Clough Capital Partners L P reduced its holdings in shares of Citigroup Inc. (NYSE:C – Free Report) by 62.1% in the first quarter, HoldingsChannel.com reports. The fund owned 27,840 shares of the company’s stock after selling 45,670 shares during the quarter. Clough Capital Partners L P’s holdings in Citigroup were worth $3,157,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of C. Norges Bank bought a new position in Citigroup during the fourth quarter worth $2,800,944,000. Vanguard Group Inc. raised its holdings in shares of Citigroup by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after purchasing an additional 4,938,923 shares during the period. Eurizon Capital SGR S.p.A. acquired a new position in shares of Citigroup during the fourth quarter valued at about $298,082,000. SEB Asset Management AB bought a new position in shares of Citigroup during the 1st quarter worth about $252,972,000. Finally, Deutsche Bank AG grew its stake in shares of Citigroup by 28.4% in the 4th quarter. Deutsche Bank AG now owns 7,158,142 shares of the company’s stock valued at $835,284,000 after buying an additional 1,582,150 shares during the period. Institutional investors own 71.72% of the company’s stock.
Key Headlines Impacting Citigroup
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
- Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
- Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
- Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?
Citigroup Trading Down 0.2%
Citigroup (NYSE:C – Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, topping the consensus estimate of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm had revenue of $24.75 billion for the quarter, compared to analysts’ expectations of $23.74 billion. During the same quarter last year, the firm earned $1.96 EPS. The company’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, equities analysts expect that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.
Citigroup Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 2.0%. This is an increase from Citigroup’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. Citigroup’s dividend payout ratio is 25.92%.
Citigroup announced that its board has approved a share buyback program on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 13.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Analyst Ratings Changes
A number of brokerages recently commented on C. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Citigroup in a research report on Friday, July 17th. Evercore set a $143.00 price target on Citigroup in a report on Monday, July 6th. UBS Group raised their price objective on Citigroup from $134.00 to $150.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Barclays boosted their price objective on Citigroup from $146.00 to $154.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. Finally, Morgan Stanley upped their target price on Citigroup from $154.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $145.67.
View Our Latest Report on Citigroup
Insider Buying and Selling
In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the transaction, the director owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.11% of the company’s stock.
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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