Capital LLC now owns 433 shares of the company's stock valued at $31,000 after purchasing an additional 246 shares during the period. Hedge funds and other institutional investors own 71.72% of the company's stock.

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.