Phoenix Financial Ltd. Trims Position in Citigroup Inc. $C

Phoenix Financial Ltd. lessened its holdings in shares of Citigroup Inc. (NYSE:C) by 31.2% during the fourth quarter, HoldingsChannel reports. The firm owned 73,293 shares of the company’s stock after selling 33,166 shares during the quarter. Phoenix Financial Ltd.’s holdings in Citigroup were worth $8,593,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. SkyOak Wealth LLC purchased a new position in shares of Citigroup in the 4th quarter worth $208,000. Thrivent Financial for Lutherans raised its position in shares of Citigroup by 0.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 169,966 shares of the company’s stock worth $19,844,000 after buying an additional 972 shares during the period. Cornerstone Wealth Management LLC raised its position in shares of Citigroup by 0.8% in the 4th quarter. Cornerstone Wealth Management LLC now owns 10,393 shares of the company’s stock worth $1,213,000 after buying an additional 87 shares during the period. Mesirow Financial Investment Management Inc. raised its position in shares of Citigroup by 5.7% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 21,702 shares of the company’s stock worth $2,532,000 after buying an additional 1,180 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Citigroup by 241.3% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 1,033,379 shares of the company’s stock worth $120,664,000 after buying an additional 730,643 shares during the period. Hedge funds and other institutional investors own 71.72% of the company’s stock.

Insider Activity

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $125.30, for a total value of $265,260.10. Following the transaction, the director directly owned 12,194 shares of the company’s stock, valued at $1,527,908.20. This trade represents a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Edward Skyler sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $131.41, for a total value of $3,285,250.00. Following the completion of the transaction, the insider directly owned 182,022 shares in the company, valued at $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on C. JPMorgan Chase & Co. increased their target price on Citigroup from $131.00 to $135.50 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $145.00 target price on shares of Citigroup in a research report on Friday, May 8th. Jefferies Financial Group began coverage on Citigroup in a research report on Thursday, March 26th. They issued a “buy” rating and a $135.00 target price on the stock. Truist Financial set a $147.00 target price on Citigroup in a research report on Friday, May 1st. Finally, Barclays increased their target price on Citigroup from $146.00 to $154.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $137.62.

Citigroup Trading Up 0.5%

NYSE:C opened at $124.77 on Friday. The business’s 50-day moving average is $119.26 and its two-hundred day moving average is $113.97. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.99 and a quick ratio of 0.99. Citigroup Inc. has a 12 month low of $71.65 and a 12 month high of $135.29. The firm has a market capitalization of $212.81 billion, a PE ratio of 15.46, a price-to-earnings-growth ratio of 0.56 and a beta of 1.14.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 EPS for the quarter, beating the consensus estimate of $2.63 by $0.43. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The company had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. During the same period last year, the company posted $1.96 earnings per share. The firm’s revenue was up 14.1% compared to the same quarter last year. Research analysts predict that Citigroup Inc. will post 10.65 earnings per share for the current fiscal year.

Citigroup announced that its Board of Directors has initiated a share buyback program on Thursday, May 7th that allows the company to buyback $30.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 13.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Citigroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 22nd. Shareholders of record on Monday, May 4th will be given a $0.60 dividend. The ex-dividend date of this dividend is Monday, May 4th. This represents a $2.40 annualized dividend and a yield of 1.9%. Citigroup’s dividend payout ratio (DPR) is 29.74%.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup is getting credit for its strong earnings beat, with the bank reporting better-than-expected profit and revenue last quarter, which supports the view that operating momentum remains solid.
• Positive Sentiment: The company recently unveiled a $30 billion share buyback authorization, signaling management confidence and a larger return of capital to shareholders, which investors typically view favorably.
• Positive Sentiment: News that Citi plans to increase headcount by about 10% in its Asia-Pacific prime brokerage unit suggests continued expansion in a high-value business line and reinforces the growth narrative. Citigroup to boost Asia prime brokerage staff by 10% this year
• Positive Sentiment: Reports that Citigroup is weighing a broader Asia expansion and a bigger role in U.S.-China business show management is still focused on long-term international growth opportunities. Citigroup Weighs Asia Expansion And US China Role For Future Growth
• Neutral Sentiment: Analyst commentary and follow-up articles are mostly reflecting on Citi’s strong post-earnings run and whether the stock can sustain it, but they do not appear to be new fundamental catalysts. Citigroup (C) Down 5.8% Since Last Earnings Report: Can It Rebound?
• Neutral Sentiment: A Citigroup director sold a modest number of shares, which may mildly pressure sentiment, but the transaction was relatively small and does not materially change the investment thesis. SEC Director Sale Filing

About Citigroup

Citigroup Inc is a global financial services company headquartered in New York City with roots tracing back to the City Bank of New York, founded in 1812. The modern Citigroup was created through the 1998 merger of Citicorp and Travelers Group and has since operated as a diversified bank holding company that provides a broad range of banking and financial products and services to consumers, corporations, governments and institutions worldwide.

Citi’s principal businesses include retail and commercial banking, credit card and consumer lending products, wealth management and private banking, and a full suite of institutional services.