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Citigroup will eliminate approximately 3,500 tech positions at its Shanghai and Dalian centers as part of a global strategy to streamline operations and enhance risk management. This move follows significant regulatory penalties for data governance failures, with the bank investing over $7.4 billion in technology upgrades since 2021 despite ongoing job cuts. The restructuring reflects a shift towards consolidating technology while addressing compliance challenges.
Dubai Holding is set to list a $1.4 billion residential REIT on the Dubai Financial Market, offering a 12.5% stake. The IPO opens on May 13 and closes on May 20, with trading expected to start around May 28 under the symbol “RESI.” The REIT, which manages 35,700 residential units valued at Dh21.63 billion, aims to enhance liquidity and allow for partial divestment by its sole unitholder. It anticipates distributing at least 80% of profits as dividends, with the first payments scheduled for September 2025 and April 2026.
Tesla's Director Joseph Gebbia purchased 4,000 shares for $1,025,200, signaling confidence in the company's future. In contrast, Alphabet's Director Amie Thuener O’Toole sold 1,917 shares for $155,657, which may indicate a strategic portfolio adjustment. Meanwhile, GE Aerospace executives sold over $1.4 million in shares, reflecting personal financial decisions or market responses.
Saia, Inc. reported a 4.3% year-over-year revenue increase, but its recent quarterly earnings fell short of expectations, with EPS of $1.86 against a $2.77 estimate. Insiders have sold shares, with CEO Frederick J. Holzgrefe III reducing his stake by nearly 30%. Institutional investors have also adjusted their positions, with significant increases from firms like Vanguard and AllianceBernstein.
Citigroup Inc. (NYSE:C) reported a quarterly EPS of $1.96, exceeding estimates, with revenue of $21.60 billion. The company announced a quarterly dividend of $0.56 per share and a $20 billion stock repurchase program, indicating confidence in its stock value. Insiders sold 103,590 shares worth $8.5 million recently, while institutional investors hold 71.72% of the stock.
JPMorgan Chase & Co. reduced its price target for Wells Fargo & Company from $82.00 to $73.50, maintaining a "neutral" rating, while Piper Sandler lowered theirs to $75.00 with an "overweight" rating. Royal Bank of Canada upgraded its rating to "outperform" with a target of $80.00. Currently, Wells Fargo holds a consensus rating of "Moderate Buy" with a target price of $75.34, as institutional investors own 75.90% of the stock. The company recently reported a quarterly EPS of $1.39, exceeding estimates, and announced a $40 billion share buyback program.
Citigroup reported $1.96 earnings per share for the quarter, exceeding estimates of $1.84, with revenue of $21.60 billion. The board authorized a $20 billion stock repurchase program, indicating confidence in the stock's value, and announced a quarterly dividend of $0.56, yielding 3.28%. Analysts maintain a "Moderate Buy" rating, with a consensus price target of $84.04.
Citigroup reported $1.96 earnings per share for the quarter, surpassing estimates of $1.84, with revenue of $21.60 billion. The company announced a quarterly dividend of $0.56, and initiated a $20 billion share repurchase program, indicating management's belief in undervalued shares. Insider sales included COO Anand Selvakesari selling 30,000 shares, reducing his ownership by 11.57%.
Morgan Stanley lowered its price target for Synovus Financial from $67 to $59, maintaining an "equal weight" rating, while Citigroup raised its target from $59 to $62 with a "buy" rating. Other firms like Wells Fargo and Barclays also adjusted their targets, reflecting mixed analyst sentiments, with a consensus rating of "Moderate Buy" and an average price target of $56.17. Synovus recently reported a quarterly EPS of $1.30, exceeding estimates, and announced a dividend increase to $0.39 per share.
Berkshire Hathaway's annual shareholders' meeting is set for May 3, 2025, where Warren Buffett will discuss Q1 earnings and address shareholder questions. Key topics include expected earnings per share, updates on major stock holdings, cash reserves, succession plans, and investment strategies amid market volatility. The event will be broadcast live on CNBC.
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