Pzena Investment Management LLC Sells 1,916,869 Shares of Citigroup Inc. $C

Pzena Investment Management LLC cut its holdings in shares of Citigroup Inc. (NYSE:C) by 15.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 10,615,134 shares of the company’s stock after selling 1,916,869 shares during the period. Citigroup accounts for about 3.7% of Pzena Investment Management LLC’s holdings, making the stock its 6th largest holding. Pzena Investment Management LLC’s holdings in Citigroup were worth $1,238,680,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Richards Merrill & Peterson Inc. acquired a new position in Citigroup during the fourth quarter worth about $28,000. Dunhill Financial LLC boosted its position in Citigroup by 92.2% during the third quarter. Dunhill Financial LLC now owns 319 shares of the company’s stock worth $32,000 after acquiring an additional 153 shares during the last quarter. Luken Investment Analytics LLC acquired a new position in Citigroup during the fourth quarter worth about $32,000. High Note Wealth LLC boosted 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 acquiring an additional 140 shares during the last quarter. Finally, Guerra Advisors Inc acquired a new position in Citigroup during the third quarter worth about $33,000. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Citigroup

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

Analyst Ratings Changes

A number of brokerages have commented on C. Keefe, Bruyette & Woods lifted their target price on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Evercore set a $139.00 target price on shares of Citigroup in a research note on Wednesday, April 15th. Wells Fargo & Company lifted their target price on shares of Citigroup from $160.00 to $162.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 29th. The Goldman Sachs Group lifted their target price on shares of Citigroup from $137.00 to $151.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Citigroup from $131.00 to $135.50 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $137.62.

Citigroup Price Performance

Shares of C opened at $125.19 on Friday. Citigroup Inc. has a fifty-two week low of $71.65 and a fifty-two week high of $135.29. The firm’s 50 day moving average price is $120.72 and its 200 day moving average price is $114.77. The company has a market cap of $213.51 billion, a P/E ratio of 15.51, a PEG ratio of 0.56 and a beta of 1.14. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59.

Citigroup (NYSE:C) last announced its earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.43. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The firm had revenue of $24.63 billion for the quarter, compared to the consensus estimate of $22.96 billion. During the same period in the prior year, the firm earned $1.96 EPS. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. On average, research analysts forecast that Citigroup Inc. will post 10.65 earnings per share for the current fiscal year.

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

Citigroup Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 4th will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.9%. Citigroup’s dividend payout ratio is currently 29.74%.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup shareholders approved an expanded stock incentive plan at the company’s May 20 annual meeting, which should give management more flexibility to retain and motivate employees through equity compensation. Citigroup Shareholders Approve Expanded Stock Incentive Plan
• Positive Sentiment: Several commentary pieces highlighted Citigroup as undervalued or attractive for income-focused investors, reinforcing the view that the stock still has room to rerate after recent earnings improvement. 5 Most Undervalued US Stocks According to Hedge Funds Why Citigroup (C) is a Top Dividend Stock for Your Portfolio
• Neutral Sentiment: Citigroup also remained active in market commentary on India IPOs and currency controls, but these reports are more about its broader banking views than a direct business update for the company. Citi sees India IPOs hitting fresh records despite challenges Citi Sees India IPOs Hitting Fresh Records Despite Challenges
• Neutral Sentiment: There was also a report that Trump backed away from requiring banks to collect citizenship information, which slightly reduces regulatory overhang but does not materially change Citigroup’s near-term fundamentals. Trump backs down from idea of banks collecting citizenship information
• Negative Sentiment: On the other hand, Citi faced fresh governance scrutiny after a separate report said more shareholders voted against the bank’s say-on-pay proposal, signaling some dissatisfaction with executive compensation practices. More Citi shareholders vote ‘no’ on say-on-pay

Citigroup Company Profile

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.