OP Asset Management Ltd Makes New Investment in Citigroup Inc. $C

OP Asset Management Ltd bought a new position in Citigroup Inc. (NYSE:C) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 186,917 shares of the company’s stock, valued at approximately $21,198,000.

A number of other institutional investors have also modified their holdings of the stock. Mcguire Capital Advisors Inc. acquired a new position in Citigroup in the fourth quarter worth about $25,000. Richards Merrill & Peterson Inc. acquired a new stake in Citigroup during the fourth quarter valued at approximately $28,000. TD Capital Management LLC acquired a new stake in Citigroup during the fourth quarter valued at approximately $28,000. Dunhill Financial LLC lifted its holdings in Citigroup by 92.2% during the 3rd quarter. Dunhill Financial LLC now owns 319 shares of the company’s stock worth $32,000 after buying an additional 153 shares during the last quarter. Finally, Luken Investment Analytics LLC bought a new position in Citigroup during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 71.72% of the company’s stock.

Trending Headlines about Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: U.S. regulators said the biggest banks, including Citigroup, passed the Federal Reserve’s annual stress test, which should support capital returns such as share buybacks and dividends. Big Banks Pass Fed Stress Test, Paving Way for Payouts
• Positive Sentiment: The Fed also said major banks could absorb severe recession losses and keep lending, reinforcing the view that the sector remains well capitalized and resilient. Big Banks Can Weather Severe Recession, Fed Says, in Unusual Year for Stress Tests
• Neutral Sentiment: Market chatter around Citigroup continues to highlight improved sentiment on its earnings outlook, better capital-return expectations, and analyst price targets clustering around the mid-$140s, though some institutional holders have trimmed positions recently. Citigroup Stock (C) Opinions on Market Positioning and Earnings Outlook
• Neutral Sentiment: Citigroup also appeared in deal-making news as it is helping advise on the planned public listing of Egyptian digital bank MNT-Halan, which adds to its investment-banking pipeline but is not likely a major immediate stock driver. Egyptian Digital Bank MNT-Halan Plans to Go Public

Citigroup Trading Down 0.8%

Shares of NYSE C opened at $143.84 on Thursday. Citigroup Inc. has a 12-month low of $81.07 and a 12-month high of $147.96. The company has a market cap of $245.33 billion, a price-to-earnings ratio of 17.82, a price-to-earnings-growth ratio of 0.63 and a beta of 1.12. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. The stock’s 50 day simple moving average is $131.05 and its 200 day simple moving average is $120.43.

Citigroup (NYSE:C) last issued its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, topping analysts’ consensus estimates of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The firm had revenue of $24.63 billion during the quarter, compared to the consensus estimate of $22.96 billion. During the same period in the prior year, the business earned $1.96 EPS. The firm’s revenue was up 14.1% on a year-over-year basis. Equities research analysts expect that Citigroup Inc. will post 10.72 EPS for the current year.

Citigroup Announces Dividend

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

Citigroup announced that its board has approved 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 an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Evercore set a $139.00 price target on Citigroup in a report on Wednesday, April 15th. Keefe, Bruyette & Woods lifted their price objective on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Royal Bank Of Canada reiterated an “outperform” rating and set a $139.00 target price on shares of Citigroup in a research note on Wednesday, April 15th. Wall Street Zen raised shares of Citigroup from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Jefferies Financial Group started coverage on shares of Citigroup in a research report on Thursday, March 26th. They issued a “buy” rating and a $135.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $137.79.

Insider Transactions at Citigroup

In related news, insider Edward Skyler sold 25,000 shares of the stock in a transaction dated 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 owned 182,022 shares of the company’s stock, valued at $23,919,511.02. This trade represents a 12.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Cunningham Dugan sold 2,117 shares of Citigroup 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 completion of the sale, the director owned 12,194 shares in the company, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.11% of the stock is owned by company insiders.

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.