Bank of New York Mellon Corp Has $2.75 Billion Position in Citigroup Inc. $C

Bank of New York Mellon Corp cut its position in shares of Citigroup Inc. (NYSE:C) by 16.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,552,000 shares of the company’s stock after selling 4,573,995 shares during the quarter. Citigroup accounts for 0.5% of Bank of New York Mellon Corp’s portfolio, making the stock its 28th biggest holding. Bank of New York Mellon Corp’s holdings in Citigroup were worth $2,748,283,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in Citigroup by 166.9% during the fourth quarter. Brighton Jones LLC now owns 19,990 shares of the company’s stock worth $1,407,000 after purchasing an additional 12,499 shares during the period. Sivia Capital Partners LLC raised its stake in shares of Citigroup by 20.5% in the second quarter. Sivia Capital Partners LLC now owns 9,805 shares of the company’s stock valued at $835,000 after acquiring an additional 1,669 shares during the last quarter. United Bank bought a new position in shares of Citigroup in the second quarter valued at approximately $972,000. Osterweis Capital Management Inc. raised its stake in shares of Citigroup by 3,016.7% in the second quarter. Osterweis Capital Management Inc. now owns 935 shares of the company’s stock valued at $80,000 after acquiring an additional 905 shares during the last quarter. Finally, HUB Investment Partners LLC raised its stake in shares of Citigroup by 26.9% in the second quarter. HUB Investment Partners LLC now owns 15,287 shares of the company’s stock valued at $1,301,000 after acquiring an additional 3,238 shares during the last quarter. 71.72% of the stock is currently owned by institutional investors.

Citigroup Stock Up 1.7%

NYSE:C opened at $131.32 on Wednesday. The stock’s fifty day moving average price is $123.27 and its two-hundred day moving average price is $115.99. Citigroup Inc. has a 52-week low of $75.44 and a 52-week high of $135.29. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $223.97 billion, a price-to-earnings ratio of 16.27, a P/E/G ratio of 0.58 and a beta of 1.12.

Citigroup (NYSE:C) last issued its earnings results on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, beating the consensus estimate of $2.63 by $0.43. The company had revenue of $24.63 billion during the quarter, compared to analysts’ expectations of $22.96 billion. Citigroup had a net margin of 9.35% and a return on equity of 9.19%. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.96 EPS. On average, analysts anticipate that Citigroup Inc. will post 10.68 EPS for the current year.

Citigroup announced that its board has approved a share buyback plan 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 plans are generally an indication that the company’s leadership believes its shares are undervalued.

Citigroup Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were given a dividend of $0.60 per share. The ex-dividend date was Monday, May 4th. This represents a $2.40 annualized dividend and a dividend yield of 1.8%. Citigroup’s payout ratio is presently 29.74%.

Insider Buying and Selling at Citigroup

In other Citigroup news, 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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $3,285,250.00. Following the sale, the insider owned 182,022 shares of the company’s stock, valued at $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.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is getting a lift from a Zacks note that said the stock outperformed the broader market, reinforcing momentum after recent gains and keeping the market focused on the bank’s relatively strong share-price trend. Article Title
• Positive Sentiment: Investor sentiment also appears supported by Citigroup’s bullish long-term tokenization outlook, with the bank projecting the tokenized securities market could reach $5.5 trillion by 2030, highlighting a potential growth area for Citi’s markets and digital-asset-related franchises. Article Title
• Positive Sentiment: Separate commentary from Jim Cramer calling Citigroup “fantastic” may be adding to the bullish tone around the stock, especially as analysts have generally remained constructive on the name. Article Title
• Neutral Sentiment: Citi strategists warning that crowded positioning in U.S. tech stocks could spark a reversal is a broader market call and does not directly change Citigroup’s fundamentals, but it may influence overall risk appetite. Article Title

Analysts Set New Price Targets

A number of research analysts have recently issued reports on C shares. Zacks Research cut shares of Citigroup from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 20th. Wells Fargo & Company upped their target price on shares of Citigroup from $160.00 to $162.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods upped their target price on shares of Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Oppenheimer reiterated an “outperform” rating and set a $145.00 target price on shares of Citigroup in a research report on Friday, May 8th. Finally, Piper Sandler restated an “overweight” rating and issued a $145.00 price objective (up from $125.00) on shares of Citigroup in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $137.62.

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.