Gabelli Funds LLC trimmed its stake in shares of Citigroup Inc. (NYSE:C – Free Report) by 7.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 237,380 shares of the company’s stock after selling 18,680 shares during the period. Gabelli Funds LLC’s holdings in Citigroup were worth $33,224,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also modified their holdings of the company. Truist Financial Corp raised its holdings in Citigroup by 4.7% in the 4th 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 during the period. UniSuper Management Pty Ltd lifted its position in Citigroup by 38.8% in the fourth quarter. UniSuper Management Pty Ltd now owns 1,306,851 shares of the company’s stock valued at $152,496,000 after buying an additional 365,041 shares during the last quarter. Brighton Jones LLC boosted its stake in Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after buying an additional 12,499 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Citigroup by 4.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,819,471 shares of the company’s stock worth $453,371,000 after buying an additional 145,610 shares during the period. Finally, Highland Capital Management LLC increased its position in shares of Citigroup by 6.2% during the fourth quarter. Highland Capital Management LLC now owns 217,753 shares of the company’s stock valued at $25,410,000 after acquiring an additional 12,764 shares during the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the company. Morgan Stanley lifted their price objective on Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Citigroup in a research note on Friday, July 17th. JPMorgan Chase & Co. lifted their target price on Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Truist Financial cut their price target on shares of Citigroup from $158.00 to $154.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.22.
Key Citigroup News
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
- Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
- Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
- Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C’s July Card Delinquencies Tick Up
Citigroup Trading Up 1.4%
C opened at $131.46 on Friday. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a one year low of $92.84 and a one year high of $147.96. The company has a market cap of $224.22 billion, a P/E ratio of 14.20, a PEG ratio of 0.59 and a beta of 1.12. The business’s 50-day simple moving average is $137.20 and its 200-day simple moving average is $126.29.
Citigroup (NYSE:C – Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.74 by $0.41. The company had revenue of $24.77 billion during the quarter, compared to the consensus estimate of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. Citigroup’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.96 earnings per share. As a group, equities research analysts expect that Citigroup Inc. will post 11.2 EPS for the current fiscal year.
Citigroup announced that its board has approved a stock repurchase plan on Thursday, May 7th that allows the company to repurchase $30.00 billion in shares. This repurchase authorization allows the company to repurchase up to 13.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Citigroup Increases Dividend
The business 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 is a boost from Citigroup’s previous quarterly dividend of $0.60. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, August 3rd. Citigroup’s dividend payout ratio is 28.94%.
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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