Wells Fargo & Company Forecasts Strong Price Appreciation for Citigroup (NYSE:C) Stock

Citigroup (NYSE:C) had its target price upped by Wells Fargo & Company from $110.00 to $115.00 in a report released on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 23.53% from the company’s current price.

Several other research firms have also recently issued reports on C. UBS Group restated a “neutral” rating and set a $89.00 target price on shares of Citigroup in a research note on Tuesday. TD Cowen boosted their target price on shares of Citigroup from $85.00 to $95.00 and gave the company a “hold” rating in a research note on Wednesday. Piper Sandler boosted their target price on shares of Citigroup from $84.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday. Morgan Stanley lifted their price objective on Citigroup from $103.00 to $107.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Wall Street Zen downgraded shares of Citigroup from a “hold” rating to a “sell” rating in a report on Friday, June 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $96.46.

Citigroup Trading Up 3.4%

C opened at $93.10 on Wednesday. The company’s 50 day moving average price is $79.99 and its two-hundred day moving average price is $75.29. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.99 and a quick ratio of 0.98. Citigroup has a fifty-two week low of $53.51 and a fifty-two week high of $93.20. The firm has a market capitalization of $173.88 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 0.70 and a beta of 1.34.

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

Insiders Place Their Bets

In other news, Director John Cunningham Dugan sold 4,417 shares of Citigroup stock in a transaction on Wednesday, April 30th. The stock was sold at an average price of $68.26, for a total transaction of $301,504.42. Following the transaction, the director directly owned 13,048 shares in the company, valued at approximately $890,656.48. This trade represents a 25.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.08% of the stock is owned by insiders.

Institutional Trading of Citigroup

Several hedge funds have recently added to or reduced their stakes in C. Chicago Capital LLC increased its holdings in Citigroup by 14.6% during the 2nd quarter. Chicago Capital LLC now owns 3,369 shares of the company’s stock valued at $287,000 after purchasing an additional 430 shares in the last quarter. One Wealth Advisors LLC increased its position in shares of Citigroup by 19.5% in the second quarter. One Wealth Advisors LLC now owns 7,716 shares of the company’s stock valued at $657,000 after acquiring an additional 1,260 shares during the last quarter. Alliance Wealth Advisors LLC acquired a new stake in shares of Citigroup in the second quarter valued at about $208,000. Asio Capital LLC increased its position in Citigroup by 25.2% during the second quarter. Asio Capital LLC now owns 80,275 shares of the company’s stock worth $6,833,000 after buying an additional 16,165 shares during the last quarter. Finally, Spartan Planning & Wealth Management acquired a new position in shares of Citigroup in the second quarter valued at approximately $325,000. Institutional investors own 71.72% of the company’s stock.

About Citigroup

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.