Investment analysts at Piper Sandler have raised their price target for Citigroup (NYSE:C) from $120.00 to $130.00, suggesting a potential upside of 11.20% from the stock’s current price. This adjustment, announced in a research note on October 14, 2023, reflects Piper Sandler’s confidence in the company’s performance, maintaining an “overweight” rating on the stock.
Other analysts have also been active in reassessing Citigroup’s value. Oppenheimer recently lowered its price target from $123.00 to $120.00, while maintaining an “outperform” rating. Goldman Sachs has reiterated a “buy” rating with a price target of $118.00. Morgan Stanley has raised its target from $129.00 to $134.00, also assigning an “overweight” rating. Truist Financial increased its price target from $112.00 to $123.00 and assigned a “buy” rating. In contrast, Dbs Bank revised its stance, downgrading Citigroup from a “moderate buy” to a “hold” rating.
According to data from MarketBeat.com, Citigroup currently holds an average rating of “Moderate Buy” based on the evaluations of thirteen analysts who have given the stock a buy rating, with six indicating a hold. The consensus target price stands at $115.25.
Recent Performance and Earnings
Citigroup reported its quarterly earnings on October 14, 2023, revealing earnings per share (EPS) of $2.24, which surpassed analysts’ expectations of $1.89 by $0.35. The company generated revenue of $22.09 billion for the quarter, exceeding the consensus estimate of $20.92 billion. Citigroup achieved a return on equity of 7.91% and a net margin of 8.73%. This performance marks a 9.3% increase in quarterly revenue compared to the prior year. During the same period last year, Citigroup had an EPS of $1.51. Analysts predict the company will post an average EPS of $7.53 for the current fiscal year.
Institutional Investment Trends
Recent movements in institutional investment highlight increased interest in Citigroup. Wolff Wiese Magana LLC raised its stake by 87.6% in the third quarter, now holding 257 shares valued at $26,000 after acquiring an additional 120 shares. Similarly, Dunhill Financial LLC boosted its stake by 92.2%, owning 319 shares now valued at $32,000 following a purchase of 153 shares.
Guerra Advisors Inc. and Howard Hughes Medical Institute also acquired new stakes in Citigroup during the third and second quarters, with valuations of $33,000 and $34,000, respectively. Finally, DHJJ Financial Advisors Ltd. increased its position by 157.1% during the second quarter, owning 414 shares valued at $35,000. Institutional investors currently hold 71.72% of Citigroup’s stock.
Citigroup, headquartered in New York City, is a prominent global financial services company that offers a diverse range of banking and financial products. Following its inception through the merger of Citicorp and Travelers Group in 1998, Citigroup has operated as a diversified bank holding company, catering to consumers, corporations, governments, and institutions worldwide. Its key operations include retail and commercial banking, credit card and consumer lending, wealth management, and a comprehensive range of institutional services.
