386,495 Citigroup Inc. $C Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC reduced its position in Citigroup Inc. (NYSE:C) by 7.0% in the third quarter, Holdings Channel.com reports. The fund owned 5,162,294 shares of the company’s stock after selling 386,495 shares during the quarter. Citigroup makes up about 2.0% of Pzena Investment Management LLC’s holdings, making the stock its 22nd biggest holding. Pzena Investment Management LLC’s holdings in Citigroup were worth $668,414,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of C. Paladin Partners LLC purchased a new position in shares of Citigroup during the 2nd quarter valued at $27,000. Pin Oak Investment Advisors Inc. bought a new position in shares of Citigroup in the second quarter worth $29,000. Balance Wealth Partners LLC purchased a new stake in shares of Citigroup in the third quarter worth $27,000. Whipplewood Advisors LLC purchased a new stake in shares of Citigroup in the first quarter worth $25,000. Finally, Center for Financial Planning Inc. boosted its stake in Citigroup by 78.7% during the third quarter. Center for Financial Planning Inc. now owns 243 shares of the company’s stock valued at $31,000 after buying an additional 107 shares during the period. Institutional investors own 71.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on Citigroup from $147.00 to $148.50 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Wall Street Zen downgraded Citigroup from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. UBS Group set a $148.00 price objective on Citigroup in a report on Wednesday, October 14th. Zacks Research lowered Citigroup from a “strong-buy” rating to a “hold” rating in a report on Monday, September 14th. Finally, HSBC assumed coverage on shares of Citigroup in a research report on Monday, September 28th. They issued a “buy” rating and a $164.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Citigroup presently has an average rating of “Moderate Buy” and a consensus price target of $150.87.

Citigroup News Summary

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: China approved Citi’s wholly owned securities company, which is expected to offer brokerage, underwriting and research services. The move expands Citi’s presence in China’s capital markets and could create longer-term business opportunities. Why Is Citigroup Building A Bigger China Business Through A New Securities Unit?
• Positive Sentiment: A report on Citi’s workforce reductions, restructuring and AI investments said the initiatives target $2 billion to $2.5 billion in annual savings, which could support profitability if the bank delivers on the plan. Will Citigroup’s Cost-Cut Initiatives Boost Long-Term Profitability?
• Negative Sentiment: Media reports described a police response, including SWAT teams, to a reported shooting at Citi’s Tampa campus and urged the public to stay away. The available report did not establish further details or any effect on Citi’s operations. Citi Tampa shooting report

Citigroup Stock Up 1.6%

C opened at $124.72 on Thursday. The business’s fifty day simple moving average is $129.50 and its 200 day simple moving average is $126.57. Citigroup Inc. has a 52 week low of $95.83 and a 52 week high of $147.96. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 1.78. The stock has a market cap of $212.73 billion, a PE ratio of 12.17, a P/E/G ratio of 0.54 and a beta of 1.18.

Citigroup (NYSE:C) last issued its quarterly earnings results on Tuesday, October 13th. The company reported $2.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.66 by $0.19. Citigroup had a return on equity of 10.57% and a net margin of 10.97%. The firm had revenue of $23.84 billion during the quarter, compared to analyst estimates of $23.74 billion. During the same quarter in the previous year, the company posted $1.86 earnings per share. The company’s revenue was up 7.9% compared to the same quarter last year. As a group, research analysts expect that Citigroup Inc. will post 11.44 earnings per share for the current fiscal year.

Citigroup Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Monday, November 2nd will be given a dividend of $0.67 per share. The ex-dividend date is Monday, November 2nd. This represents a $2.68 annualized dividend and a dividend yield of 2.1%. Citigroup’s dividend payout ratio is 26.15%.

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City and operates under the Citi brand. The company provides banking, lending, investment, wealth management and other financial services to individuals, businesses, institutions and governments.

Citi’s consumer offerings include checking and savings accounts, credit cards, mortgages, personal lending and wealth management services. Through its institutional businesses, the company provides investment banking, commercial banking, securities brokerage, markets and trading, cash management, trade finance and custody services.