Citigroup Inc. (C) Stake Reduced by Cedar Wealth Management LLC
Cedar Wealth Management LLC lowered its stake in Citigroup Inc. (NYSE:C) by 5.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 2,707 shares of the financial services provider’s stock after selling 142 shares during the period. Cedar Wealth Management LLC’s holdings in Citigroup were worth $181,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. BlackRock Inc. raised its position in Citigroup by 2,718.7% in the first quarter. BlackRock Inc. now owns 196,415,461 shares of the financial services provider’s stock valued at $11,749,573,000 after buying an additional 189,447,104 shares during the period. Vanguard Group Inc. raised its position in Citigroup by 2.5% in the first quarter. Vanguard Group Inc. now owns 183,198,941 shares of the financial services provider’s stock valued at $10,958,960,000 after buying an additional 4,391,347 shares during the period. FMR LLC raised its position in Citigroup by 18.2% in the first quarter. FMR LLC now owns 105,742,815 shares of the financial services provider’s stock valued at $6,325,535,000 after buying an additional 16,257,931 shares during the period. Bank of New York Mellon Corp raised its position in Citigroup by 31.3% in the first quarter. Bank of New York Mellon Corp now owns 43,167,279 shares of the financial services provider’s stock valued at $2,582,269,000 after buying an additional 10,294,403 shares during the period. Finally, Harris Associates L P raised its position in Citigroup by 25.9% in the first quarter. Harris Associates L P now owns 41,129,780 shares of the financial services provider’s stock valued at $2,460,384,000 after buying an additional 8,464,257 shares during the period. 74.89% of the stock is currently owned by hedge funds and other institutional investors.
Citigroup Inc. (NYSE:C) traded down 0.62% during midday trading on Friday, hitting $66.80. 15,172,831 shares of the company traded hands. The stock’s 50-day moving average is $67.22 and its 200-day moving average is $61.90. The firm has a market capitalization of $182.00 billion, a PE ratio of 13.37 and a beta of 1.48. Citigroup Inc. has a 12-month low of $45.16 and a 12-month high of $69.86.
Citigroup (NYSE:C) last released its earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.07. Citigroup had a net margin of 18.11% and a return on equity of 7.32%. The business had revenue of $17.90 billion during the quarter, compared to the consensus estimate of $17.38 billion. During the same quarter last year, the firm earned $1.24 earnings per share. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. Analysts anticipate that Citigroup Inc. will post $5.22 EPS for the current fiscal year.
Citigroup declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $15.60 billion in shares. This repurchase authorization permits the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Monday, August 7th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date is Thursday, August 3rd. This is an increase from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s dividend payout ratio (DPR) is 25.55%.
C has been the topic of several recent research reports. Vetr lowered shares of Citigroup from a “strong-buy” rating to a “buy” rating and set a $66.90 price target on the stock. in a research report on Tuesday, April 25th. Zacks Investment Research upgraded shares of Citigroup from a “sell” rating to a “hold” rating in a research report on Friday, July 7th. Jefferies Group LLC restated a “hold” rating and issued a $68.00 price target 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 target 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 target (up previously from $70.00) on shares of Citigroup in a research report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $69.08.
In other news, insider Jeffrey R. Walsh sold 5,000 shares of Citigroup stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $68.97, for a total value of $344,850.00. Following the completion of the transaction, the insider now owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company 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.
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