Citigroup Inc. to Issue Quarterly Dividend of $0.56 (NYSE:C)

Citigroup Inc. (NYSE:C) announced a quarterly dividend on Wednesday, October 23rd, RTT News reports. Shareholders of record on Tuesday, November 5th will be paid a dividend of 0.56 per share on Friday, November 15th. This represents a $2.24 annualized dividend and a yield of 3.55%.

Citigroup has increased its dividend payment by an average of 0.7% per year over the last three years. Citigroup has a payout ratio of 31.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Citigroup to earn $7.12 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 31.5%.

Citigroup Price Performance

Shares of NYSE:C traded down $0.46 during midday trading on Wednesday, reaching $63.10. 8,517,641 shares of the company’s stock were exchanged, compared to its average volume of 14,410,905. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.94 and a current ratio of 0.94. The company’s 50 day simple moving average is $61.54 and its two-hundred day simple moving average is $61.94. Citigroup has a 12 month low of $38.17 and a 12 month high of $67.81. The firm has a market capitalization of $120.36 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 0.74 and a beta of 1.44.

Citigroup (NYSE:C) last issued its earnings results on Tuesday, October 15th. The company reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.20. The business had revenue of $20.32 billion during the quarter, compared to analysts’ expectations of $19.86 billion. Citigroup had a return on equity of 6.26% and a net margin of 4.95%. Citigroup’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.52 EPS. Equities research analysts expect that Citigroup will post 5.76 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on C shares. The Goldman Sachs Group dropped their target price on Citigroup from $75.00 to $71.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Piper Sandler boosted their price target on shares of Citigroup from $70.00 to $73.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Barclays raised their target price on shares of Citigroup from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Bank of America raised their price objective on shares of Citigroup from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Finally, BMO Capital Markets increased their target price on Citigroup from $63.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, July 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Citigroup has a consensus rating of “Moderate Buy” and an average target price of $71.06.

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.