Handelsbanken Fonder AB Has $95.51 Million Stake in Citigroup Inc. $C

Handelsbanken Fonder AB trimmed its stake in Citigroup Inc. (NYSE:C) by 2.7% during the second quarter, Holdings Channel reports. The fund owned 682,416 shares of the company’s stock after selling 18,934 shares during the quarter. Handelsbanken Fonder AB’s holdings in Citigroup were worth $95,511,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Mcguire Capital Advisors Inc. acquired a new position in Citigroup during the fourth quarter valued at approximately $25,000. Whipplewood Advisors LLC acquired a new stake in shares of Citigroup in the first quarter worth $25,000. Richards Merrill & Peterson Inc. bought a new stake in shares of Citigroup during the 4th quarter worth $28,000. TD Capital Management LLC bought a new position in Citigroup in the 4th quarter worth $28,000. Finally, IMG Wealth Management Inc. raised its holdings in Citigroup by 197.6% in the 1st quarter. IMG Wealth Management Inc. now owns 244 shares of the company’s stock worth $28,000 after acquiring an additional 162 shares during the period. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup appointed Jean-Baptiste Charlet, previously Morgan Stanley’s head of France, to lead its French operations. The hire may strengthen Citi’s investment-banking and commercial-banking presence in a key European market, although the near-term financial impact is likely limited. Citigroup poaches Charlet from Morgan Stanley to head French arm
• Neutral Sentiment: Citigroup-related entities exited substantial-holder status in Vulcan Energy Resources. This appears to be a portfolio or ownership disclosure rather than a change to Citi’s core operations, and it is unlikely to have a meaningful effect on C shares. Citigroup Group Entities Exit Substantial Holder Status in Vulcan Energy Resources
• Neutral Sentiment: A Citigroup analyst lowered the price target on Micron Technology while retaining a Buy rating, citing slowing memory-price growth and Chinese capacity risks. The report affects Micron directly, but has no immediate earnings implication for Citigroup beyond its role as the research provider. Micron’s Memory Boom Is Heading For A Peak, Analyst Warns

Citigroup Stock Up 0.1%

C opened at $135.15 on Tuesday. The company has a market capitalization of $230.51 billion, a P/E ratio of 14.60, a P/E/G ratio of 0.61 and a beta of 1.12. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.99 and a quick ratio of 0.99. The firm’s fifty day moving average price is $136.93 and its two-hundred day moving average price is $125.03. Citigroup Inc. has a fifty-two week low of $90.68 and a fifty-two week high of $147.96.

Citigroup (NYSE:C) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $3.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.74 by $0.41. The company had revenue of $24.77 billion during the quarter, compared to analysts’ expectations of $23.74 billion. Citigroup had a net margin of 10.23% and a return on equity of 10.15%. The business’s revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.96 EPS. On average, analysts anticipate that Citigroup Inc. will post 11.2 EPS for the current year.

Citigroup announced that its board has authorized a stock buyback program 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 programs are typically an indication that the company’s management believes its stock is undervalued.

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 represents a $2.68 annualized dividend and a dividend yield of 2.0%. This is an increase from Citigroup’s previous quarterly dividend of $0.60. Citigroup’s dividend payout ratio is currently 28.94%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Bank of America upped their price target on shares of Citigroup from $170.00 to $176.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Barclays lifted their price objective on Citigroup from $146.00 to $154.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. Wall Street Zen cut Citigroup from a “buy” rating to a “hold” rating in a research report on Saturday. Wells Fargo & Company upped their target price on shares of Citigroup from $162.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, June 18th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Citigroup from $140.00 to $153.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $145.22.

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.