Pacer Advisors Inc. decreased its position in shares of Citigroup Inc. (NYSE:C – Free Report) by 51.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 87,452 shares of the company’s stock after selling 92,593 shares during the quarter. Pacer Advisors Inc.’s holdings in Citigroup were worth $9,918,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently modified their holdings of C. Cora Capital Advisors LLC boosted its holdings in Citigroup by 3.1% in the 1st quarter. Cora Capital Advisors LLC now owns 2,609 shares of the company’s stock valued at $296,000 after purchasing an additional 78 shares during the last quarter. CFS Investment Advisory Services LLC increased its holdings in shares of Citigroup by 0.4% during the 1st quarter. CFS Investment Advisory Services LLC now owns 20,596 shares of the company’s stock worth $2,336,000 after buying an additional 79 shares during the last quarter. Verus Capital Partners LLC raised its position in shares of Citigroup by 3.1% during the 4th quarter. Verus Capital Partners LLC now owns 2,748 shares of the company’s stock valued at $321,000 after buying an additional 82 shares during the period. CFO Capital Management LLC lifted its holdings in Citigroup by 1.5% in the first quarter. CFO Capital Management LLC now owns 5,495 shares of the company’s stock valued at $590,000 after acquiring an additional 83 shares during the last quarter. Finally, D.B. Root & Company LLC lifted its holdings in Citigroup by 2.8% in the fourth quarter. D.B. Root & Company LLC now owns 3,191 shares of the company’s stock valued at $372,000 after acquiring an additional 87 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on the company. Morgan Stanley increased their price objective on Citigroup from $154.00 to $164.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Truist Financial reduced their target price on Citigroup from $158.00 to $154.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Bank of America upped their price target on Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Piper Sandler reiterated an “overweight” rating and set a $145.00 price target (up from $125.00) on shares of Citigroup in a report on Wednesday, April 15th. Finally, Barclays raised their price objective on Citigroup from $146.00 to $154.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $145.22.
Citigroup News Summary
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Dividend appeal supports income-focused demand. Citigroup’s recently announced $0.67-per-share cash dividend, payable August 28, reinforces the stock’s appeal to dividend investors. The company’s valuation and improving earnings profile may further support the investment case. Why Citigroup Is a Great Dividend Stock Right Now
- Positive Sentiment: Investment-banking hiring signals confidence in deal activity. Citi hired Bank of America veteran Rohan Sen to lead technology-services coverage, part of an investment-banking recruiting push that could help expand advisory and capital-markets revenue if dealmaking remains strong. Citi Recruits Bank of America Veteran
- Positive Sentiment: American Airlines card enhancements could aid credit-card engagement. Citi and American Airlines expanded benefits on the premium AAdvantage Executive card, including airport-lounge access and accelerated loyalty rewards. The refresh may help retention, spending and fee-based card revenue. American Airlines and Citi Enhance Premium Travel Card
- Neutral Sentiment: $70 million Loomis Sayles settlement removes litigation uncertainty. The agreement resolves a lawsuit tied to trading losses. The settlement creates a direct cost for Citi, but ending the dispute limits future legal risk and makes the overall effect on the stock mixed. Citigroup Settles Trade-Loss Suit With Loomis Sayles
- Negative Sentiment: Greater exposure to leveraged-ETF risk management may concern investors. Reports highlighting Citi’s role in hedging leveraged-ETF exposures and broader market-plumbing discussions raise questions about trading, funding and financial-stability risks, though no specific loss was reported. Citigroup Takes a Bigger Role in Leveraged ETF Risk
Insider Transactions at Citigroup
In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the sale, the director directly owned 12,194 shares in the company, valued at $1,527,908.20. This represents a 14.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.11% of the stock is currently owned by company insiders.
Citigroup Stock Performance
NYSE C opened at $136.86 on Wednesday. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $233.42 billion, a P/E ratio of 14.78, a P/E/G ratio of 0.60 and a beta of 1.12. The stock has a 50-day moving average of $136.19 and a two-hundred day moving average of $124.51. Citigroup Inc. has a 1-year low of $89.68 and a 1-year high of $147.96.
Citigroup (NYSE:C – Get Free Report) last issued its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 earnings per share (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 business had revenue of $24.75 billion for the quarter, compared to analysts’ expectations of $23.74 billion. During the same quarter in the prior year, the company earned $1.96 earnings per share. The business’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, analysts anticipate that Citigroup Inc. will post 11.2 EPS for the current year.
Citigroup Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Monday, August 3rd. This is an increase from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s payout ratio is currently 28.94%.
Citigroup declared that its board has initiated a share buyback plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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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