Citigroup (C) Cut to “Buy” at Wells Fargo & Co

Wells Fargo & Co cut shares of Citigroup (NYSE:C) to a buy rating in a research note released on Friday, January 4th.

Several other research firms have also issued reports on C. Wolfe Research assumed coverage on Citigroup in a research report on Tuesday, September 25th. They set an outperform rating on the stock. Deutsche Bank upped their price target on Citigroup from $76.00 to $82.00 and gave the company a buy rating in a research report on Thursday, September 27th. ValuEngine cut Citigroup from a hold rating to a sell rating in a research note on Tuesday, October 2nd. Vining Sparks reissued a buy rating and issued a $77.00 price target on shares of Citigroup in a research note on Tuesday, October 9th. Finally, BMO Capital Markets increased their price target on Citigroup to $92.00 and gave the stock a market perform rating in a research note on Monday, October 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $79.52.

Shares of C opened at $56.69 on Friday. Citigroup has a 52-week low of $48.42 and a 52-week high of $80.70. The company has a market capitalization of $144.90 billion, a price-to-earnings ratio of 10.64, a price-to-earnings-growth ratio of 0.66 and a beta of 1.56. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 1.32.

Citigroup (NYSE:C) last announced its earnings results on Friday, October 12th. The financial services provider reported $1.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.66 by $0.07. Citigroup had a positive return on equity of 9.42% and a negative net margin of 4.81%. The company had revenue of $18.39 billion for the quarter, compared to analyst estimates of $18.43 billion. During the same period in the prior year, the company posted $1.42 EPS. Sell-side analysts expect that Citigroup will post 6.63 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. United Bank lifted its stake in Citigroup by 25.5% in the 2nd quarter. United Bank now owns 24,014 shares of the financial services provider’s stock worth $1,607,000 after acquiring an additional 4,883 shares in the last quarter. FMR LLC raised its stake in shares of Citigroup by 2.1% during the 2nd quarter. FMR LLC now owns 107,588,759 shares of the financial services provider’s stock worth $7,199,839,000 after purchasing an additional 2,247,392 shares in the last quarter. Van ECK Associates Corp purchased a new stake in shares of Citigroup during the 2nd quarter worth about $3,705,000. Senvest Management LLC purchased a new stake in shares of Citigroup during the 2nd quarter worth about $4,618,000. Finally, Epoch Investment Partners Inc. raised its stake in shares of Citigroup by 290.2% during the 2nd quarter. Epoch Investment Partners Inc. now owns 19,559 shares of the financial services provider’s stock worth $1,309,000 after purchasing an additional 14,546 shares in the last quarter. 72.67% of the stock is owned by institutional investors and hedge funds.

About Citigroup

Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The GCB segment offers traditional banking services to retail customers through retail banking, commercial banking, Citi-branded cards, and Citi retail services.

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