Convergence Investment Partners LLC Sells 5,492 Shares of Citigroup Inc. (C)
Convergence Investment Partners LLC decreased its holdings in shares of Citigroup Inc. (NYSE:C) by 4.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 113,317 shares of the financial services provider’s stock after selling 5,492 shares during the period. Citigroup makes up approximately 1.1% of Convergence Investment Partners LLC’s holdings, making the stock its 5th largest position. Convergence Investment Partners LLC’s holdings in Citigroup were worth $7,579,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also made changes to their positions in C. Endurance Wealth Management Inc. lifted its position in Citigroup by 0.3% in the first quarter. Endurance Wealth Management Inc. now owns 9,837 shares of the financial services provider’s stock valued at $588,000 after purchasing an additional 25 shares during the period. Investors Asset Management of Georgia Inc. GA ADV lifted its position in Citigroup by 0.8% in the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,359 shares of the financial services provider’s stock valued at $358,000 after purchasing an additional 40 shares during the period. Regal Investment Advisors LLC lifted its position in Citigroup by 2.0% in the first quarter. Regal Investment Advisors LLC now owns 3,800 shares of the financial services provider’s stock valued at $227,000 after purchasing an additional 74 shares during the period. Davis R M Inc. lifted its position in Citigroup by 2.2% in the second quarter. Davis R M Inc. now owns 4,250 shares of the financial services provider’s stock valued at $284,000 after purchasing an additional 92 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its position in Citigroup by 2.1% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,425 shares of the financial services provider’s stock valued at $265,000 after purchasing an additional 93 shares during the period. Institutional investors and hedge funds own 75.38% of the company’s stock.
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In other Citigroup news, insider Jeffrey R. Walsh sold 5,000 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Francisco Aristeguieta sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $67.55, for a total transaction of $2,702,000.00. Following the completion of the transaction, the chief executive officer now owns 77,570 shares in the company, valued at approximately $5,239,853.50. The disclosure for this sale can be found here. 0.10% of the stock is currently owned by corporate insiders.
Shares of Citigroup Inc. (C) opened at 75.72 on Friday. The company’s 50-day moving average is $69.52 and its 200-day moving average is $64.65. Citigroup Inc. has a 12 month low of $47.54 and a 12 month high of $75.93. The firm has a market cap of $206.30 billion, a price-to-earnings ratio of 15.16 and a beta of 1.45.
Citigroup (NYSE:C) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.24 earnings per share. On average, equities research analysts forecast that Citigroup Inc. will post $5.21 earnings per share for the current fiscal year.
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 buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
A number of equities research analysts recently commented on the stock. UBS AG upgraded shares of Citigroup from a “sell” rating to a “neutral” rating and raised their price objective for the company from $58.00 to $64.00 in a research report on Friday, June 9th. Keefe, Bruyette & Woods set a $75.00 price objective on shares of Citigroup and gave the company a “buy” rating in a research report on Sunday, August 13th. Wells Fargo & Company restated a “buy” rating on shares of Citigroup in a research report on Monday. Raymond James Financial, Inc. restated an “underperform” rating on shares of Citigroup in a research report on Wednesday, September 27th. Finally, Atlantic Securities restated an “overweight” rating and issued a $85.00 price objective (up previously from $75.00) on shares of Citigroup in a research report on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $71.43.
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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