Allen Investment Management LLC Invests $971,000 in Citigroup Inc. (NYSE:C)
Allen Investment Management LLC purchased a new stake in shares of Citigroup Inc. (NYSE:C) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 16,235 shares of the financial services provider’s stock, valued at approximately $971,000.
A number of other institutional investors have also recently modified their holdings of C. Advisory Services Network LLC bought a new stake in Citigroup during the first quarter valued at $877,000. Advisor Partners LLC raised its stake in Citigroup by 10.6% in the first quarter. Advisor Partners LLC now owns 48,936 shares of the financial services provider’s stock valued at $2,927,000 after buying an additional 4,685 shares in the last quarter. Capital Advisors Inc. OK raised its stake in Citigroup by 2.1% in the first quarter. Capital Advisors Inc. OK now owns 393,431 shares of the financial services provider’s stock valued at $23,535,000 after buying an additional 8,070 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in Citigroup by 7.5% in the first quarter. Diamond Hill Capital Management Inc. now owns 9,680,474 shares of the financial services provider’s stock valued at $579,086,000 after buying an additional 672,933 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. raised its stake in Citigroup by 6.9% in the first quarter. Honkamp Krueger Financial Services Inc. now owns 4,386 shares of the financial services provider’s stock valued at $262,000 after buying an additional 283 shares in the last quarter. Hedge funds and other institutional investors own 74.89% of the company’s stock.
Citigroup Inc. (NYSE C) traded down 0.88% on Thursday, hitting $67.83. The stock had a trading volume of 3,846,549 shares. Citigroup Inc. has a 1-year low of $44.51 and a 1-year high of $69.86. The firm has a market capitalization of $184.81 billion, a price-to-earnings ratio of 13.58 and a beta of 1.48. The company’s 50 day moving average is $67.03 and its 200-day moving average is $61.79.
Citigroup (NYSE:C) last released its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.07. The business had revenue of $17.90 billion for the quarter, compared to analyst estimates of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. Citigroup’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.24 earnings per share. On average, analysts forecast that Citigroup Inc. will post $5.22 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Monday, August 7th will be issued a $0.32 dividend. This is a positive change from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $1.28 annualized dividend and a yield of 1.87%. Citigroup’s payout ratio is presently 25.55%.
Citigroup declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
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Several equities research analysts have recently weighed in on C shares. Keefe, Bruyette & Woods set a $69.00 price objective on Citigroup and gave the company a “buy” rating in a research note on Thursday, June 8th. Vetr lowered Citigroup from a “strong-buy” rating to a “buy” rating and set a $70.90 price objective on the stock. in a research note on Monday, June 12th. Nomura reiterated a “buy” rating and issued a $69.00 price objective on shares of Citigroup in a research note on Monday, April 17th. BMO Capital Markets reiterated a “buy” rating and issued a $64.00 price objective on shares of Citigroup in a research note on Thursday, June 1st. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $68.00 price objective (up from $64.00) on shares of Citigroup in a research note on Tuesday, June 13th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $68.95.
In related news, insider Jeffrey R. Walsh sold 5,000 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the transaction, the insider now owns 56,394 shares in the company, valued at $3,889,494.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.10% of the stock is owned by insiders.
Citigroup Company Profile
Citigroup Inc (Citi) is a financial services holding company. The Company’s whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management.
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