CIBC Asset Management Inc Boosts Stake in Citigroup Inc. $C

CIBC Asset Management Inc increased its position in Citigroup Inc. (NYSE:C) by 104.6% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 535,743 shares of the company’s stock after purchasing an additional 273,924 shares during the period. CIBC Asset Management Inc’s holdings in Citigroup were worth $62,516,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Truist Financial Corp increased its stake in Citigroup by 4.7% during the fourth quarter. Truist Financial Corp now owns 375,977 shares of the company’s stock worth $43,873,000 after acquiring an additional 16,744 shares during the last quarter. Kovitz Investment Group Partners LLC increased its stake in Citigroup by 17.3% during the third quarter. Kovitz Investment Group Partners LLC now owns 663,416 shares of the company’s stock worth $67,337,000 after acquiring an additional 98,082 shares during the last quarter. Gunderson Capital Management Inc. bought a new stake in Citigroup during the fourth quarter worth approximately $7,165,000. Brighton Jones LLC increased its stake in Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after acquiring an additional 12,499 shares during the last quarter. Finally, Adell Harriman & Carpenter Inc. increased its stake in Citigroup by 12.7% during the third quarter. Adell Harriman & Carpenter Inc. now owns 102,255 shares of the company’s stock worth $10,379,000 after acquiring an additional 11,512 shares during the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is getting a lift from a Zacks note that said the stock outperformed the broader market, reinforcing momentum after recent gains and keeping the market focused on the bank’s relatively strong share-price trend. Article Title
• Positive Sentiment: Investor sentiment also appears supported by Citigroup’s bullish long-term tokenization outlook, with the bank projecting the tokenized securities market could reach $5.5 trillion by 2030, highlighting a potential growth area for Citi’s markets and digital-asset-related franchises. Article Title
• Positive Sentiment: Separate commentary from Jim Cramer calling Citigroup “fantastic” may be adding to the bullish tone around the stock, especially as analysts have generally remained constructive on the name. Article Title
• Neutral Sentiment: Citi strategists warning that crowded positioning in U.S. tech stocks could spark a reversal is a broader market call and does not directly change Citigroup’s fundamentals, but it may influence overall risk appetite. Article Title

Citigroup Stock Up 1.7%

Shares of NYSE C opened at $131.32 on Wednesday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market capitalization of $223.97 billion, a price-to-earnings ratio of 16.27, a PEG ratio of 0.58 and a beta of 1.12. The stock has a 50 day moving average price of $123.27 and a 200 day moving average price of $115.99. Citigroup Inc. has a 52-week low of $75.44 and a 52-week high of $135.29.

Citigroup (NYSE:C) last announced its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.63 by $0.43. The firm had revenue of $24.63 billion during the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.Citigroup’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.96 earnings per share. Sell-side analysts expect that Citigroup Inc. will post 10.68 earnings per share for the current year.

Citigroup Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Monday, May 4th were issued a $0.60 dividend. The ex-dividend date was Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.8%. Citigroup’s payout ratio is presently 29.74%.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wall Street Zen raised Citigroup from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods boosted their price objective on Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. The Goldman Sachs Group upped their target price on Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. JPMorgan Chase & Co. upped their target price on Citigroup from $131.00 to $135.50 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Finally, Zacks Research cut Citigroup from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. One 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 stock. According to MarketBeat.com, Citigroup currently has an average rating of “Moderate Buy” and an average target price of $137.62.

Insider Buying and Selling

In related news, insider Edward Skyler sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following the completion of the sale, the insider owned 182,022 shares in the company, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director owned 12,194 shares of the company’s stock, valued at $1,527,908.20. The trade was a 14.79% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.11% of the stock is currently owned by insiders.

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.