Bank of America Adjusts Citigroup Price Target to $89.00

Citigroup (NYSE:C) has seen its price target reduced by analysts at Bank of America. The firm has lowered the target from $90.00 to $89.00 in a report published on Wednesday. Alongside this adjustment, Bank of America has maintained a "buy" rating for Citigroup's stock. The new price target suggests a potential upside of approximately 26.27% compared to the company's most recent closing price.

Recent Analyst Ratings

In addition to Bank of America's revision, other research firms have also weighed in on Citigroup's stock. Notably, Oppenheimer revisited its price target, decreasing it from $110.00 to $102.00 while keeping an "outperform" rating on the shares. Barclays took a more optimistic stance, upgrading Citigroup from an "equal weight" to an "overweight" rating and hiking its price target from $70.00 to $95.00. Meanwhile, Truist Financial initiated its coverage with a "buy" rating and set a target price of $85.00. Evercore ISI adjusted its price target down from $79.00 to $76.00, maintaining an "in-line" rating. Piper Sandler also reiterated an "overweight" rating, increasing its target from $80.00 to $83.00.

Stock Performance Overview

Citigroup stock opened at $70.48 on Wednesday, reflecting a 0.7% decrease. The stock has experienced a twelve-month range with a low of $53.51 and a high of $84.74. With a market capitalization of $132.66 billion, Citigroup's price-to-earnings (PE) ratio stands at 11.85, while the price-to-earnings growth (PEG) ratio is at 0.64. The beta of the stock is measured at 1.43, indicating higher volatility in comparison to the market. Over the last 50 days, Citigroup's stock has averaged $76.66, while its 200-day average is $71.00.

Quarterly Earnings Report

On January 15, Citigroup released its latest quarterly earnings, reporting an earnings per share (EPS) of $1.34, exceeding analyst expectations of $1.22. The company's revenue for the quarter was $19.58 billion, slightly above the consensus estimate of $19.51 billion, representing a year-over-year revenue growth of 12.3%. The firm posted a return on equity of 6.62% and a net margin of 7.43%. Looking ahead, analysts predict Citigroup will generate an EPS of 7.53 for the current fiscal year.

Insider Trading Insights

Recent insider trading activity saw Sara Wechter, a company insider, selling 15,125 shares at an average price of $81.01, totaling approximately $1.23 million. Following this sale, she retains 109,780 shares valued at nearly $8.89 million, marking a 12.11% decrease in her stake. CFO Mark Mason also sold 58,465 shares at an average price of $83.21, resulting in total proceeds of about $4.86 million and a 21.20% reduction in his holdings.

Institutional Investor Moves

Hedge funds and institutional investors have been actively trading Citigroup's stock. True Wealth Design LLC increased its stake by 11.1% in the fourth quarter, acquiring additional shares. Continuum Advisory LLC also lifted its holdings by 1.9%, reflecting a cautious optimism in Citigroup's stock. Other institutional investors, like Blake Schutter Theil Wealth Advisors, Hemington Wealth Management, and Bay Colony Advisory Group, similarly adjusted their positions in Citigroup stock during the recent quarter.

About Citigroup

Citigroup Inc. is a global financial services holding company that offers a wide range of financial products and services to consumers, corporations, governments, and institutions across the globe. The company operates through various segments, including Services, Markets, Banking, U.S. Personal Banking, and Wealth Management.

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