44 Wealth Management LLC Reduces Stock Position in Citigroup Inc. $C

44 Wealth Management LLC lessened its stake in Citigroup Inc. (NYSE:C) by 13.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 28,158 shares of the company’s stock after selling 4,543 shares during the period. Citigroup makes up about 1.1% of 44 Wealth Management LLC’s investment portfolio, making the stock its 19th biggest position. 44 Wealth Management LLC’s holdings in Citigroup were worth $3,193,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Citigroup by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after buying an additional 4,938,923 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Citigroup by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 43,252,372 shares of the company’s stock worth $5,036,712,000 after acquiring an additional 189,548 shares during the period. Franklin Resources Inc. raised its holdings in shares of 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 acquiring an additional 1,326,224 shares during the period. Fisher Asset Management LLC boosted its position in shares of Citigroup by 2.6% during 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 acquiring an additional 846,772 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Citigroup during the 4th quarter valued at about $2,800,944,000. Institutional investors and hedge funds own 71.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on C shares. Evercore set a $143.00 price objective on shares of Citigroup in a research report on Monday, July 6th. Wall Street Zen upgraded shares of Citigroup from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Morgan Stanley boosted their target price on shares of Citigroup from $154.00 to $164.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Royal Bank Of Canada reissued an “outperform” rating and issued a $150.00 price target on shares of Citigroup in a research note on Wednesday, July 15th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Citigroup currently has a consensus rating of “Moderate Buy” and a consensus price target of $145.67.

Citigroup Stock Up 0.1%

Shares of NYSE C opened at $131.95 on Friday. 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 business’s 50 day moving average is $135.01 and its two-hundred day moving average is $123.82. Citigroup Inc. has a 52-week low of $87.94 and a 52-week high of $147.96. The firm has a market cap of $225.06 billion, a price-to-earnings ratio of 14.25, a PEG ratio of 0.60 and a beta of 1.11.

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

Citigroup Increases Dividend

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

Citigroup announced that its board has authorized a stock repurchase program on Thursday, May 7th that allows the company to buyback $30.00 billion in shares. This buyback authorization allows the company to reacquire up to 13.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the 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 sale, the director owned 12,194 shares of the company’s stock, valued at $1,527,908.20. This trade represents a 14.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.11% of the company’s stock.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
• Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
• Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?

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.