Varma Mutual Pension Insurance Co Sells 16,300 Shares of Citigroup Inc. $C

Varma Mutual Pension Insurance Co decreased its stake in shares of Citigroup Inc. (NYSE:C) by 4.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 325,576 shares of the company’s stock after selling 16,300 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Citigroup were worth $45,568,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in C. Brighton Jones LLC raised its stake in shares of Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock valued at $1,407,000 after acquiring an additional 12,499 shares in the last quarter. Sivia Capital Partners LLC grew its stake in Citigroup by 20.5% in the second quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company’s stock worth $835,000 after purchasing an additional 1,669 shares in the last quarter. United Bank purchased a new position in Citigroup during the 2nd quarter worth $972,000. Osterweis Capital Management Inc. raised its position in Citigroup by 3,016.7% during the 2nd quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock valued at $80,000 after purchasing an additional 905 shares in the last quarter. Finally, HUB Investment Partners LLC grew its position in shares of Citigroup by 26.9% during the 2nd quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock worth $1,301,000 after buying an additional 3,238 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors.

Citigroup Trading Up 1.4%

Shares of Citigroup stock opened at $131.46 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.71. Citigroup Inc. has a 12-month low of $92.84 and a 12-month high of $147.96. The firm has a market capitalization of $224.22 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 0.59 and a beta of 1.12. The firm’s 50 day simple moving average is $137.20 and its two-hundred day simple moving average is $126.29.

Citigroup (NYSE:C) last announced 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. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm had revenue of $24.77 billion for the quarter, compared to analyst estimates of $23.74 billion. During the same period in the previous year, the company earned $1.96 earnings per share. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. Analysts predict that Citigroup Inc. will post 11.2 EPS for the current year.

Citigroup announced that its board has approved a share buyback program on Thursday, May 7th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits 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 leadership believes its stock is undervalued.

Citigroup Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 3rd will be paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, August 3rd. This is a boost from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s dividend payout ratio (DPR) is presently 28.94%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on C. Keefe, Bruyette & Woods lifted their price objective on Citigroup from $140.00 to $153.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Argus set a $150.00 price target on shares of Citigroup in a report on Wednesday, July 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Citigroup in a research note on Friday, July 17th. Wall Street Zen downgraded shares of Citigroup from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, UBS Group dropped their target price on Citigroup from $150.00 to $142.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Two investment 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.