Citigroup Inc. (C) Stake Increased by Lakewood Capital Management LP
Lakewood Capital Management LP raised its stake in Citigroup Inc. (NYSE:C) by 37.8% during the first quarter, Holdings Channel reports. The firm owned 2,991,500 shares of the financial services provider’s stock after buying an additional 820,000 shares during the period. Citigroup accounts for about 7.4% of Lakewood Capital Management LP’s portfolio, making the stock its 5th largest position. Lakewood Capital Management LP’s holdings in Citigroup were worth $178,952,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Banced Corp increased its position in shares of Citigroup by 5.8% in the first quarter. Banced Corp now owns 9,317 shares of the financial services provider’s stock valued at $557,000 after buying an additional 514 shares during the period. Horan Capital Management increased its position in shares of Citigroup by 3.2% in the first quarter. Horan Capital Management now owns 265,989 shares of the financial services provider’s stock valued at $15,911,000 after buying an additional 8,142 shares during the period. E&G Advisors LP increased its position in shares of Citigroup by 38.1% in the first quarter. E&G Advisors LP now owns 31,180 shares of the financial services provider’s stock valued at $1,865,000 after buying an additional 8,600 shares during the period. Pennsylvania Trust Co increased its position in shares of Citigroup by 3.0% in the first quarter. Pennsylvania Trust Co now owns 11,652 shares of the financial services provider’s stock valued at $697,000 after buying an additional 335 shares during the period. Finally, Kempner Capital Management Inc. increased its position in shares of Citigroup by 12.4% in the first quarter. Kempner Capital Management Inc. now owns 109,676 shares of the financial services provider’s stock valued at $6,561,000 after buying an additional 12,100 shares during the period. Hedge funds and other institutional investors own 74.89% of the company’s stock.
Shares of Citigroup Inc. (C) traded down 0.8620% on Thursday, reaching $67.8401. The company had a trading volume of 3,807,923 shares. The firm has a market capitalization of $184.83 billion, a price-to-earnings ratio of 13.5816 and a beta of 1.48. Citigroup Inc. has a 1-year low of $44.51 and a 1-year high of $69.86. The firm has a 50-day moving average price of $67.03 and a 200 day moving average price of $61.79.
Citigroup (NYSE:C) last posted its 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 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%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.24 EPS. Equities research analysts predict that Citigroup Inc. will post $5.22 earnings per share for the current year.
Citigroup announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 28th that allows the company to buyback $15.60 billion in shares. This buyback authorization allows the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
The firm 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 dividend of $0.32 per share. This is a positive change from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, August 3rd. This represents a $1.28 annualized dividend and a dividend yield of 1.87%. Citigroup’s payout ratio is presently 25.55%.
A number of brokerages have commented on C. J P Morgan Chase & Co set a $73.50 price target on Citigroup and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Vetr cut Citigroup from a “strong-buy” rating to a “buy” rating and set a $76.22 price target for the company. in a research report on Monday, July 31st. Wells Fargo & Company began coverage on Citigroup in a research report on Wednesday. They set an “outperform” rating and a $90.00 price target for the company. Deutsche Bank AG reaffirmed a “hold” rating on shares of Citigroup in a research report on Monday, July 3rd. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $76.00 price target (up previously from $70.00) on shares of Citigroup in a research report on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $68.95.
In other Citigroup 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 approximately $3,889,494.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.10% of the company’s stock.
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.
Want to see what other hedge funds are holding C? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citigroup Inc. (NYSE:C).
Receive News & Ratings for Citigroup Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Citigroup Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.