Fintel reports that on June 28, 2023, Wells Fargo maintained coverage of Citigroup (NYSE:C) with a Overweight recommendation.

Analyst Price Forecast Suggests 25.98% Upside

As of June 1, 2023, the average one-year price target for Citigroup is 58.45. The forecasts range from a low of 45.45 to a high of $99.75. The average price target represents an increase of 25.98% from its latest reported closing price of 46.40.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Citigroup is 78,049MM, an increase of 9.38%. The projected annual non-GAAP EPS is 6.58.

Citigroup Declares $0.51 Dividend

On April 3, 2023 the company declared a regular quarterly dividend of $0.51 per share ($2.04 annualized). Shareholders of record as of May 1, 2023 received the payment on May 26, 2023. Previously, the company paid $0.51 per share.

At the current share price of $46.40 / share, the stock’s dividend yield is 4.40%.

Looking back five years and taking a sample every week, the average dividend yield has been 3.42%, the lowest has been 1.84%, and the highest has been 5.76%. The standard deviation of yields is 0.76 (n=236).

The current dividend yield is 1.28 standard deviations above the historical average.

Additionally, the company’s dividend payout ratio is 0.26. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company has not increased its dividend in the last three years.

What is the Fund Sentiment?

There are 2576 funds or institutions reporting positions in Citigroup. This is a decrease of 7 owner(s) or 0.27% in the last quarter. Average portfolio weight of all funds dedicated to C is 0.51%, an increase of 7.44%. Total shares owned by institutions decreased in the last three months by 2.10% to 1,519,733K shares. The put/call ratio of C is 1.10, indicating a bearish outlook.

What are Other Shareholders Doing?

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 56,964K shares representing 2.93% ownership of the company. In it’s prior filing, the firm reported owning 55,931K shares, representing an increase of 1.81%. The firm decreased its portfolio allocation in C by 2.51% over the last quarter.

Berkshire Hathaway holds 55,245K shares representing 2.84% ownership of the company. In it’s prior filing, the firm reported owning 55,156K shares, representing an increase of 0.16%. The firm decreased its portfolio allocation in C by 4.50% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 45,195K shares representing 2.32% ownership of the company. In it’s prior filing, the firm reported owning 44,774K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in C by 2.96% over the last quarter.

Geode Capital Management holds 35,179K shares representing 1.81% ownership of the company. In it’s prior filing, the firm reported owning 34,660K shares, representing an increase of 1.48%. The firm decreased its portfolio allocation in C by 2.65% over the last quarter.

Bank of New York Mellon holds 26,700K shares representing 1.37% ownership of the company. In it’s prior filing, the firm reported owning 26,685K shares, representing an increase of 0.05%. The firm decreased its portfolio allocation in C by 88.57% over the last quarter.

Citigroup Background Information
(This description is provided by the company.)

Citigroup Inc. or citi is an American multinational investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking giant Citicorp and financial conglomerate Travelers Group in 1998. Citigroup is the third largest banking institution in the United States; alongside JPMorgan Chase, Bank of America, and Wells Fargo, it is one of the Big Four banking institutions of the United States. Citigroup is ranked 30th on the Fortune 500 as of 2019. Citigroup has over 200 million customer accounts and does business in more than 160 countries. It has 204,000 employees.

Key filings for this company:

• Annual Report – 10-K

This article originally appeared on Fintel

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