Citigroup Inc. (C) Stake Cut by Mackenzie Financial Corp
Mackenzie Financial Corp lowered its position in Citigroup Inc. (NYSE:C) by 4.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,115,809 shares of the financial services provider’s stock after selling 225,555 shares during the period. Citigroup makes up approximately 1.8% of Mackenzie Financial Corp’s holdings, making the stock its 9th largest position. Mackenzie Financial Corp owned about 0.19% of Citigroup worth $306,028,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Arrow Financial Corp increased its stake in Citigroup by 4.7% in the first quarter. Arrow Financial Corp now owns 1,896 shares of the financial services provider’s stock worth $113,000 after buying an additional 85 shares during the last quarter. Advantage Investment Management LLC increased its stake in Citigroup by 109.3% in the first quarter. Advantage Investment Management LLC now owns 1,965 shares of the financial services provider’s stock worth $118,000 after buying an additional 1,026 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new stake in Citigroup during the first quarter worth approximately $123,000. Parkside Financial Bank & Trust increased its stake in Citigroup by 15.0% in the first quarter. Parkside Financial Bank & Trust now owns 2,121 shares of the financial services provider’s stock worth $127,000 after buying an additional 277 shares during the last quarter. Finally, Ruggie Capital Group purchased a new stake in Citigroup during the first quarter worth approximately $137,000. 75.39% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Citigroup Inc. (C) traded down 0.243% on Monday, reaching $67.685. The company had a trading volume of 2,874,703 shares. Citigroup Inc. has a 52-week low of $45.16 and a 52-week high of $69.86. The company has a 50-day moving average price of $67.51 and a 200-day moving average price of $62.64. The firm has a market capitalization of $184.41 billion, a PE ratio of 13.551 and a beta of 1.48.
Citigroup (NYSE:C) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.21 by $0.07. The firm had revenue of $17.90 billion for the quarter, compared to analysts’ expectations of $17.38 billion. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business’s revenue was up 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.24 EPS. Equities research analysts forecast that Citigroup Inc. will post $5.22 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Monday, August 7th were issued 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 yield of 1.89%. The ex-dividend date was Thursday, August 3rd. Citigroup’s dividend payout ratio is currently 25.55%.
Citigroup declared that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $15.60 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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C has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Citigroup from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. Vetr upgraded Citigroup from a “buy” rating to a “strong-buy” rating and set a $76.34 price objective on the stock in a research report on Thursday, August 3rd. Jefferies Group LLC restated a “hold” rating and issued a $68.00 price objective on shares of Citigroup in a research report on Monday, May 15th. BMO Capital Markets restated a “buy” rating and issued a $64.00 price objective on shares of Citigroup in a research report on Thursday, June 1st. Finally, Buckingham Research restated a “buy” rating and issued a $81.00 price objective (up from $70.00) on shares of Citigroup in a research report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $69.08.
In other Citigroup news, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $67.55, for a total value of $2,702,000.00. Following the transaction, the chief executive officer now directly owns 77,570 shares of the company’s stock, valued at approximately $5,239,853.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Jeffrey R. Walsh sold 5,000 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total transaction of $344,850.00. Following the completion of the transaction, the insider now directly owns 56,394 shares in the company, valued at $3,889,494.18. The disclosure for this sale can be found here. 0.10% of the stock is owned by corporate insiders.
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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