Citigroup Inc. (C) to Distribute Quarterly Dividend of $0.56 on November 22nd

Citigroup Inc. (NYSE:C) declared a quarterly dividend on Wednesday, October 23rd, Wall Street Journal reports. Shareholders 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 3.52%. The ex-dividend date of this dividend is Monday, November 4th.

Citigroup has raised its dividend payment by an average of 0.7% annually over the last three years. Citigroup has a payout ratio of 31.2% meaning its dividend is sufficiently covered by earnings. Research 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

C opened at $63.71 on Friday. The company has a debt-to-equity ratio of 1.55, a quick ratio of 0.94 and a current ratio of 0.96. The stock has a market capitalization of $121.55 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 0.72 and a beta of 1.44. The stock’s 50 day moving average price is $61.97 and its 200-day moving average price is $62.10. Citigroup has a 52-week low of $39.93 and a 52-week high of $67.81.

Citigroup (NYSE:C) last announced its quarterly earnings results on Tuesday, October 15th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.31 by $0.20. Citigroup had a net margin of 4.70% and a return on equity of 6.19%. The company had revenue of $20.32 billion for the quarter, compared to analysts’ expectations of $19.86 billion. During the same quarter in the previous year, the company earned $1.52 earnings per share. Citigroup’s quarterly revenue was up .9% on a year-over-year basis. On average, equities research analysts predict that Citigroup will post 5.87 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on C. Argus raised their target price on shares of Citigroup from $70.00 to $72.00 and gave the company a “buy” rating in a research note on Monday, July 15th. BMO Capital Markets lifted their price objective on Citigroup from $63.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, July 11th. Piper Sandler boosted their target price on Citigroup from $70.00 to $73.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Barclays raised their price target on Citigroup from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Finally, Bank of America upped their price target on shares of Citigroup from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Citigroup presently has an average 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.