Korea Investment CORP Reduces Holdings in Citigroup Inc. $C

Korea Investment CORP reduced its position in Citigroup Inc. (NYSE:C) by 11.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,283,736 shares of the company’s stock after selling 158,338 shares during the quarter. Korea Investment CORP owned about 0.08% of Citigroup worth $179,672,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Paladin Partners LLC acquired a new stake in shares of Citigroup in the second quarter valued at about $27,000. Mcguire Capital Advisors Inc. purchased a new position in Citigroup during the fourth quarter worth approximately $25,000. Whipplewood Advisors LLC acquired a new position in Citigroup during the first quarter worth $25,000. TD Capital Management LLC acquired a new position in Citigroup during the fourth quarter worth $28,000. Finally, IMG Wealth Management Inc. boosted its position in shares of Citigroup by 197.6% during the 1st quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Citigroup Price Performance

Citigroup stock opened at $131.46 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. Citigroup Inc. has a 52-week low of $92.84 and a 52-week high of $147.96. The firm 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 company’s 50 day moving average is $137.20 and its two-hundred day moving average is $126.29.

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

Citigroup declared that its Board of Directors has initiated a share repurchase program on Thursday, May 7th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the company to reacquire up to 13.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Citigroup Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 3rd will be given a $0.67 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $2.68 dividend on an annualized basis and a yield of 2.0%. This is an increase from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s dividend payout ratio is 28.94%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday, June 18th. Argus set a $150.00 price objective on Citigroup in a research report on Wednesday, July 15th. JPMorgan Chase & Co. raised their target price on Citigroup from $135.50 to $149.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Oppenheimer lowered Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $150.00 price target on shares of Citigroup in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.22.

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.