Summit Financial Wealth Advisors LLC reduced its stake in Citigroup Inc. (NYSE:C) by 0.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,620 shares of the financial services provider’s stock after selling 33 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in Citigroup were worth $396,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in C. Israel Discount Bank of New York GFN bought a new position in shares of Citigroup during the fourth quarter worth approximately $579,000. Dodge & Cox bought a new position in shares of Citigroup during the fourth quarter worth approximately $264,000. River & Mercantile Asset Management LLP bought a new position in shares of Citigroup during the fourth quarter worth approximately $37,925,000. Lincluden Management Ltd. raised its position in shares of Citigroup by 4.5% in the fourth quarter. Lincluden Management Ltd. now owns 150,259 shares of the financial services provider’s stock worth $8,930,000 after buying an additional 6,524 shares during the period. Finally, Quadrature Capital Ltd bought a new position in shares of Citigroup during the fourth quarter worth approximately $520,000. 74.92% of the stock is owned by institutional investors and hedge funds.
Citigroup Inc. (NYSE:C) traded down 0.03% on Friday, reaching $66.58. 13,628,933 shares of the company were exchanged. The stock has a market capitalization of $181.40 billion, a price-to-earnings ratio of 13.33 and a beta of 1.48. Citigroup Inc. has a 52 week low of $45.16 and a 52 week high of $69.86. The stock has a 50-day moving average price of $67.60 and a 200 day moving average price of $62.27.
Citigroup (NYSE:C) last released its earnings results on Friday, July 14th. The financial services provider reported $1.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The company had revenue of $17.90 billion during the quarter, compared to analysts’ expectations of $17.38 billion. During the same quarter last year, the business earned $1.24 EPS. The business’s revenue was up 2.0% on a year-over-year basis. Analysts forecast that Citigroup Inc. will post $5.22 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be paid a $0.32 dividend. This is a boost from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, August 3rd. This represents a $1.28 annualized dividend and a dividend yield of 1.92%. Citigroup’s dividend payout ratio (DPR) is 25.55%.
Citigroup announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $15.60 billion in shares. This buyback authorization permits the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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A number of brokerages have recently commented on C. UBS AG raised shares of Citigroup from a “sell” rating to a “neutral” rating and raised their target price for the stock from $58.00 to $64.00 in a research report on Friday, June 9th. Keefe, Bruyette & Woods set a $75.00 price objective on shares of Citigroup and gave the company a “buy” rating in a report on Sunday, August 13th. Wells Fargo & Company assumed coverage on shares of Citigroup in a report on Wednesday, August 9th. They set an “outperform” rating and a $90.00 price objective on the stock. BMO Capital Markets reissued a “buy” rating and set a $64.00 price objective on shares of Citigroup in a report on Thursday, June 1st. Finally, BidaskClub raised shares of Citigroup from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. Citigroup currently has a consensus rating of “Buy” and a consensus price target of $69.08.
In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the transaction, the insider now directly owns 56,394 shares in the company, valued at approximately $3,889,494.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Francisco Aristeguieta sold 40,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the transaction, the chief executive officer now owns 77,570 shares of the company’s stock, valued at $5,239,853.50. The disclosure for this sale can be found here. 0.10% of the stock is owned by company insiders.
Citigroup Company Profile
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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