Turner Investments LLC Cuts Position in Citigroup Inc. (C)

Turner Investments LLC cut its stake in shares of Citigroup Inc. (NYSE:C) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,300 shares of the financial services provider’s stock after selling 210 shares during the period. Turner Investments LLC’s holdings in Citigroup were worth $257,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Endurance Wealth Management Inc. raised its stake in Citigroup by 0.3% in the first quarter. Endurance Wealth Management Inc. now owns 9,837 shares of the financial services provider’s stock valued at $588,000 after buying an additional 25 shares in the last quarter. Clear Harbor Asset Management LLC raised its stake in Citigroup by 0.8% in the first quarter. Clear Harbor Asset Management LLC now owns 4,991 shares of the financial services provider’s stock valued at $299,000 after buying an additional 38 shares in the last quarter. Norway Savings Bank raised its stake in Citigroup by 0.3% in the first quarter. Norway Savings Bank now owns 13,675 shares of the financial services provider’s stock valued at $818,000 after buying an additional 45 shares in the last quarter. Arrow Financial Corp raised its stake in Citigroup by 4.7% in the first quarter. Arrow Financial Corp now owns 1,896 shares of the financial services provider’s stock valued at $113,000 after buying an additional 85 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its stake in Citigroup by 2.1% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,425 shares of the financial services provider’s stock valued at $265,000 after buying an additional 93 shares in the last quarter. Institutional investors own 74.92% of the company’s stock.

Shares of Citigroup Inc. (C) opened at 66.58 on Friday. Citigroup Inc. has a 52-week low of $45.16 and a 52-week high of $69.86. The company has a 50 day moving average of $67.60 and a 200-day moving average of $62.27. The company has a market cap of $181.40 billion, a PE ratio of 13.33 and a beta of 1.48.

Citigroup (NYSE:C) last released its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.07. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. Citigroup’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.24 earnings per share. Analysts forecast that Citigroup Inc. will post $5.22 EPS for the current fiscal year.

Citigroup declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $15.60 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be issued a $0.32 dividend. This is a positive change 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 yield of 1.92%. Citigroup’s payout ratio is presently 25.55%.

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A number of equities research analysts recently commented on C shares. UBS AG upgraded Citigroup from a “sell” rating to a “neutral” rating and increased their price target for the stock from $58.00 to $64.00 in a research report on Friday, June 9th. Vetr lowered Citigroup from a “strong-buy” rating to a “buy” rating and set a $73.42 price target on the stock. in a research report on Monday, July 3rd. Keefe, Bruyette & Woods set a $69.00 price target on Citigroup and gave the stock a “buy” rating in a research report on Thursday, June 8th. Jefferies Group LLC restated a “hold” rating and set a $68.00 price target on shares of Citigroup in a research report on Friday, May 5th. Finally, Bank of America Corporation restated a “buy” rating and set a $68.00 price target (up from $64.00) on shares of Citigroup in a research report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $69.08.

In other news, CEO Francisco Aristeguieta sold 40,000 shares of the company’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 in the company, valued at $5,239,853.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jeffrey R. Walsh sold 5,000 shares of the company’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 transaction, the insider now owns 56,394 shares in the company, valued at approximately $3,889,494.18. The disclosure for this sale can be found here. 0.10% of the stock is owned by 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.

Institutional Ownership by Quarter for Citigroup (NYSE:C)

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