Citigroup Inc. $C Shares Sold by Castleark Management LLC

Castleark Management LLC lessened its stake in Citigroup Inc. (NYSE:C) by 59.6% in the first quarter, Holdings Channel reports. The fund owned 47,484 shares of the company’s stock after selling 69,980 shares during the quarter. Castleark Management LLC’s holdings in Citigroup were worth $5,385,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Citigroup by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after purchasing an additional 4,938,923 shares during the period. Geode Capital Management LLC grew its holdings in Citigroup by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company’s stock valued at $5,036,712,000 after purchasing an additional 189,548 shares in the last quarter. Franklin Resources Inc. increased its stake in Citigroup by 4.0% during the 4th quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock worth $3,990,422,000 after buying an additional 1,326,224 shares during the period. Fisher Asset Management LLC increased its stake in Citigroup by 2.6% during the 4th quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company’s stock worth $3,954,307,000 after buying an additional 846,772 shares during the period. Finally, Norges Bank acquired a new position in Citigroup in the 4th quarter worth $2,800,944,000. Institutional investors and hedge funds own 71.72% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on C. Weiss Ratings reissued a “buy (b)” rating on shares of Citigroup in a research report on Friday, July 17th. Piper Sandler reaffirmed an “overweight” rating and set a $145.00 target price (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. Barclays boosted their price target on Citigroup from $146.00 to $154.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. Zacks Research raised Citigroup from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, Evercore set a $143.00 price objective on Citigroup in a research note on Monday, July 6th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $145.67.

Citigroup News Roundup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup’s second-quarter performance remains the primary bullish catalyst. The bank reported record results, including $3.15 in earnings per share versus the $2.74 consensus estimate and $24.75 billion in revenue versus expectations of $23.74 billion. Revenue increased 14.5% year over year, supported by stronger net interest income and net income. Is Citigroup Stock Still a Buy After Its Blockbuster Q2 Performance?
• Positive Sentiment: Analysts and investors are focusing on Citigroup’s transformation plan, capital position, and potential for shareholder returns. The stock’s valuation is viewed as reasonable relative to its earnings prospects, with one analysis estimating it could be approximately 14% undervalued after the earnings-related decline. Citigroup Could Be 14% Undervalued After Its Q2 Earnings Drop
• Positive Sentiment: Broader bank-sector results are also supportive: Raymond James said most U.S. banks reporting second-quarter results exceeded earnings forecasts amid favorable revenue trends. This may reinforce confidence in Citigroup’s operating environment and financial-sector earnings momentum. Most US Banks Beat Earnings Forecasts Amid Favorable Revenue Trends
• Neutral Sentiment: Federal Reserve expectations remain a key swing factor. Citi strategists expect the Fed to hold rates and potentially deliver a dovish outcome, which could support market sentiment, although the outlook remains uncertain ahead of the policy meeting. FOMC Preview: Fed Likely to Hold Rates Despite Oil Spike
• Negative Sentiment: Renewed inflation concerns have increased the possibility of a more hawkish Federal Reserve, including a potential rate hike. Higher-for-longer rates could create volatility for bank stocks and complicate the outlook for loan demand, credit quality, and net interest income. Fed Faces Growing Pressure to Hike Rates as Price Risks Rebound

Citigroup Trading Up 0.6%

NYSE C opened at $133.03 on Tuesday. Citigroup Inc. has a 12 month low of $87.94 and a 12 month high of $147.96. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market capitalization of $226.88 billion, a price-to-earnings ratio of 14.37, a price-to-earnings-growth ratio of 0.60 and a beta of 1.11. The company’s fifty day moving average price is $135.23 and its two-hundred day moving average price is $123.90.

Citigroup (NYSE:C) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share for the quarter, topping the consensus estimate of $2.74 by $0.41. The company had revenue of $24.75 billion during the quarter, compared to analyst estimates of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The firm’s revenue for the quarter was up 14.5% compared to the same quarter last year. During the same period last year, the business earned $1.96 EPS. As a group, research analysts predict that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 2.0%. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. Citigroup’s payout ratio is 25.92%.

Citigroup declared that its Board of Directors has approved a stock repurchase program on Thursday, May 7th that permits the company to repurchase $30.00 billion in shares. This repurchase authorization permits the company to buy up to 13.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the sale, the director directly owned 12,194 shares of the company’s stock, valued at $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.11% of the company’s stock.

About Citigroup

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.