Ieq Capital LLC Sells 28,979 Shares of Citigroup Inc. $C

Ieq Capital LLC lessened its stake in shares of Citigroup Inc. (NYSE:C) by 7.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 386,211 shares of the company’s stock after selling 28,979 shares during the period. Ieq Capital LLC’s holdings in Citigroup were worth $54,054,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Whipplewood Advisors LLC bought a new position in Citigroup in the 1st quarter worth $25,000. Mcguire Capital Advisors Inc. bought a new stake in Citigroup during the fourth quarter valued at about $25,000. Paladin Partners LLC bought a new stake in Citigroup during the second quarter valued at about $27,000. TD Capital Management LLC acquired a new stake in shares of Citigroup in the fourth quarter valued at about $28,000. Finally, IMG Wealth Management Inc. grew its position in shares of Citigroup by 197.6% in the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock valued at $28,000 after purchasing an additional 162 shares during the last quarter. 71.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

C has been the subject of several research analyst reports. Royal Bank Of Canada reissued an “outperform” rating and set a $150.00 price objective on shares of Citigroup in a research report on Wednesday, July 15th. Argus set a $150.00 target price on Citigroup in a report on Wednesday, July 15th. Bank of America lifted their price target on Citigroup from $170.00 to $176.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods increased their price objective on Citigroup from $140.00 to $153.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Finally, Zacks Research upgraded shares of Citigroup from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $145.22.

Citigroup Stock Up 1.4%

C stock opened at $131.46 on Friday. Citigroup Inc. has a twelve month low of $92.84 and a twelve month high of $147.96. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. The company has a market cap of $224.22 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 0.58 and a beta of 1.12. The business’s 50-day simple moving average is $137.20 and its 200 day simple moving average is $126.29.

Citigroup (NYSE:C) last posted its quarterly earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, beating the consensus estimate of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The firm had revenue of $24.77 billion during the quarter, compared to analysts’ expectations of $23.74 billion. During the same quarter in the prior year, the firm posted $1.96 EPS. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, research analysts anticipate that Citigroup Inc. will post 11.2 earnings per share for the current year.

Citigroup Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a $0.67 dividend. The ex-dividend date is Monday, August 3rd. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.0%. Citigroup’s dividend payout ratio is currently 28.94%.

Citigroup announced that its board has authorized a share buyback program on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
• Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
• Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
• Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C’s July Card Delinquencies Tick Up

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.