Patten Group Inc. Increases Stake in Citigroup Inc. (C)
Patten Group Inc. boosted its stake in Citigroup Inc. (NYSE:C) by 6.6% during the first quarter, Holdings Channel reports. The fund owned 1,765 shares of the financial services provider’s stock after buying an additional 110 shares during the period. Patten Group Inc.’s holdings in Citigroup were worth $105,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Advisory Services Network LLC bought a new position in shares of Citigroup during the first quarter valued at approximately $877,000. Advisor Partners LLC increased 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 valued at $2,927,000 after buying an additional 4,685 shares in the last quarter. Capital Advisors Inc. OK increased 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 valued at $23,535,000 after buying an additional 8,070 shares in the last quarter. Diamond Hill Capital Management Inc. increased 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 valued at $579,086,000 after buying an additional 672,933 shares in the last quarter. Finally, Honkamp Krueger Financial Services Inc. increased 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 valued at $262,000 after buying an additional 283 shares in the last quarter. Institutional investors own 74.92% of the company’s stock.
Citigroup Inc. (C) traded down 0.0387% during midday trading on Wednesday, reaching $67.9437. The company’s stock had a trading volume of 5,072,187 shares. Citigroup Inc. has a 12-month low of $45.16 and a 12-month high of $69.86. The firm has a 50 day moving average price of $67.47 and a 200-day moving average price of $62.13. The company has a market cap of $185.12 billion, a P/E ratio of 13.6023 and a beta of 1.48.
Citigroup (NYSE:C) last announced its earnings results 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 business’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.24 EPS. On average, equities research analysts predict that Citigroup Inc. will post $5.22 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Monday, August 7th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 1.88%. The ex-dividend date is Thursday, August 3rd. This is a boost from Citigroup’s previous quarterly dividend of $0.16. Citigroup’s dividend payout ratio (DPR) is 25.55%.
Citigroup announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $15.60 billion in shares. This repurchase authorization allows the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts have commented on the company. UBS AG upgraded Citigroup from a “sell” rating to a “neutral” rating and raised their target price for the stock from $58.00 to $64.00 in a research note on Friday, June 9th. Vetr downgraded Citigroup from a “strong-buy” rating to a “buy” rating and set a $73.42 price target for the company. in a research report on Monday, July 3rd. Keefe, Bruyette & Woods set a $69.00 price target on Citigroup and gave the company a “buy” rating in a research report on Thursday, June 8th. Jefferies Group LLC reiterated a “hold” rating and set a $68.00 price target on shares of Citigroup in a research report on Friday, May 5th. Finally, Bank of America Corporation reiterated a “buy” rating and set a $68.00 price target (up previously from $64.00) on shares of Citigroup in a research report on Tuesday, June 13th. 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 assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $69.08.
In other Citigroup 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 transaction of $344,850.00. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Francisco Aristeguieta sold 40,000 shares of the stock in a transaction on 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 sale, the chief executive officer now directly 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 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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