Bessemer Group Inc. Has $322.10 Million Stake in Citigroup Inc. $C

Bessemer Group Inc. trimmed its holdings in shares of Citigroup Inc. (NYSE:C) by 5.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,760,271 shares of the company’s stock after selling 144,524 shares during the period. Bessemer Group Inc.’s holdings in Citigroup were worth $322,096,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Citigroup by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company’s stock valued at $19,048,467,000 after purchasing an additional 4,938,923 shares in the last quarter. Capital World Investors boosted its position in Citigroup by 6.5% in the 3rd quarter. Capital World Investors now owns 47,262,626 shares of the company’s stock valued at $4,797,292,000 after buying an additional 2,871,074 shares during the last quarter. Fisher Asset Management LLC boosted its position in Citigroup by 2.7% in the 3rd quarter. Fisher Asset Management LLC now owns 33,040,513 shares of the company’s stock valued at $3,353,612,000 after buying an additional 879,056 shares during the last quarter. Franklin Resources Inc. boosted its position in Citigroup by 1.8% in the 3rd quarter. Franklin Resources Inc. now owns 32,870,559 shares of the company’s stock valued at $3,336,362,000 after buying an additional 580,027 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Citigroup by 17.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 28,125,995 shares of the company’s stock valued at $2,854,788,000 after buying an additional 4,211,099 shares during the last quarter. 71.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on C shares. Jefferies Financial Group started coverage on Citigroup in a research report on Thursday, March 26th. They issued a “buy” rating and a $135.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on Citigroup from $131.00 to $135.50 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Citigroup in a research report on Monday, April 20th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $139.00 price objective on shares of Citigroup in a research report on Wednesday, April 15th. Finally, Piper Sandler reiterated 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 assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $137.62.

Insider Buying and Selling at Citigroup

In other news, insider Edward Skyler sold 25,000 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Cunningham Dugan sold 2,117 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the transaction, the director owned 12,194 shares in the company, valued at $1,527,908.20. This represents a 14.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.11% of the stock is owned by company insiders.

Citigroup Stock Up 0.5%

NYSE:C opened at $124.77 on Friday. Citigroup Inc. has a 12-month low of $71.65 and a 12-month high of $135.29. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $212.81 billion, a P/E ratio of 15.46, a P/E/G ratio of 0.56 and a beta of 1.14. The stock’s fifty day simple moving average is $119.26 and its 200-day simple moving average is $113.97.

Citigroup (NYSE:C) last posted its quarterly earnings results on Tuesday, April 14th. The company reported $3.06 earnings per share (EPS) 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 business had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. During the same period last year, the company earned $1.96 EPS. The firm’s revenue was up 14.1% on a year-over-year basis. Equities research analysts expect that Citigroup Inc. will post 10.65 earnings per share for the current year.

Citigroup Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Monday, May 4th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Monday, May 4th. Citigroup’s dividend payout ratio (DPR) is currently 29.74%.

Citigroup declared that its board has initiated a stock buyback program on Thursday, May 7th that authorizes the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 13.7% of its stock through open market purchases. Stock repurchase programs are generally 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: Citigroup is getting credit for its strong earnings beat, with the bank reporting better-than-expected profit and revenue last quarter, which supports the view that operating momentum remains solid.
• Positive Sentiment: The company recently unveiled a $30 billion share buyback authorization, signaling management confidence and a larger return of capital to shareholders, which investors typically view favorably.
• Positive Sentiment: News that Citi plans to increase headcount by about 10% in its Asia-Pacific prime brokerage unit suggests continued expansion in a high-value business line and reinforces the growth narrative. Citigroup to boost Asia prime brokerage staff by 10% this year
• Positive Sentiment: Reports that Citigroup is weighing a broader Asia expansion and a bigger role in U.S.-China business show management is still focused on long-term international growth opportunities. Citigroup Weighs Asia Expansion And US China Role For Future Growth
• Neutral Sentiment: Analyst commentary and follow-up articles are mostly reflecting on Citi’s strong post-earnings run and whether the stock can sustain it, but they do not appear to be new fundamental catalysts. Citigroup (C) Down 5.8% Since Last Earnings Report: Can It Rebound?
• Neutral Sentiment: A Citigroup director sold a modest number of shares, which may mildly pressure sentiment, but the transaction was relatively small and does not materially change the investment thesis. SEC Director Sale Filing

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.