Citigroup Inc. (NYSE:C) Declares $0.56 Quarterly Dividend

Citigroup Inc. (NYSE:C) announced a quarterly dividend on Wednesday, October 23rd, Wall Street Journal reports. Investors of record on Monday, November 4th will be paid a dividend of 0.56 per share on Friday, November 22nd. This represents a $2.24 annualized dividend and a dividend yield of 3.52%. The ex-dividend date of this dividend is Monday, November 4th.

Citigroup has increased its dividend by an average of 0.7% per year over the last three years. Citigroup has a payout ratio of 31.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Citigroup to earn $7.14 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 31.4%.

Citigroup Price Performance

Shares of C opened at $63.71 on Friday. The firm has a market capitalization of $121.55 billion, a PE ratio of 18.47, a P/E/G ratio of 0.72 and a beta of 1.44. The stock’s 50 day moving average is $61.97 and its two-hundred day moving average is $62.13. Citigroup has a twelve month low of $39.93 and a twelve month high of $67.81. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 1.55.

Citigroup (NYSE:C) last announced its quarterly earnings data on Tuesday, October 15th. The company reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.20. Citigroup had a return on equity of 6.19% and a net margin of 4.70%. The firm had revenue of $20.32 billion for the quarter, compared to analyst estimates of $19.86 billion. During the same quarter in the prior year, the company posted $1.52 earnings per share. Citigroup’s quarterly revenue was up .9% on a year-over-year basis. Research analysts anticipate that Citigroup will post 5.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Evercore ISI upped their target price on Citigroup from $63.00 to $64.00 and gave the company an “in-line” rating in a research note on Wednesday, October 16th. BMO Capital Markets lifted their target price on Citigroup from $63.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, July 11th. Barclays boosted their target price on Citigroup from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Bank of America lifted their price target on shares of Citigroup from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $71.06.

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.