Convergence Investment Partners LLC Increases Stock Position in Citigroup Inc. $C

Convergence Investment Partners LLC raised its holdings in Citigroup Inc. (NYSE:C) by 25.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,620 shares of the company’s stock after purchasing an additional 5,049 shares during the period. Convergence Investment Partners LLC’s holdings in Citigroup were worth $2,873,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of C. Vanguard Group Inc. lifted its holdings in shares of Citigroup by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after purchasing an additional 4,938,923 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Citigroup by 17.6% in the third quarter. Bank of New York Mellon Corp now owns 28,125,995 shares of the company’s stock valued at $2,854,788,000 after purchasing an additional 4,211,099 shares in the last quarter. Capital World Investors lifted its holdings in shares of Citigroup by 6.5% in the third 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 in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Citigroup by 6,172.0% in the third quarter. Bessemer Group Inc. now owns 2,904,795 shares of the company’s stock valued at $294,838,000 after purchasing an additional 2,858,481 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Citigroup by 291.4% in the fourth quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company’s stock valued at $153,978,000 after purchasing an additional 2,008,946 shares in the last quarter. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Insider Activity at Citigroup

In related news, insider Edward Skyler sold 25,000 shares of the company’s 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 completion of the transaction, the insider owned 182,022 shares of the company’s stock, valued at approximately $23,919,511.02. This represents a 12.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Cunningham Dugan sold 2,117 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was 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 $1,527,908.20. This trade represents a 14.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.11% of the company’s stock.

Citigroup Stock Performance

NYSE:C opened at $123.39 on Friday. The firm has a 50 day simple moving average of $119.50 and a 200-day simple moving average of $114.04. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $210.46 billion, a PE ratio of 15.29, a P/E/G ratio of 0.56 and a beta of 1.14. Citigroup Inc. has a 1-year low of $71.65 and a 1-year high of $135.29.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, beating analysts’ consensus estimates of $2.63 by $0.43. The business had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The company’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.96 earnings per share. On average, equities analysts expect that Citigroup Inc. will post 10.65 EPS for the current year.

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

Citigroup Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Monday, May 4th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.40 annualized dividend and a yield of 1.9%. Citigroup’s dividend payout ratio is 29.74%.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup plans to increase headcount in its Asia-Pacific prime brokerage business by about 10%, signaling confidence in rising hedge fund activity and an opportunity to capture more trading and financing revenue. Article: C to Expand Asia Prime Brokerage Team by 10%, Eyes Hedge Fund Growth
• Positive Sentiment: Separate reports suggest Citigroup is continuing to push its Asia expansion strategy, including potential licensing progress in China and a broader push to strengthen its regional investment-banking and markets presence. Article: Citigroup to Get License for Wholly Owned China Securities Firm as CEO Joins Trump Visit
• Positive Sentiment: Citigroup has also been highlighted in analysis for adopting AI in ways that may generate returns, reinforcing the view that the bank’s technology investments could help support efficiency and profitability. Article: Citigroup: Not Only Adopting AI But Also Generating Returns
• Neutral Sentiment: Bloomberg reported that Citi said African borrowers are becoming more creative in debt sales, which is informative on market conditions but does not clearly change the near-term earnings picture. Article: Citi Says African Borrowers Are Turning Creative on Debt Sales
• Negative Sentiment: Some investors remain focused on whether Citigroup can sustain its post-earnings momentum, with recent commentary noting the stock has already pulled back from the strong rally seen after its latest quarterly results. Article: After a 63.3% Surge in a Year, Is C Stock Worth Holding on to Now?

Wall Street Analyst Weigh In

C has been the topic of several recent research reports. Morgan Stanley upped their price target on shares of Citigroup from $140.00 to $144.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. Truist Financial set a $147.00 price objective on shares of Citigroup in a research report on Friday, May 1st. JPMorgan Chase & Co. boosted their price objective on shares of Citigroup from $131.00 to $135.50 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Keefe, Bruyette & Woods boosted their price objective on shares of Citigroup from $140.00 to $153.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Finally, Wall Street Zen raised shares of Citigroup from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Citigroup has an average rating of “Moderate Buy” and an average price target of $137.62.

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.