Encore Global Management LP Trims Stock Position in Citigroup Inc. $C

Encore Global Management LP lessened its position in shares of Citigroup Inc. (NYSE:C) by 49.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,000 shares of the company’s stock after selling 6,750 shares during the period. Encore Global Management LP’s holdings in Citigroup were worth $980,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Whipplewood Advisors LLC bought a new position in shares of Citigroup in the first quarter worth $25,000. Mcguire Capital Advisors Inc. bought a new stake in Citigroup during the fourth quarter valued at $25,000. Paladin Partners LLC bought a new stake in Citigroup during the second quarter valued at $27,000. TD Capital Management LLC purchased a new position in Citigroup during the fourth quarter worth about $28,000. Finally, IMG Wealth Management Inc. grew its position in Citigroup by 197.6% during the first quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock worth $28,000 after buying an additional 162 shares in the last quarter. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about 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 Stock Up 1.4%

C opened at $131.46 on Friday. Citigroup Inc. has a 12 month low of $92.84 and a 12 month high of $147.96. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. The business’s 50-day moving average price is $137.20 and its 200-day moving average price is $126.29. The company has a market cap of $224.22 billion, a P/E ratio of 14.20, a P/E/G ratio of 0.58 and a beta of 1.12.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. The firm had revenue of $24.77 billion during 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 business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.96 earnings per share. On average, equities analysts expect that Citigroup Inc. will post 11.2 EPS for the current year.

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

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Monday, August 3rd will be given a $0.67 dividend. The ex-dividend date is Monday, August 3rd. This represents a $2.68 dividend on an annualized basis and a dividend 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%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Morgan Stanley upped their target price on Citigroup from $154.00 to $164.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Wells Fargo & Company boosted their price objective on Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a report on Thursday, June 18th. Argus set a $150.00 price objective on Citigroup in a report on Wednesday, July 15th. Oppenheimer cut shares of Citigroup from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Finally, Evercore set a $143.00 target price on shares of Citigroup in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Citigroup currently has a consensus rating of “Moderate Buy” and an average price target of $145.22.

Citigroup Company 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.