Citigroup Inc. $C Position Boosted by AMF Tjanstepension AB

AMF Tjanstepension AB boosted its holdings in Citigroup Inc. (NYSE:C) by 1.4% during the 1st quarter, Holdings Channel reports. The fund owned 1,099,751 shares of the company’s stock after acquiring an additional 14,792 shares during the quarter. AMF Tjanstepension AB’s holdings in Citigroup were worth $124,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in C. Vanguard Group Inc. grew its stake in shares of Citigroup by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock worth $19,048,467,000 after purchasing an additional 4,938,923 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Citigroup by 0.4% during the fourth 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. grew its position in Citigroup by 4.0% in the 4th quarter. Franklin Resources Inc. now owns 34,196,783 shares of the company’s stock valued at $3,990,422,000 after buying an additional 1,326,224 shares in the last quarter. Fisher Asset Management LLC grew its position in Citigroup by 2.6% in the 4th quarter. Fisher Asset Management LLC now owns 33,887,285 shares of the company’s stock valued at $3,954,307,000 after buying an additional 846,772 shares in the last quarter. Finally, Norges Bank acquired a new position in Citigroup during the 4th quarter valued at about $2,800,944,000. Institutional investors own 71.72% of the company’s stock.

Insider Activity at Citigroup

In other Citigroup news, insider Edward Skyler sold 25,000 shares of Citigroup stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the sale, the director directly owned 12,194 shares in the company, valued at approximately $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on C. Jefferies Financial Group initiated coverage on shares of Citigroup in a research report on Thursday, March 26th. They set a “buy” rating and a $135.00 price target on the stock. Oppenheimer lowered shares of Citigroup from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. UBS Group boosted their target price on Citigroup from $134.00 to $150.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Truist Financial upped their target price on Citigroup from $147.00 to $158.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Finally, Morgan Stanley increased their price target on Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Citigroup presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.00.

Citigroup Stock Down 0.1%

C stock opened at $140.67 on Monday. Citigroup Inc. has a 12 month low of $85.61 and a 12 month high of $147.96. The firm has a market cap of $239.92 billion, a PE ratio of 17.43, a P/E/G ratio of 0.66 and a beta of 1.11. The firm has a 50 day simple moving average of $133.71 and a 200 day simple moving average of $122.88. 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 issued 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 business had revenue of $24.63 billion for the quarter, compared to analysts’ expectations of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The company’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.96 EPS. Equities research analysts forecast that Citigroup Inc. will post 10.89 earnings per share for the current fiscal year.

Citigroup announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 7th that allows the company to repurchase $30.00 billion in shares. This repurchase authorization allows the company to purchase up to 13.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi is expected to collect about $70 million in fees from the SK Hynix listing, underscoring strength in its capital markets and advisory franchise. Article Title
• Positive Sentiment: Multiple pieces this week describe Citigroup (C) as one of the stronger large-bank names ahead of earnings, supported by resilient trading activity, investment banking momentum, and loan demand. Article Title
• Positive Sentiment: Analyst commentary and TV mentions have also kept Citi in the spotlight as a favored bank stock, suggesting continued institutional confidence in the name. Article Title
• Positive Sentiment: Earlier coverage said Citi’s Q1 results were the strongest among diversified banks, reinforcing the view that the company is executing well relative to peers. Article Title
• Neutral Sentiment: Citi also announced that SCB is now live with its 24/7 USD Clearing and Citi Token Services, a constructive step in digital payments infrastructure, but not a near-term earnings driver. Article Title

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.