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

Citigroup Inc. (NYSE:C) declared a quarterly dividend on Thursday, October 24th, Wall Street Journal reports. Investors of record on Monday, November 4th will be given a dividend of 0.56 per share on Friday, November 22nd. This represents a $2.24 dividend on an annualized basis and a 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% annually over the last three years. Citigroup has a payout ratio of 31.8% indicating that its dividend is sufficiently covered by earnings. 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

Shares of NYSE C traded down $0.10 during midday trading 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 debt-to-equity ratio of 1.47, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s fifty day moving average price is $61.62 and its 200-day moving average price is $61.95. The firm has a market cap of $120.17 billion, a P/E ratio of 17.52, a P/E/G ratio of 0.74 and a beta of 1.44. Citigroup has a 1-year low of $38.17 and a 1-year high of $67.81.

Citigroup (NYSE:C) last released its earnings results 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 6.26% and a net margin of 4.95%. The firm had revenue of $20.32 billion during the quarter, compared to the consensus estimate of $19.86 billion. During the same period in the prior year, the firm posted $1.52 earnings per share. The firm’s revenue for the quarter was up .9% compared to the same quarter last year. On average, sell-side analysts forecast that Citigroup will post 5.76 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

C has been the topic of several research analyst reports. The Goldman Sachs Group lowered their price target on Citigroup from $75.00 to $71.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Bank of America lifted their price objective on Citigroup from $77.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Morgan Stanley dropped their price target on Citigroup from $86.00 to $82.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Oppenheimer reduced their target price on shares of Citigroup from $92.00 to $91.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 16th. Finally, Piper Sandler lifted their price objective on Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.