Gamco Investors INC. ET AL Sells 4,344 Shares of Citigroup Inc. $C

Gamco Investors INC. ET AL cut its stake in Citigroup Inc. (NYSE:C) by 7.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,590 shares of the company’s stock after selling 4,344 shares during the period. Gamco Investors INC. ET AL’s holdings in Citigroup were worth $7,221,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of C. Madison Wealth Partners Inc boosted its position in shares of Citigroup by 21.4% during the 2nd quarter. Madison Wealth Partners Inc now owns 3,967 shares of the company’s stock valued at $555,000 after acquiring an additional 700 shares in the last quarter. Emerald Investment Advisers LLC raised its position in Citigroup by 8.1% in the second quarter. Emerald Investment Advisers LLC now owns 60,450 shares of the company’s stock worth $8,461,000 after purchasing an additional 4,540 shares in the last quarter. EP Wealth Advisors LLC raised its position in Citigroup by 19.4% in the second quarter. EP Wealth Advisors LLC now owns 67,481 shares of the company’s stock worth $9,445,000 after purchasing an additional 10,946 shares in the last quarter. Heron Bay Capital Management bought a new position in Citigroup during the second quarter worth about $289,000. Finally, Manhattan West Asset Management LLC boosted its holdings in Citigroup by 4.1% during the second quarter. Manhattan West Asset Management LLC now owns 63,829 shares of the company’s stock valued at $8,934,000 after purchasing an additional 2,508 shares in the last quarter. 71.72% of the stock is currently owned by institutional investors and hedge funds.

Citigroup Stock Performance

Shares of NYSE:C opened at $131.46 on Friday. The business has a fifty day moving average of $137.20 and a 200-day moving average of $126.29. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a twelve month low of $92.84 and a twelve month high of $147.96. The firm has a market cap of $224.22 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 0.59 and a beta of 1.12.

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

Citigroup Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be paid a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from Citigroup’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, August 3rd. Citigroup’s payout ratio is presently 28.94%.

Citigroup announced that its board has approved a share repurchase plan on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in shares. This repurchase authorization authorizes the company to buy up to 13.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on C. Zacks Research upgraded Citigroup from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. UBS Group cut their price objective on Citigroup from $150.00 to $142.00 and set a “neutral” rating for the company in a report on Monday, August 3rd. Royal Bank Of Canada restated an “outperform” rating and issued a $150.00 target price on shares of Citigroup in a research note on Wednesday, July 15th. Oppenheimer lowered shares of Citigroup from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Citigroup in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $145.22.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Anthropic IPO role could boost fee revenue and deal visibility. Citigroup is reportedly being added to the group of leading banks guiding Anthropic toward a potential initial public offering. A role on a large, prominent AI-company listing could generate underwriting fees and strengthen Citi’s capital-markets franchise. Anthropic adds Citigroup to top banks guiding its IPO
• Positive Sentiment: Citigroup received strong growth-oriented stock-market recognition. A recent ranking identified Citigroup and Goldman Sachs among financial giants receiving “buy” growth grades, reinforcing the view that Citi’s earnings and business outlook compare favorably with peers. Citigroup and Goldman Sachs lead as most financial giants earn buy growth grades
• Neutral Sentiment: Citi remains constructive on broader equity markets. The bank maintained an overweight view on equities and said it would use any weakness before the U.S. midterm elections to add exposure. This may support confidence in Citi’s research and client-facing businesses, although it does not directly change the company’s earnings outlook. S&P 500 may pull back before midterms, but Citi says buy the dip
• Negative Sentiment: Credit-quality concerns remain a risk. Citigroup’s July card delinquencies edged higher, although lower charge-offs provided some offsetting relief. Investors may continue monitoring consumer credit trends for signs of pressure on asset quality and loan-loss provisions. C’s July Card Delinquencies Tick Up

Citigroup 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.