Sit Investment Associates Inc. cut its holdings in Citigroup Inc. (NYSE:C – Free Report) by 12.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 40,055 shares of the company’s stock after selling 5,570 shares during the period. Sit Investment Associates Inc.’s holdings in Citigroup were worth $4,674,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in C. Vanguard Group Inc. increased its stake in Citigroup by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock worth $19,048,467,000 after acquiring an additional 4,938,923 shares during the last quarter. Capital World Investors lifted its stake in shares of Citigroup by 6.5% in the 3rd quarter. Capital World Investors now owns 47,262,626 shares of the company’s stock valued at $4,797,292,000 after purchasing an additional 2,871,074 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Citigroup by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company’s stock valued at $5,036,712,000 after purchasing an additional 189,548 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Citigroup by 4.0% in the 4th quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock worth $3,990,422,000 after purchasing an additional 1,326,224 shares during the period. Finally, Fisher Asset Management LLC increased its position in shares of Citigroup by 2.6% during the 4th quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company’s stock valued at $3,954,307,000 after purchasing an additional 846,772 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.
Insider Activity
In other news, Director John Cunningham Dugan sold 2,117 shares of the firm’s stock in a transaction that occurred 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 transaction, the director directly owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Edward Skyler sold 25,000 shares of Citigroup stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction of $3,285,250.00. Following the sale, the insider directly owned 182,022 shares of the company’s stock, valued at $23,919,511.02. This represents a 12.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.11% of the company’s stock.
Citigroup Price Performance
Citigroup (NYSE:C – Get Free Report) last announced its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, beating the consensus estimate of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The company had revenue of $24.63 billion for the quarter, compared to the consensus estimate of $22.96 billion. During the same quarter in the prior year, the company posted $1.96 EPS. Citigroup’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, sell-side analysts predict that Citigroup Inc. will post 10.72 earnings per share for the current year.
Citigroup declared that its board has initiated a share 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 reacquire up to 13.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
Citigroup Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Monday, May 4th were issued a $0.60 dividend. The ex-dividend date was Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.7%. Citigroup’s dividend payout ratio is presently 29.74%.
Citigroup News Roundup
Here are the key news stories impacting Citigroup this week:
- Positive Sentiment: Citi’s latest macro view suggests the Federal Reserve may keep rates higher for longer, which could boost net interest income for Citigroup (C) if short-term yields remain elevated. Citi Predicts Fed Rate Cuts Will Come Later Than Expected
- Positive Sentiment: The bank also announced a leadership move in Asia, appointing JianXun Toh to lead corporate banking in Japan, Asia North and Australia, reinforcing its push to grow institutional banking in a key region. Citigroup (C) Appoints JianXun Toh To Lead Corporate Banking In JANA
- Positive Sentiment: Analyst sentiment remains supportive, with Citigroup receiving a consensus “Moderate Buy” rating, which can help reinforce investor confidence in the stock. Citigroup Inc. (NYSE:C) Receives Consensus Recommendation of “Moderate Buy” from Analysts
- Neutral Sentiment: Citi also highlighted innovation in asset management with a new report on “operational alpha,” underscoring its broader financial-services research franchise, though the direct stock impact is limited. Citi and CREATE-Research Report: Innovation in Asset Management Pivots to ‘Operational Alpha’
- Negative Sentiment: A Reuters/Fox Business report said the Justice Department is probing transactions tied to a network linked to Iran’s supreme leader, including possible connections to Wall Street firms such as Citigroup, creating headline risk for the bank. DOJ probes JPMorgan, Citigroup transactions tied to Iran supreme leader’s business network
Wall Street Analyst Weigh In
C has been the topic of several recent research reports. JPMorgan Chase & Co. increased their price target on Citigroup from $131.00 to $135.50 and gave the company an “overweight” rating in a report on Thursday, April 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $139.00 price objective on shares of Citigroup in a research note on Wednesday, April 15th. Zacks Research cut shares of Citigroup from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Wells Fargo & Company increased their target price on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Citigroup in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Citigroup has an average rating of “Moderate Buy” and an average target price of $137.79.
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.
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