Legal & General Group Plc cut its stake in Citigroup Inc. (NYSE:C – Free Report) by 8.0% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 12,539,235 shares of the company’s stock after selling 1,084,096 shares during the quarter. Legal & General Group Plc’s holdings in Citigroup were worth $1,754,991,000 as of its most recent SEC filing.
Several other large investors have also bought and sold shares of C. Norges Bank bought a new position in shares of Citigroup in the 4th quarter worth approximately $2,800,944,000. Bank of New York Mellon Corp purchased a new position in shares of Citigroup in the 2nd quarter valued at approximately $3,244,602,000. Eurizon Capital SGR S.p.A. bought a new stake in shares of Citigroup during the fourth quarter valued at approximately $298,082,000. SEB Asset Management AB bought a new stake in shares of Citigroup during the first quarter valued at approximately $252,972,000. Finally, OMERS ADMINISTRATION Corp grew its stake in Citigroup by 1,137.1% in the second quarter. OMERS ADMINISTRATION Corp now owns 1,840,374 shares of the company’s stock worth $257,579,000 after purchasing an additional 1,691,611 shares during the period. 71.72% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
C has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price objective on Citigroup from $135.50 to $149.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. Oppenheimer downgraded shares of Citigroup from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $150.00 target price on shares of Citigroup in a research report on Wednesday, July 15th. UBS Group decreased their price target on shares of Citigroup from $150.00 to $142.00 and set a “neutral” rating for the company in a research note on Monday, August 3rd. Finally, Wells Fargo & Company lifted their price target on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research report on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $145.22.
Citigroup Stock Down 0.0%
C stock opened at $131.65 on Tuesday. The business has a 50 day moving average of $137.01 and a 200 day moving average of $126.45. The firm has a market cap of $224.54 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 0.59 and a beta of 1.12. Citigroup Inc. has a twelve month low of $92.96 and a twelve month high of $147.96. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71.
Citigroup (NYSE:C – Get Free Report) last released 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 return on equity of 10.15% and a net margin of 10.23%.The business had revenue of $24.77 billion for the quarter, compared to the consensus estimate of $23.74 billion. During the same period in the previous year, the company posted $1.96 earnings per share. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Citigroup Inc. will post 11.2 EPS for the current fiscal year.
Citigroup Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 3rd will be given a $0.67 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. This is a boost from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s payout ratio is presently 28.94%.
Citigroup announced that its board has authorized a share repurchase plan on Thursday, May 7th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the company to purchase up to 13.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
More Citigroup News
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Citigroup experienced unusual options activity, including bullish call sweeps and a reported $223 million after-hours block trade. The activity appears to reflect institutional interest and may provide short-term support for the shares. Citigroup Sees Unusual Options Activity and $223 Million Block Trade After Hours
- Positive Sentiment: Citi and India’s Axis Bank are partnering to capture nonresident Indian deposits and increase dollar inflows. The initiative could expand Citi’s cross-border deposits, payments and foreign-exchange business in a strategically important market. Citigroup and Axis Bank Team Up on Leveraged India Dollar Deposit Boom
- Positive Sentiment: Citigroup reported $647.2 billion in sustainable financing commitments since 2020 and established new 2030 goals. The progress may strengthen the bank’s relationships with corporate clients and support long-term fee opportunities, though the direct earnings impact is uncertain. Citi Reports Sustainable Finance Progress and Sets New 2030 Goals
- Neutral Sentiment: Analyst coverage remains favorable based on Citigroup’s average brokerage recommendation. However, the report cautions that sell-side ratings can be overly optimistic, limiting the reliability of this signal as a stand-alone reason to buy. Is Citigroup a Buy as Wall Street Analysts Look Optimistic?
- Neutral Sentiment: Citigroup has room under the national deposit cap to acquire a large regional bank, but CEO Jane Fraser continues to emphasize organic growth rather than mergers and acquisitions. This preserves strategic flexibility without creating an immediate deal catalyst. Wells Fargo and Citigroup Have Room to Buy a Big Bank
About Citigroup
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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