Flatrock Wealth Partners LLC Takes $514,000 Position in Citigroup Inc. $C

Flatrock Wealth Partners LLC bought a new position in Citigroup Inc. (NYSE:C) during the 1st quarter, Holdings Channel reports. The fund bought 4,535 shares of the company’s stock, valued at approximately $514,000.

A number of other hedge funds also recently bought and sold shares of C. Mcguire Capital Advisors Inc. bought a new stake in shares of Citigroup in the 4th quarter worth approximately $25,000. Richards Merrill & Peterson Inc. purchased a new stake in Citigroup in the fourth quarter worth $28,000. TD Capital Management LLC bought a new stake in Citigroup in the fourth quarter valued at $28,000. Luken Investment Analytics LLC bought a new stake in Citigroup in the fourth quarter valued at $32,000. Finally, High Note Wealth LLC increased its position in Citigroup by 107.7% during the 4th quarter. High Note Wealth LLC now owns 270 shares of the company’s stock valued at $32,000 after purchasing an additional 140 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on C shares. Barclays raised their target price on shares of Citigroup from $146.00 to $154.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Bank of America boosted their price target on shares of Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a research report on Tuesday. Royal Bank Of Canada restated an “outperform” rating and issued a $139.00 price objective on shares of Citigroup in a report on Wednesday, April 15th. Truist Financial upped their target price on Citigroup from $147.00 to $158.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Finally, Wall Street Zen raised Citigroup from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $145.00.

Citigroup Price Performance

Shares of NYSE C opened at $140.75 on Wednesday. The company has a 50 day simple moving average of $133.05 and a two-hundred day simple moving average of $122.37. Citigroup Inc. has a fifty-two week low of $85.48 and a fifty-two week high of $147.96. The company has a market capitalization of $240.05 billion, a price-to-earnings ratio of 17.44, a P/E/G ratio of 0.62 and a beta of 1.11. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99.

Citigroup (NYSE:C) last posted its quarterly 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 return on equity of 9.19% and a net margin of 9.35%.The company had revenue of $24.63 billion for the quarter, compared to the consensus estimate of $22.96 billion. During the same quarter in the prior year, the business posted $1.96 EPS. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. Analysts expect that Citigroup Inc. will post 10.83 EPS for the current fiscal year.

Citigroup announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 7th that permits the company to buyback $30.00 billion in shares. This buyback authorization permits the company to reacquire up to 13.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Bank of America and UBS both raised their price targets on Citigroup, and JPMorgan also lifted its target while keeping an overweight view, reinforcing bullish expectations ahead of earnings.
• Positive Sentiment: Wall Street is expecting strong second-quarter results from big banks, with analysts citing better trading and investment-banking revenue and potential earnings upside for Citigroup.
• Positive Sentiment: Citigroup expanded its precious-metals franchise by becoming a clearing member of London Precious Metals Clearing Limited, which broadens its gold, silver, platinum, and palladium settlement services.
• Positive Sentiment: Citi was also named depositary bank for Vicore Pharma’s ADR program, adding another piece of issuer-services business that supports fee generation.
• Neutral Sentiment: The bank is set to report quarterly earnings next week, and investors are positioning around whether Citigroup can deliver an earnings beat and confirm the recent positive analyst revisions. Article Title
• Negative Sentiment: A podcast-style consumer complaint about an elderly widow’s credit-card debt mentioned Citi cards and could add a small reputational overhang, though it is unlikely to move the stock much on its own. Article Title

Insider Buying and Selling at Citigroup

In related news, Director John Cunningham Dugan sold 2,117 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the transaction, the director owned 12,194 shares in the company, valued at $1,527,908.20. The trade was a 14.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the stock in a transaction dated 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 directly owned 182,022 shares in the company, valued at $23,919,511.02. This trade represents a 12.08% 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.

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.