Burney Co. Sells 9,197 Shares of Citigroup Inc. $C

Burney Co. lowered its position in Citigroup Inc. (NYSE:C) by 13.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,982 shares of the company’s stock after selling 9,197 shares during the quarter. Burney Co.’s holdings in Citigroup were worth $6,462,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mcguire Capital Advisors Inc. bought a new stake in shares of Citigroup in the 4th quarter valued at about $25,000. Richards Merrill & Peterson Inc. acquired a new stake in Citigroup in the 4th quarter valued at about $28,000. TD Capital Management LLC bought a new position in Citigroup during the fourth quarter worth about $28,000. Luken Investment Analytics LLC bought a new position in Citigroup during the fourth quarter worth about $32,000. Finally, High Note Wealth LLC increased its position in Citigroup by 107.7% during the fourth quarter. High Note Wealth LLC now owns 270 shares of the company’s stock worth $32,000 after buying an additional 140 shares during the last quarter. Institutional investors own 71.72% of the company’s stock.

Citigroup Price Performance

Shares of Citigroup stock opened at $143.87 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $245.38 billion, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 0.60 and a beta of 1.11. Citigroup Inc. has a twelve month low of $85.48 and a twelve month high of $147.96. The company has a 50-day simple moving average of $132.80 and a two-hundred day simple moving average of $122.17.

Citigroup (NYSE:C) last announced its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.63 by $0.43. The firm had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.96 EPS. Analysts forecast that Citigroup Inc. will post 10.83 EPS for the current year.

Citigroup declared that its board has approved a share repurchase program on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to buy up to 13.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director John Cunningham Dugan sold 2,117 shares of the company’s stock in a transaction 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 sale, the director directly owned 12,194 shares in the company, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following the sale, the insider directly owned 182,022 shares in the company, valued at approximately $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.11% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their target price on Citigroup from $135.50 to $149.00 and gave the stock an “overweight” rating in a research note on Monday. Morgan Stanley raised their price target on Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Barclays upped their price objective on shares of Citigroup from $146.00 to $154.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. Wall Street Zen upgraded shares of Citigroup from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Oppenheimer downgraded shares of Citigroup from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $140.65.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: JPMorgan raised its price target on Citigroup to $149 and kept an overweight rating, reinforcing a bullish view ahead of earnings. Benzinga article
• Positive Sentiment: JPMorgan said big banks may beat prior guidance on investment-banking and trading revenue, and it lifted targets across the sector, supporting Citigroup alongside peers. Yahoo Finance article
• Positive Sentiment: Citigroup is also benefiting from a new commodities win: it became a clearing member of London Precious Metals Clearing Limited, expanding its role in gold, silver, platinum and palladium settlement. Business Wire article
• Neutral Sentiment: Citigroup was also highlighted in market wrap articles as outperforming the broader market, but those pieces mainly reflected the stock’s recent momentum rather than a new fundamental catalyst. Yahoo Finance article
• Neutral Sentiment: The upcoming July 14 earnings report is keeping investors focused on whether Citigroup can validate expectations for higher earnings and revenue growth. Benzinga article
• Negative Sentiment: The collapsed sale of Citigroup’s San Antonio campus is a small operational setback, though it appears less material than the bank’s earnings and business-growth headlines. The Real Deal article

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.