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

Citigroup Inc. (NYSE:C) declared a quarterly dividend on Thursday, October 24th, Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Monday, November 4th.

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 Stock Performance

C traded down $0.10 on Thursday, hitting $63.00. The company’s stock had a trading volume of 9,890,275 shares, compared to its average volume of 14,389,945. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.47. Citigroup has a 12 month low of $38.17 and a 12 month high of $67.81. The firm has a market cap of $120.17 billion, a P/E ratio of 17.52, a price-to-earnings-growth ratio of 0.74 and a beta of 1.44. The company’s 50 day simple moving average is $61.62 and its 200-day simple moving average is $61.95.

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

Analysts Set New Price Targets

Several analysts have commented on the company. The Goldman Sachs Group cut their target price on Citigroup from $75.00 to $71.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Morgan Stanley reduced their price target on Citigroup from $86.00 to $82.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Piper Sandler raised their price target on Citigroup from $70.00 to $73.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Oppenheimer dropped their target price on shares of Citigroup from $92.00 to $91.00 and set an “outperform” rating for the company in a research report on Wednesday, October 16th. Finally, Evercore ISI raised their target price on shares of Citigroup from $63.00 to $64.00 and gave the company an “in-line” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price 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.