Citigroup Inc (NYSE:C). shares have reached a new 52-week high, with stock prices climbing to $72.87. This milestone reflects a significant turnaround for the financial services corporation, which has seen an impressive 52.46% return over the past year. With a market capitalization of $137.17 billion and a steady dividend yield of 3.12%, Citigroup has maintained dividend payments for 14 consecutive years. Investors and analysts are closely monitoring Citigroup's performance as the company continues to navigate the complexities of the global financial landscape, bolstered by strategic initiatives and a favorable economic environment that have contributed to its strong upward trajectory. The 52-week high serves as a testament to Citigroup's resilience and the positive sentiment surrounding its growth prospects. InvestingPro analysis reveals several additional insights about Citigroup's performance, with 10 key ProTips available for subscribers.
In other recent news, Citigroup has secured exclusive rights to American Airlines (NASDAQ:AAL) cards. The decade-long extension of their co-branded credit card partnership is set to enhance the loyalty and rewards programs for AAdvantage members and Citi cardholders. Elsewhere, Piper Sandler has rated Citigroup as an attractive value proposition, identifying it as Overweight, amid favorable conditions for bank stocks.
Bank of America Securities has also adjusted its outlook on Citigroup, raising the price target from $78.00 to $90.00 while retaining a Buy rating. Citigroup has also announced dividends for both its common and preferred stock, with payment dates set for November and December 2024.
In earnings news, Citigroup reported a net income of $3.2 billion and a 3% year-over-year revenue growth, driven by strong results across all business segments. Oppenheimer has adjusted its price target for Citigroup shares to $91, while JPMorgan maintained a neutral rating on Citi, setting a price target of $71.50. These are among the recent developments for Citigroup.
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