Pinnbrook Capital Management LP Makes New $4.89 Million Investment in Citigroup Inc. $C

Pinnbrook Capital Management LP purchased a new position in Citigroup Inc. (NYSE:C) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 41,882 shares of the company’s stock, valued at approximately $4,887,000.

A number of other large investors have also bought and sold shares of C. Richards Merrill & Peterson Inc. acquired a new stake in Citigroup in the fourth quarter worth $28,000. Dunhill Financial LLC grew its holdings in Citigroup by 92.2% in the third quarter. Dunhill Financial LLC now owns 319 shares of the company’s stock worth $32,000 after purchasing an additional 153 shares during the period. Luken Investment Analytics LLC acquired a new position in shares of Citigroup during the fourth quarter valued at about $32,000. High Note Wealth LLC grew its holdings in shares of Citigroup by 107.7% during the fourth quarter. High Note Wealth LLC now owns 270 shares of the company’s stock valued at $32,000 after buying an additional 140 shares during the last quarter. Finally, Guerra Advisors Inc acquired a new position in shares of Citigroup during the third quarter valued at about $33,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the transaction, the director directly owned 12,194 shares in the company, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Edward Skyler sold 25,000 shares of the business’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the transaction, the insider owned 182,022 shares in the company, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by insiders.

Analyst Ratings Changes

C has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Citigroup in a report on Thursday, March 26th. They set a “buy” rating and a $135.00 price objective for the company. Oppenheimer reiterated an “outperform” rating and set a $145.00 price objective on shares of Citigroup in a report on Friday, May 8th. Barclays lifted their price objective on shares of Citigroup from $146.00 to $154.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Citigroup in a report on Monday, April 20th. Finally, Wells Fargo & Company lifted their price objective on shares of Citigroup from $160.00 to $162.00 and gave the company an “overweight” rating in a report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Citigroup presently has an average rating of “Moderate Buy” and an average target price of $137.62.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup shareholders approved an expanded stock incentive plan at the company’s May 20 annual meeting, which should give management more flexibility to retain and motivate employees through equity compensation. Citigroup Shareholders Approve Expanded Stock Incentive Plan
• Positive Sentiment: Several commentary pieces highlighted Citigroup as undervalued or attractive for income-focused investors, reinforcing the view that the stock still has room to rerate after recent earnings improvement. 5 Most Undervalued US Stocks According to Hedge Funds Why Citigroup (C) is a Top Dividend Stock for Your Portfolio
• Neutral Sentiment: Citigroup also remained active in market commentary on India IPOs and currency controls, but these reports are more about its broader banking views than a direct business update for the company. Citi sees India IPOs hitting fresh records despite challenges Citi Sees India IPOs Hitting Fresh Records Despite Challenges
• Neutral Sentiment: There was also a report that Trump backed away from requiring banks to collect citizenship information, which slightly reduces regulatory overhang but does not materially change Citigroup’s near-term fundamentals. Trump backs down from idea of banks collecting citizenship information
• Negative Sentiment: On the other hand, Citi faced fresh governance scrutiny after a separate report said more shareholders voted against the bank’s say-on-pay proposal, signaling some dissatisfaction with executive compensation practices. More Citi shareholders vote ‘no’ on say-on-pay

Citigroup Stock Up 0.3%

Citigroup stock opened at $125.19 on Friday. Citigroup Inc. has a fifty-two week low of $71.65 and a fifty-two week high of $135.29. The stock has a market cap of $213.51 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 0.56 and a beta of 1.14. The firm’s 50-day simple moving average is $120.72 and its 200 day simple moving average is $114.77. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99.

Citigroup (NYSE:C) last released its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business had revenue of $24.63 billion for the quarter, compared to analysts’ expectations of $22.96 billion. During the same period in the previous year, the company earned $1.96 earnings per share. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. Research analysts predict that Citigroup Inc. will post 10.65 EPS for the current fiscal year.

Citigroup declared that its board has authorized a stock repurchase program on Thursday, May 7th that permits the company to buyback $30.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 13.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Citigroup Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 4th will be issued a dividend of $0.60 per share. The ex-dividend date is Monday, May 4th. This represents a $2.40 annualized dividend and a yield of 1.9%. Citigroup’s payout ratio is 29.74%.

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.