SOL Capital Management CO Sells 2,500 Shares of Citigroup Inc. (C)
SOL Capital Management CO lowered its stake in shares of Citigroup Inc. (NYSE:C) by 4.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,629 shares of the financial services provider’s stock after selling 2,500 shares during the period. Citigroup makes up 0.9% of SOL Capital Management CO’s holdings, making the stock its 27th largest position. SOL Capital Management CO’s holdings in Citigroup were worth $3,319,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of C. CWM LLC raised its position in shares of Citigroup by 407.3% in the first quarter. CWM LLC now owns 11,033 shares of the financial services provider’s stock worth $660,000 after buying an additional 8,858 shares during the period. Doyle Wealth Management acquired a new position in shares of Citigroup during the first quarter worth about $9,046,000. Norway Savings Bank raised its position in shares of Citigroup by 0.3% in the first quarter. Norway Savings Bank now owns 13,675 shares of the financial services provider’s stock worth $818,000 after buying an additional 45 shares during the period. Tompkins Financial Corp raised its position in shares of Citigroup by 3,188.6% in the first quarter. Tompkins Financial Corp now owns 4,604 shares of the financial services provider’s stock worth $192,000 after buying an additional 4,464 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in shares of Citigroup during the first quarter worth about $903,000. 74.92% of the stock is owned by institutional investors.
Citigroup Inc. (NYSE:C) traded up 0.15% during mid-day trading on Tuesday, hitting $67.99. The stock had a trading volume of 8,252,477 shares. The company has a 50-day moving average price of $67.35 and a 200 day moving average price of $62.05. Citigroup Inc. has a 1-year low of $45.16 and a 1-year high of $69.86. The company has a market cap of $185.24 billion, a P/E ratio of 13.61 and a beta of 1.48.
Citigroup (NYSE:C) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $1.28 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.07. The company had revenue of $17.90 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $1.24 earnings per share. Equities research analysts forecast that Citigroup Inc. will post $5.22 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Stockholders of record on Monday, August 7th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.89%. This is a boost from Citigroup’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, August 3rd. Citigroup’s dividend payout ratio (DPR) is currently 25.55%.
Citigroup announced that its board has approved a stock repurchase 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 purchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of brokerages recently issued reports on C. J P Morgan Chase & Co set a $73.50 price objective on Citigroup and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Vetr lowered Citigroup from a “strong-buy” rating to a “buy” rating and set a $76.22 price objective for the company. in a report on Monday, July 31st. Wells Fargo & Company began coverage on Citigroup in a report on Wednesday, August 9th. They issued an “outperform” rating and a $90.00 price objective for the company. Deutsche Bank AG reissued a “hold” rating on shares of Citigroup in a report on Monday, July 3rd. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $76.00 price objective (up from $70.00) on shares of Citigroup in a report on Wednesday, July 26th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $69.08.
In related 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 sale, the insider now directly owns 56,394 shares of the company’s stock, valued at approximately $3,889,494.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Francisco Aristeguieta sold 40,000 shares of the business’s stock in a transaction 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 sale, the chief executive officer now directly owns 77,570 shares in the company, valued at $5,239,853.50. The disclosure for this sale can be found here. 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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