California Public Employees Retirement System Reduces Stock Holdings in Citigroup Inc. (NYSE:C)

California Public Employees Retirement System lowered its stake in Citigroup Inc. (NYSE:C) by 15.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,734,304 shares of the company’s stock after selling 875,720 shares during the quarter. California Public Employees Retirement System owned about 0.25% of Citigroup worth $243,533,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in C. International Assets Investment Management LLC acquired a new position in shares of Citigroup during the 4th quarter worth $2,109,120,000. Greenhaven Associates Inc. increased its holdings in shares of Citigroup by 22.4% during the fourth quarter. Greenhaven Associates Inc. now owns 16,113,305 shares of the company’s stock valued at $828,868,000 after purchasing an additional 2,948,512 shares during the period. AQR Capital Management LLC boosted its stake in Citigroup by 42.4% during the third quarter. AQR Capital Management LLC now owns 6,484,540 shares of the company’s stock valued at $266,709,000 after buying an additional 1,930,296 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Citigroup by 251.1% in the 3rd quarter. Canada Pension Plan Investment Board now owns 2,356,177 shares of the company’s stock valued at $96,910,000 after purchasing an additional 1,685,100 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Citigroup by 49.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 2,885,568 shares of the company’s stock worth $118,683,000 after acquiring an additional 959,040 shares during the period. Institutional investors and hedge funds own 71.72% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on C. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $80.00 price target on shares of Citigroup in a research report on Monday, April 1st. Piper Sandler lifted their price objective on Citigroup from $67.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Morgan Stanley upgraded Citigroup from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $46.00 to $65.00 in a research report on Tuesday, January 30th. HSBC upped their price objective on Citigroup from $61.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Finally, Wolfe Research raised Citigroup from a “peer perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research report on Wednesday, January 3rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.91.

Citigroup Trading Up 1.9 %

Shares of NYSE C traded up $1.17 during trading hours on Tuesday, hitting $62.12. The company’s stock had a trading volume of 3,640,335 shares, compared to its average volume of 16,996,383. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $118.98 billion, a price-to-earnings ratio of 18.04, a P/E/G ratio of 0.89 and a beta of 1.52. Citigroup Inc. has a 12 month low of $38.17 and a 12 month high of $63.90. The business has a 50-day simple moving average of $58.44 and a 200-day simple moving average of $51.47.

Citigroup (NYSE:C) last posted its earnings results on Friday, April 12th. The company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.29. The company had revenue of $21.10 billion for the quarter, compared to analysts’ expectations of $20.46 billion. Citigroup had a return on equity of 6.17% and a net margin of 4.90%. Citigroup’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm earned $1.86 earnings per share. On average, analysts anticipate that Citigroup Inc. will post 5.97 earnings per share for the current fiscal year.

Citigroup Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $2.12 annualized dividend and a yield of 3.41%. Citigroup’s dividend payout ratio (DPR) is presently 62.72%.

Citigroup Profile

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.