Parnassus Investments LLC Has $115.43 Million Stock Holdings in Citigroup Inc. $C

Parnassus Investments LLC cut its position in Citigroup Inc. (NYSE:C) by 4.4% during the 4th quarter, HoldingsChannel reports. The firm owned 989,173 shares of the company’s stock after selling 45,769 shares during the quarter. Parnassus Investments LLC’s holdings in Citigroup were worth $115,427,000 at the end of the most recent quarter.

Several other hedge funds also recently 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 raised 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 stake in Citigroup in the fourth quarter worth $32,000. High Note Wealth LLC raised its holdings in Citigroup by 107.7% in the fourth quarter. High Note Wealth LLC now owns 270 shares of the company’s stock worth $32,000 after purchasing an additional 140 shares during the period. Finally, Entrust Financial LLC acquired a new stake in Citigroup in the fourth quarter worth $34,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Trading Up 3.4%

C opened at $137.89 on Friday. The stock has a market capitalization of $235.18 billion, a P/E ratio of 17.09, a P/E/G ratio of 0.60 and a beta of 1.12. Citigroup Inc. has a 12 month low of $76.11 and a 12 month high of $138.23. The firm’s fifty day simple moving average is $126.85 and its 200 day simple moving average is $117.91. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59.

Citigroup (NYSE:C) last issued its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. During the same period in the previous year, the business earned $1.96 EPS. The company’s revenue was up 14.1% compared to the same quarter last year. As a group, research analysts anticipate that Citigroup Inc. will post 10.68 EPS for the current fiscal year.

Citigroup announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 7th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Citigroup Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, May 4th. Citigroup’s payout ratio is presently 29.74%.

Insider Buying and Selling at Citigroup

In other Citigroup news, insider Edward Skyler sold 25,000 shares of Citigroup stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the sale, the insider directly owned 182,022 shares in the company, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the sale, the director owned 12,194 shares in the company, valued at $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.11% of the stock is currently owned by insiders.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is rolling out tokenized depositary receipts for private-company shares, a move that could broaden access to private markets and create a new growth avenue for the bank. Article title
• Positive Sentiment: Reuters reported that Citi hired Ryan Beaupré as a managing director in its consumer and retail investment banking group, signaling continued effort to expand the franchise and deepen client coverage. Article title
• Positive Sentiment: Citigroup’s recent earnings beat and revenue growth continue to support the stock, with Q1 EPS and revenue both topping expectations and underscoring improving operating momentum. Article title
• Neutral Sentiment: President Trump publicly praised Citigroup and CEO Jane Fraser for M&A advisory work, which helped sentiment, but some reports noted the ranking was overstated, limiting the fundamental impact. Article title
• Neutral Sentiment: Market commentary also pointed to Citigroup’s turnaround progress, solid trading conditions, and a constructive investment banking outlook, which supports the stock but is largely a continuation of existing optimism. Article title

Analyst Ratings Changes

Several research firms recently commented on C. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Citigroup in a research report on Monday, April 20th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $139.00 price objective on shares of Citigroup in a research report on Wednesday, April 15th. Oppenheimer reaffirmed an “outperform” rating and issued a $145.00 price objective on shares of Citigroup in a research report on Friday, May 8th. Wells Fargo & Company boosted their price objective on shares of Citigroup from $160.00 to $162.00 and gave the company an “overweight” rating in a research report on Wednesday, April 29th. Finally, Morgan Stanley boosted their price objective on shares of Citigroup from $140.00 to $144.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $137.62.

Citigroup Profile

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.