Griffith & Werner Inc. boosted its stake in Citigroup Inc. (NYSE:C – Free Report) by 6.3% in the first quarter, Holdings Channel.com reports. The firm owned 70,499 shares of the company’s stock after acquiring an additional 4,179 shares during the quarter. Citigroup comprises about 4.0% of Griffith & Werner Inc.’s portfolio, making the stock its 3rd largest position. Griffith & Werner Inc.’s holdings in Citigroup were worth $7,995,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Truist Financial Corp lifted its position in Citigroup by 4.7% during the fourth quarter. Truist Financial Corp now owns 375,977 shares of the company’s stock valued at $43,873,000 after buying an additional 16,744 shares in the last quarter. Gunderson Capital Management Inc. acquired a new stake in shares of Citigroup in the fourth quarter worth $7,165,000. Brighton Jones LLC raised its stake in shares of Citigroup by 166.9% in the 4th quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after acquiring an additional 12,499 shares during the period. UniSuper Management Pty Ltd raised its stake in shares of Citigroup by 38.8% in the 4th quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company’s stock valued at $152,496,000 after acquiring an additional 365,041 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in shares of Citigroup by 11.8% during the 4th quarter. Nordea Investment Management AB now owns 7,986,407 shares of the company’s stock valued at $933,891,000 after acquiring an additional 844,056 shares in the last quarter. Institutional investors and hedge funds own 71.72% of the company’s stock.
Insider Activity
In related news, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the transaction, the director owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Edward Skyler sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the sale, the insider owned 182,022 shares of the company’s stock, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is owned by company insiders.
Citigroup Price Performance
Citigroup (NYSE:C – Get Free Report) last released its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The firm had revenue of $24.63 billion for the quarter, compared to the consensus estimate of $22.96 billion. During the same quarter in the previous year, the firm posted $1.96 EPS. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. Equities research analysts anticipate that Citigroup Inc. will post 10.85 earnings per share for the current fiscal year.
Citigroup announced that its board has authorized a share repurchase program on Thursday, May 7th that authorizes the company to buyback $30.00 billion in shares. This buyback authorization authorizes the company to buy up to 13.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the stock. Morgan Stanley upped their price target on shares of Citigroup from $154.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Wall Street Zen raised Citigroup from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Royal Bank Of Canada restated an “outperform” rating and set a $139.00 price objective on shares of Citigroup in a research note on Wednesday, April 15th. UBS Group upped their target price on Citigroup from $134.00 to $150.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Keefe, Bruyette & Woods increased their target price on Citigroup from $140.00 to $153.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Citigroup has an average rating of “Moderate Buy” and a consensus price target of $145.00.
Key Stories Impacting Citigroup
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Citigroup received bullish analyst attention, including a Bank of America price target increase to $176 and a separate UBS target hike to $150, signaling confidence in the bank’s earnings outlook and upside potential.
- Positive Sentiment: The company was also cited as benefiting from a strong banking backdrop ahead of Q2 earnings, with Wall Street expecting higher revenue and profit growth for financial stocks overall.
- Positive Sentiment: Citi expanded its commodities franchise by joining London Precious Metals Clearing Limited and advising StepStone Group on a landmark $3.3 billion structured solutions vehicle, both of which reinforce its capital-markets and clearing capabilities.
- Neutral Sentiment: Citigroup heads into its July 14 earnings release with investor expectations elevated after a strong recent share-price run, so near-term moves may reflect positioning ahead of results rather than a fundamental change.
- Neutral Sentiment: Recent articles also noted that Citi is projected to report earnings next week and that financial stocks broadly remain in focus as investors look for confirmation of loan-growth and net-interest-margin trends.
Citigroup Company 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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