Sapient Capital LLC raised its position in shares of Citigroup Inc. (NYSE:C – Free Report) by 214.1% in the first quarter, HoldingsChannel.com reports. The firm owned 6,256 shares of the company’s stock after purchasing an additional 4,264 shares during the quarter. Sapient Capital LLC’s holdings in Citigroup were worth $709,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after purchasing an additional 12,499 shares during the period. Sivia Capital Partners LLC grew its stake in Citigroup by 20.5% in the second quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company’s stock valued at $835,000 after acquiring an additional 1,669 shares during the period. United Bank acquired a new stake in Citigroup in the second quarter valued at approximately $972,000. Osterweis Capital Management Inc. increased its holdings in shares of Citigroup by 3,016.7% during the second quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock valued at $80,000 after acquiring an additional 905 shares in the last quarter. Finally, HUB Investment Partners LLC raised its holdings in Citigroup by 26.9% during the second quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock worth $1,301,000 after buying an additional 3,238 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.
Wall Street Analysts Forecast Growth
C has been the subject of a number of analyst reports. Oppenheimer downgraded Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Truist Financial dropped their price objective on Citigroup from $158.00 to $154.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Barclays boosted their price target on shares of Citigroup from $146.00 to $154.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. Finally, Bank of America upped their price objective on shares of Citigroup from $170.00 to $176.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $145.22.
Citigroup Price Performance
C stock opened at $133.51 on Tuesday. The firm has a 50 day moving average of $135.99 and a 200-day moving average of $124.33. The firm has a market capitalization of $227.72 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 0.60 and a beta of 1.12. Citigroup Inc. has a 12 month low of $89.68 and a 12 month high of $147.96. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71.
Citigroup (NYSE:C – Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The business had revenue of $24.75 billion for the quarter, compared to analyst estimates of $23.74 billion. During the same quarter in the prior year, the firm posted $1.96 EPS. Citigroup’s revenue was up 14.5% on a year-over-year basis. As a group, sell-side analysts predict that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.
Citigroup Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be given a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Citigroup’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. Citigroup’s dividend payout ratio (DPR) is 25.92%.
Citigroup announced that its Board of Directors has initiated a share buyback plan on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Key Citigroup News
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Citigroup hired Bank of America veteran Rohan Sen to lead technology-services coverage in its investment-banking division. The appointment supports Citi’s broader investment-banking hiring push and could help expand fee-generating advisory and capital-markets activity. Citi Recruits Bank of America Vet Rohan Sen Amid Investment Banking Hiring Spree
- Positive Sentiment: Citi, American Airlines and Mastercard unveiled enhanced benefits for the Citi/AAdvantage Executive World Elite Mastercard, including Admirals Club access and a faster path to airline status. The refresh may improve card acquisition, customer retention and credit-card revenue. American Airlines and Citi Elevate Premium Travel With Enhanced Citi / AAdvantage Executive World Legend Mastercard
- Neutral Sentiment: Citi strategists said a stronger yen could lift other Asian currencies, highlighting the bank’s ongoing influence in global foreign-exchange research. The commentary is unlikely to materially change Citi’s earnings outlook but reinforces its market presence. Yen Surge Will Drive Up Other Asian Currencies, Strategists Say
- Neutral Sentiment: Citi is reportedly playing a larger role in hedging risks associated with leveraged ETFs and discussions surrounding Treasury participation in the repo market. The developments could create trading opportunities, but they also place greater attention on the bank’s funding, derivatives and financial-stability exposures. Citigroup Takes On A Bigger Role In Leveraged ETF Risk
- Negative Sentiment: Citi’s $0.67-per-share dividend went ex-dividend on August 3. While the payment supports the shareholder-return story, the ex-dividend adjustment can temporarily weigh on the stock and reduces near-term trading support. Citigroup Inc’s Dividend Analysis
Insider Transactions at Citigroup
In related news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the sale, the director owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.11% of the company’s stock.
Citigroup Profile
Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.
Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.
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