Axxcess Wealth Management LLC Lowers Stock Position in Citigroup Inc. $C

Axxcess Wealth Management LLC lessened its position in shares of Citigroup Inc. (NYSE:C) by 30.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 40,867 shares of the company’s stock after selling 17,932 shares during the period. Axxcess Wealth Management LLC’s holdings in Citigroup were worth $4,635,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Cora Capital Advisors LLC raised its position in shares of Citigroup by 3.1% during the 1st quarter. Cora Capital Advisors LLC now owns 2,609 shares of the company’s stock worth $296,000 after purchasing an additional 78 shares during the last quarter. Verus Capital Partners LLC boosted its holdings in Citigroup by 3.1% in the 4th quarter. Verus Capital Partners LLC now owns 2,748 shares of the company’s stock worth $321,000 after buying an additional 82 shares during the last quarter. Elmwood Wealth Management Inc. boosted its holdings in Citigroup by 1.3% in the 4th quarter. Elmwood Wealth Management Inc. now owns 6,845 shares of the company’s stock worth $799,000 after buying an additional 85 shares during the last quarter. Park Place Capital Corp increased its stake in Citigroup by 16.7% during the 4th quarter. Park Place Capital Corp now owns 595 shares of the company’s stock worth $69,000 after buying an additional 85 shares in the last quarter. Finally, D.B. Root & Company LLC increased its stake in Citigroup by 2.8% during the 4th quarter. D.B. Root & Company LLC now owns 3,191 shares of the company’s stock worth $372,000 after buying an additional 87 shares in the last quarter. 71.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the sale, the director owned 12,194 shares in the company, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction dated 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 transaction, the insider directly owned 182,022 shares in the company, valued at approximately $23,919,511.02. The trade was a 12.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.11% of the company’s stock.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Bank of America and UBS both raised their price targets on Citigroup, and JPMorgan also lifted its target while keeping an overweight view, reinforcing bullish expectations ahead of earnings.
• Positive Sentiment: Wall Street is expecting strong second-quarter results from big banks, with analysts citing better trading and investment-banking revenue and potential earnings upside for Citigroup.
• Positive Sentiment: Citigroup expanded its precious-metals franchise by becoming a clearing member of London Precious Metals Clearing Limited, which broadens its gold, silver, platinum, and palladium settlement services.
• Positive Sentiment: Citi was also named depositary bank for Vicore Pharma’s ADR program, adding another piece of issuer-services business that supports fee generation.
• Neutral Sentiment: The bank is set to report quarterly earnings next week, and investors are positioning around whether Citigroup can deliver an earnings beat and confirm the recent positive analyst revisions. Article Title
• Negative Sentiment: A podcast-style consumer complaint about an elderly widow’s credit-card debt mentioned Citi cards and could add a small reputational overhang, though it is unlikely to move the stock much on its own. Article Title

Citigroup Price Performance

Shares of C opened at $140.75 on Wednesday. The firm has a 50-day simple moving average of $133.05 and a two-hundred day simple moving average of $122.37. The stock has a market cap of $240.05 billion, a PE ratio of 17.44, a P/E/G ratio of 0.62 and a beta of 1.11. Citigroup Inc. has a 1-year low of $85.48 and a 1-year high of $147.96. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99.

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

Citigroup announced that its Board of Directors has approved a share buyback plan on Thursday, May 7th that permits the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization permits the company to repurchase up to 13.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on C shares. The Goldman Sachs Group raised their target price on Citigroup from $137.00 to $151.00 and gave the company a “buy” rating in a research report on Wednesday, April 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Citigroup in a research report on Monday, April 20th. JPMorgan Chase & Co. raised their price objective on Citigroup from $135.50 to $149.00 and gave the company an “overweight” rating in a report on Monday. Piper Sandler reiterated an “overweight” rating and issued a $145.00 target price (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $139.00 price target on shares of Citigroup in a research note on Wednesday, April 15th. One 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $145.00.

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.