Bank of New York Mellon Corp Sells 117,215 Shares of Citigroup Inc. $C

Bank of New York Mellon Corp lessened its stake in Citigroup Inc. (NYSE:C) by 0.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,434,785 shares of the company’s stock after selling 117,215 shares during the period. Citigroup accounts for about 0.5% of Bank of New York Mellon Corp’s portfolio, making the stock its 29th largest position. Bank of New York Mellon Corp owned 1.37% of Citigroup worth $2,657,739,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new stake in Citigroup during the fourth quarter valued at approximately $2,800,944,000. Vanguard Group Inc. raised its stake in Citigroup by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock worth $19,048,467,000 after acquiring an additional 4,938,923 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Citigroup during the fourth quarter worth about $298,082,000. SG Americas Securities LLC lifted its stake in Citigroup by 291.4% during the 4th quarter. SG Americas Securities LLC now owns 1,319,549 shares of the company’s stock valued at $153,978,000 after acquiring an additional 2,008,946 shares during the period. Finally, Deutsche Bank AG lifted its position in Citigroup by 28.4% during the fourth quarter. Deutsche Bank AG now owns 7,158,142 shares of the company’s stock valued at $835,284,000 after purchasing an additional 1,582,150 shares during the period. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Citigroup Price Performance

C stock opened at $135.03 on Thursday. The business has a 50 day moving average price of $134.21 and a 200 day moving average price of $123.21. Citigroup Inc. has a fifty-two week low of $87.94 and a fifty-two week high of $147.96. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. The stock has a market cap of $230.31 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 0.62 and a beta of 1.11.

Citigroup (NYSE:C) last posted its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, beating the consensus estimate of $2.74 by $0.41. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The business had revenue of $24.75 billion during the quarter, compared to the consensus estimate of $23.74 billion. During the same period in the prior year, the company earned $1.96 earnings per share. The company’s revenue was up 14.5% compared to the same quarter last year. Equities research analysts anticipate that Citigroup Inc. will post 10.89 earnings per share for the current fiscal year.

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

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup posted a major Q2 earnings beat, with EPS of $3.15 versus $2.74 expected and revenue of about $24.8 billion versus $23.7 billion expected, helped by strong fixed income trading, investment banking, and broad-based strength across its businesses. Article Title
• Positive Sentiment: Management said Citi’s strong quarter reflects a stronger franchise and that it is accelerating investments to support more durable returns, reinforcing the turnaround narrative for the bank. Article Title
• Positive Sentiment: Analysts were upbeat after the report, with RBC reaffirming an outperform rating and a $150 price target, while Truist also kept a buy rating despite trimming its target to $154. Article Title
• Neutral Sentiment: Some valuation commentary said Citigroup may still be near fair value after a strong multi-year rally, suggesting upside is increasingly tied to continued execution rather than just multiple expansion. Article Title
• Negative Sentiment: Despite the earnings beat, shares slipped at times because investors focused on Citi’s higher expense outlook, including accelerated hiring and other investment spending that could pressure second-half profitability. Article Title
• Negative Sentiment: Reports also highlighted possible layoffs and faster job cuts, which may signal ongoing restructuring costs even as the bank tries to complete its transformation. Article Title

Insider Transactions at Citigroup

In other news, Director John Cunningham Dugan sold 2,117 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the completion of the transaction, the director directly owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.11% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on C. JPMorgan Chase & Co. boosted their target price on shares of Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Barclays raised their target price on Citigroup from $146.00 to $154.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. Royal Bank Of Canada restated an “outperform” rating and set a $150.00 price target on shares of Citigroup in a research report on Wednesday. Wells Fargo & Company boosted their price objective on Citigroup from $162.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, June 18th. Finally, Evercore set a $143.00 price target on shares of Citigroup in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $145.67.

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.