Rathbones Group PLC Trims Position in Citigroup Inc. $C

Rathbones Group PLC reduced its position in Citigroup Inc. (NYSE:C) by 8.1% in the 1st quarter, Holdings Channel reports. The fund owned 158,208 shares of the company’s stock after selling 13,964 shares during the period. Rathbones Group PLC’s holdings in Citigroup were worth $17,942,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Citigroup by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock worth $19,048,467,000 after buying an additional 4,938,923 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Citigroup by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company’s stock worth $5,036,712,000 after acquiring an additional 189,548 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Citigroup by 4.0% during the 4th quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock worth $3,990,422,000 after acquiring an additional 1,326,224 shares during the period. Fisher Asset Management LLC boosted its position in shares of Citigroup by 2.6% in the fourth quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company’s stock worth $3,954,307,000 after acquiring an additional 846,772 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Citigroup by 2.8% in the first quarter. Bank of America Corp DE now owns 26,869,012 shares of the company’s stock worth $3,047,215,000 after acquiring an additional 728,043 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the company’s 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 directly owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.11% of the company’s stock.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup hired Bank of America veteran Rohan Sen to lead technology-services coverage in its investment-banking division. The appointment supports Citi’s broader investment-banking hiring push and could help expand fee-generating advisory and capital-markets activity. Citi Recruits Bank of America Vet Rohan Sen Amid Investment Banking Hiring Spree
• Positive Sentiment: Citi, American Airlines and Mastercard unveiled enhanced benefits for the Citi/AAdvantage Executive World Elite Mastercard, including Admirals Club access and a faster path to airline status. The refresh may improve card acquisition, customer retention and credit-card revenue. American Airlines and Citi Elevate Premium Travel With Enhanced Citi / AAdvantage Executive World Legend Mastercard
• Neutral Sentiment: Citi strategists said a stronger yen could lift other Asian currencies, highlighting the bank’s ongoing influence in global foreign-exchange research. The commentary is unlikely to materially change Citi’s earnings outlook but reinforces its market presence. Yen Surge Will Drive Up Other Asian Currencies, Strategists Say
• Neutral Sentiment: Citi is reportedly playing a larger role in hedging risks associated with leveraged ETFs and discussions surrounding Treasury participation in the repo market. The developments could create trading opportunities, but they also place greater attention on the bank’s funding, derivatives and financial-stability exposures. Citigroup Takes On A Bigger Role In Leveraged ETF Risk
• Negative Sentiment: Citi’s $0.67-per-share dividend went ex-dividend on August 3. While the payment supports the shareholder-return story, the ex-dividend adjustment can temporarily weigh on the stock and reduces near-term trading support. Citigroup Inc’s Dividend Analysis

Citigroup Trading Up 0.8%

NYSE C opened at $133.51 on Tuesday. The firm has a market capitalization of $227.72 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 0.60 and a beta of 1.12. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a one year low of $89.68 and a one year high of $147.96. The company’s 50 day moving average price is $135.99 and its 200 day moving average price is $124.33.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.41. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The company had revenue of $24.75 billion during the quarter, compared to the consensus estimate of $23.74 billion. During the same period in the previous year, the firm earned $1.96 earnings per share. Citigroup’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, sell-side analysts predict that Citigroup Inc. will post 11.2 EPS for the current year.

Citigroup declared that its Board of Directors has approved a share buyback program on Thursday, May 7th that authorizes the company to buyback $30.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 13.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Citigroup Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Monday, August 3rd. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s dividend payout ratio (DPR) is presently 25.92%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on C shares. JPMorgan Chase & Co. upped their price target on shares of Citigroup from $135.50 to $149.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Wells Fargo & Company lifted their price target on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a report on Thursday, June 18th. The Goldman Sachs Group boosted their price objective on shares of Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $150.00 target price on shares of Citigroup in a research report on Wednesday, July 15th. Finally, Truist Financial reduced their target price on Citigroup from $158.00 to $154.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $145.22.

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.