Institute for Wealth Management LLC. Sells 308 Shares of Citigroup Inc. (NYSE:C)

Institute for Wealth Management LLC. trimmed its stake in Citigroup Inc. (NYSE:C) by 1.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,964 shares of the company’s stock after selling 308 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Citigroup were worth $821,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Snider Financial Group raised its position in Citigroup by 96,645.9% in the 1st quarter. Snider Financial Group now owns 84,494,926 shares of the company’s stock worth $4,512,000 after buying an additional 84,407,589 shares during the last quarter. Geode Capital Management LLC lifted its position in Citigroup by 1.5% during the first quarter. Geode Capital Management LLC now owns 35,179,006 shares of the company’s stock valued at $1,646,775,000 after purchasing an additional 519,202 shares during the period. Morgan Stanley lifted its position in Citigroup by 2.6% during the fourth quarter. Morgan Stanley now owns 25,852,678 shares of the company’s stock valued at $1,169,317,000 after purchasing an additional 666,560 shares during the period. Northern Trust Corp boosted its holdings in Citigroup by 1.2% in the third quarter. Northern Trust Corp now owns 20,051,311 shares of the company’s stock worth $824,710,000 after purchasing an additional 232,652 shares during the last quarter. Finally, Pzena Investment Management LLC grew its position in Citigroup by 3.0% in the 3rd quarter. Pzena Investment Management LLC now owns 16,627,430 shares of the company’s stock worth $683,886,000 after purchasing an additional 486,952 shares during the period. 71.72% of the stock is owned by institutional investors.

Citigroup Price Performance

NYSE:C opened at $59.15 on Friday. The business’s 50-day moving average is $58.30 and its 200 day moving average is $51.16. Citigroup Inc. has a 12 month low of $38.17 and a 12 month high of $63.90. The company has a market capitalization of $113.29 billion, a P/E ratio of 17.50, a P/E/G ratio of 0.88 and a beta of 1.52. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.50.

Citigroup (NYSE:C) last announced its quarterly earnings results on Friday, April 12th. The company reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.29. Citigroup had a net margin of 4.90% and a return on equity of 6.17%. The company had revenue of $21.10 billion for the quarter, compared to analysts’ expectations of $20.46 billion. During the same quarter in the previous year, the business posted $1.86 earnings per share. Citigroup’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities research analysts forecast that Citigroup Inc. will post 5.91 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date is Friday, May 3rd. Citigroup’s dividend payout ratio (DPR) is 62.72%.

Analyst Ratings Changes

A number of research firms have issued reports on C. Keefe, Bruyette & Woods boosted their price target on Citigroup from $54.00 to $66.00 and gave the company a “market perform” rating in a research note on Friday, April 5th. Wolfe Research raised shares of Citigroup from a “peer perform” rating to an “outperform” rating and set a $58.00 target price for the company in a report on Wednesday, January 3rd. StockNews.com upgraded shares of Citigroup from a “sell” rating to a “hold” rating in a research report on Tuesday, March 19th. Wells Fargo & Company reissued an “overweight” rating and set a $80.00 price objective on shares of Citigroup in a research report on Monday, April 1st. Finally, Piper Sandler upped their price objective on Citigroup from $67.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $62.91.

About Citigroup

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.