Provence Wealth Management Group Has $270,000 Position in Citigroup Inc. (NYSE:C)

Provence Wealth Management Group lessened its stake in shares of Citigroup Inc. (NYSE:C) by 21.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,251 shares of the company’s stock after selling 1,407 shares during the quarter. Provence Wealth Management Group’s holdings in Citigroup were worth $270,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of C. Orion Capital Management LLC acquired a new position in shares of Citigroup in the fourth quarter valued at approximately $26,000. Carmel Capital Partners LLC bought a new stake in Citigroup in the 3rd quarter valued at $25,000. Rakuten Securities Inc. acquired a new position in Citigroup in the 4th quarter valued at $35,000. AlphaMark Advisors LLC increased its position in Citigroup by 75.0% during the 3rd quarter. AlphaMark Advisors LLC now owns 700 shares of the company’s stock worth $29,000 after buying an additional 300 shares during the period. Finally, Tennessee Valley Asset Management Partners acquired a new stake in shares of Citigroup during the fourth quarter worth $39,000. Institutional investors own 71.72% of the company’s stock.

Citigroup Price Performance

Shares of Citigroup stock traded up $0.51 during midday trading on Friday, hitting $61.52. 11,048,877 shares of the company traded hands, compared to its average volume of 15,112,875. The firm’s fifty day moving average price is $59.70 and its 200-day moving average price is $52.62. The stock has a market cap of $117.83 billion, a price-to-earnings ratio of 18.20, a PEG ratio of 0.92 and a beta of 1.49. Citigroup Inc. has a 12 month low of $38.17 and a 12 month high of $63.90. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.95 and a current ratio of 0.95.

Citigroup (NYSE:C) last posted its earnings results on Friday, April 12th. The company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.29. Citigroup had a net margin of 4.90% and a return on equity of 6.17%. The firm 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 firm posted $1.86 earnings per share. The company’s revenue was down 1.6% on a year-over-year basis. As a group, sell-side analysts forecast that Citigroup Inc. will post 5.98 earnings per share for the current year.

Citigroup Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Monday, May 6th will be given a $0.53 dividend. The ex-dividend date is Friday, May 3rd. This represents a $2.12 annualized dividend and a yield of 3.45%. Citigroup’s dividend payout ratio is presently 62.72%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on C shares. Societe Generale lowered shares of Citigroup from a “hold” rating to a “sell” rating in a research report on Monday, January 8th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Citigroup in a report on Monday, April 1st. HSBC boosted their price target on Citigroup from $61.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, March 28th. Keefe, Bruyette & Woods lifted their price objective on Citigroup from $54.00 to $66.00 and gave the company a “market perform” rating in a report on Friday, April 5th. Finally, BMO Capital Markets downgraded Citigroup from an “outperform” rating to a “market perform” rating and set a $57.00 target price for the company. in a research report on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Citigroup presently has an average rating of “Moderate Buy” and an average target price of $62.85.

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.