Citigroup Inc. (C) Shares Sold by State Street Corp
State Street Corp decreased its stake in shares of Citigroup Inc. (NYSE:C) by 4.6% during the first quarter, Holdings Channel reports. The institutional investor owned 127,729,181 shares of the financial services provider’s stock after selling 6,212,367 shares during the period. Citigroup accounts for 0.7% of State Street Corp’s holdings, making the stock its 26th largest position. State Street Corp’s holdings in Citigroup were worth $7,640,759,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Advisory Services Network LLC bought a new position in shares of Citigroup during the first quarter worth approximately $877,000. Advisor Partners LLC boosted its position in shares of Citigroup by 10.6% in the first quarter. Advisor Partners LLC now owns 48,936 shares of the financial services provider’s stock worth $2,927,000 after buying an additional 4,685 shares during the period. Capital Advisors Inc. OK boosted its position in shares of Citigroup by 2.1% in the first quarter. Capital Advisors Inc. OK now owns 393,431 shares of the financial services provider’s stock worth $23,535,000 after buying an additional 8,070 shares during the period. Diamond Hill Capital Management Inc. boosted its position in shares of 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 worth $579,086,000 after buying an additional 672,933 shares during the period. Finally, Honkamp Krueger Financial Services Inc. boosted its position in shares of 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 worth $262,000 after buying an additional 283 shares during the period. Institutional investors and hedge funds own 74.89% of the company’s stock.
Citigroup Inc. (NYSE:C) traded down 0.62% on Friday, hitting $66.80. The stock had a trading volume of 15,172,831 shares. The firm’s 50-day moving average is $67.22 and its 200-day moving average is $61.90. Citigroup Inc. has a 52-week low of $45.16 and a 52-week high of $69.86. The company has a market cap of $182.00 billion, a P/E ratio of 13.37 and a beta of 1.48.
Citigroup (NYSE:C) last announced its quarterly earnings data 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 analysts’ expectations of $17.38 billion. Citigroup had a return on equity of 7.32% and a net margin of 18.11%. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period last year, the firm earned $1.24 earnings per share. Equities research analysts anticipate that Citigroup Inc. will post $5.22 earnings per share for the current fiscal year.
Citigroup announced that its board has authorized a share buyback plan on Wednesday, June 28th that allows the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Monday, August 7th will be paid a $0.32 dividend. This is a boost from Citigroup’s previous quarterly dividend of $0.16. This represents a $1.28 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Thursday, August 3rd. Citigroup’s dividend payout ratio (DPR) is presently 25.55%.
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A number of brokerages have recently commented on C. HSBC Holdings plc set a $74.00 target price on Citigroup and gave the stock a “hold” rating in a report on Friday. Wells Fargo & Company began coverage on Citigroup in a report on Wednesday. They issued an “outperform” rating and a $90.00 target price for the company. Vetr upgraded Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 target price for the company in a report on Thursday, August 3rd. J P Morgan Chase & Co set a $73.50 target price on Citigroup and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Finally, BMO Capital Markets cut Citigroup from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $67.43 to $65.00 in a report on Monday, July 31st. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Citigroup presently has an average rating of “Buy” and a consensus price target of $69.08.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $68.97, for a total value of $344,850.00. Following the sale, the insider now directly owns 56,394 shares in the company, valued at $3,889,494.18. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.10% of the stock is currently owned by company 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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