Kovitz Investment Group Partners LLC lowered its position in Citigroup Inc. (NYSE:C – Free Report) by 42.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 378,638 shares of the company’s stock after selling 284,778 shares during the quarter. Citigroup accounts for about 1.0% of Kovitz Investment Group Partners LLC’s holdings, making the stock its 18th largest position. Kovitz Investment Group Partners LLC’s holdings in Citigroup were worth $44,183,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of C. Norges Bank acquired a new stake in Citigroup during the fourth quarter worth $2,800,944,000. Vanguard Group Inc. boosted its position in shares of Citigroup by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after acquiring an additional 4,938,923 shares in the last quarter. Capital World Investors increased its stake in Citigroup by 6.5% in the third quarter. Capital World Investors now owns 47,262,626 shares of the company’s stock valued at $4,797,292,000 after acquiring an additional 2,871,074 shares during the period. Eurizon Capital SGR S.p.A. bought a new stake in Citigroup in the fourth quarter valued at about $298,082,000. Finally, SG Americas Securities LLC raised its position in Citigroup by 291.4% in the fourth quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company’s stock worth $153,978,000 after purchasing an additional 2,008,946 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on C shares. Weiss Ratings reissued a “buy (b)” rating on shares of Citigroup in a report on Monday, April 20th. Morgan Stanley upped their price target on Citigroup from $140.00 to $144.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. Wall Street Zen raised Citigroup from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Evercore set a $139.00 target price on shares of Citigroup in a report on Wednesday, April 15th. Finally, Zacks Research cut shares of Citigroup from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $137.79.
Insider Transactions at Citigroup
In related news, Director John Cunningham Dugan sold 2,117 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director owned 12,194 shares of the company’s stock, valued at $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Edward Skyler sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the completion of the transaction, the insider owned 182,022 shares of the company’s stock, valued at $23,919,511.02. This trade represents a 12.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.11% of the company’s stock.
Citigroup Price Performance
Citigroup stock opened at $143.37 on Friday. The business’s fifty day moving average is $129.47 and its two-hundred day moving average is $119.32. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $244.52 billion, a P/E ratio of 17.77, a P/E/G ratio of 0.64 and a beta of 1.12. Citigroup Inc. has a 52 week low of $77.50 and a 52 week high of $147.96.
Citigroup (NYSE:C – Get Free Report) last announced its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The company had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. During the same period last year, the company posted $1.96 earnings per share. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. Equities research analysts forecast that Citigroup Inc. will post 10.68 earnings per share for the current fiscal year.
Citigroup Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, May 4th. Citigroup’s dividend payout ratio (DPR) is presently 29.74%.
Citigroup announced that its board has authorized a share repurchase program on Thursday, May 7th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Key Citigroup News
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Citi’s own research still expects the U.S. Federal Reserve to cut interest rates later this year, which could eventually support loan demand and market activity if inflation and employment soften in the second half. Citigroup (C) Still Expects the U.S. Federal Reserve to Cut Interest Rates This Year
- Positive Sentiment: Citigroup announced a senior hiring in its EMEA investment banking franchise, bringing in William Mansfield from Deutsche Bank to lead M&A in the region, a sign it is investing in fee-generating advisory growth. Citi hires Deutsche’s Mansfield to lead EMEA M&A -memo
- Positive Sentiment: Citigroup also launched new research with CREATE-Research on innovation in asset management, reinforcing its positioning in institutional services and client solutions. Citi and CREATE-Research Report: Innovation in Asset Management Pivots to ‘Operational Alpha’
- Neutral Sentiment: Citi’s outlook for Fed cuts was pushed back, with the bank now expecting 25-basis-point reductions in October and December rather than earlier in the year. That change is more a timing shift than a thesis break, but it suggests a less favorable near-term rate backdrop for banks. Citi Predicts Fed Rate Cuts Will Come Later Than Expected
- Neutral Sentiment: Trading activity showed unusually heavy call-option buying in Citigroup, which can indicate bullish speculation or hedging ahead of catalysts. Citigroup options activity
- Negative Sentiment: Higher-for-longer rate commentary from the Fed is a headwind for bank stocks in the near term because it can pressure funding costs and credit quality, even if it helps net interest income initially. Fed Holds Rates But Signals Hike: Key Takeaways for Bank Investors
- Negative Sentiment: Media reports about lawsuits and former-executive allegations tied to Trump-related account handling add a legal and reputational overhang for Citigroup. Citigroup faces lawsuit over alleged Trump-linked account issues
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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