Hourglass Capital LLC trimmed its holdings in Citigroup Inc. (NYSE:C) by 11.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,514 shares of the financial services provider’s stock after selling 27,838 shares during the period. Citigroup comprises about 3.6% of Hourglass Capital LLC’s investment portfolio, making the stock its 2nd biggest position. Hourglass Capital LLC’s holdings in Citigroup were worth $14,347,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in C. BlackRock Inc. lifted its position in shares of Citigroup by 2,718.7% in the first quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock worth $11,749,573,000 after buying an additional 189,447,104 shares in the last quarter. FMR LLC lifted its position in shares of Citigroup by 18.2% in the first quarter. FMR LLC now owns 105,742,815 shares of the financial services provider’s stock worth $6,325,535,000 after buying an additional 16,257,931 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Citigroup by 31.3% in the first quarter. Bank of New York Mellon Corp now owns 43,167,279 shares of the financial services provider’s stock worth $2,582,269,000 after buying an additional 10,294,403 shares in the last quarter. Harris Associates L P lifted its position in shares of Citigroup by 25.9% in the first quarter. Harris Associates L P now owns 41,129,780 shares of the financial services provider’s stock worth $2,460,384,000 after buying an additional 8,464,257 shares in the last quarter. Finally, Pioneer Investment Management Inc. lifted its position in shares of Citigroup by 2,317.8% in the second quarter. Pioneer Investment Management Inc. now owns 5,002,029 shares of the financial services provider’s stock worth $334,536,000 after buying an additional 4,795,145 shares in the last quarter. Institutional investors and hedge funds own 75.37% of the company’s stock.
In related news, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the completion of the transaction, the chief executive officer now directly owns 77,570 shares of the company’s stock, valued at $5,239,853.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $68.97, for a total transaction of $344,850.00. Following the transaction, the insider now directly owns 56,394 shares of the company’s stock, valued at $3,889,494.18. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by corporate insiders.
Citigroup (NYSE:C) last announced its earnings results on Thursday, October 12th. The financial services provider reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.10. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business had revenue of $18.17 billion during the quarter, compared to analysts’ expectations of $17.87 billion. During the same period in the prior year, the company earned $1.24 earnings per share. The business’s revenue was up 2.3% compared to the same quarter last year.
Citigroup declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 8.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
A number of equities research analysts recently commented on the company. Vetr downgraded Citigroup from a “strong-buy” rating to a “buy” rating and set a $73.42 target price on the stock. in a research report on Monday, July 3rd. Jefferies Group LLC restated a “hold” rating and set a $81.00 price objective on shares of Citigroup in a research report on Thursday. HSBC Holdings plc set a $74.00 price objective on Citigroup and gave the company a “hold” rating in a research report on Friday, August 11th. Societe Generale upgraded Citigroup from a “sell” rating to a “hold” rating and upped their price objective for the company from $63.00 to $70.00 in a research report on Monday, September 11th. Finally, Royal Bank Of Canada restated a “buy” rating and set a $75.00 price objective on shares of Citigroup in a research report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, fourteen have issued a buy rating and three have assigned a strong buy rating to the stock. Citigroup presently has an average rating of “Buy” and an average price target of $74.17.
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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