State Street Corp Cuts Stock Position in Citigroup Inc. $C

State Street Corp cut its holdings in Citigroup Inc. (NYSE:C) by 1.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,914,501 shares of the company’s stock after selling 1,032,858 shares during the quarter. State Street Corp’s holdings in Citigroup were worth $9,325,223,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Richards Merrill & Peterson Inc. acquired a new stake in shares of Citigroup in the fourth quarter worth approximately $28,000. Dunhill Financial LLC boosted its stake in shares of Citigroup by 92.2% in the third quarter. Dunhill Financial LLC now owns 319 shares of the company’s stock worth $32,000 after acquiring an additional 153 shares during the last quarter. Luken Investment Analytics LLC acquired a new stake in shares of Citigroup in the fourth quarter worth approximately $32,000. High Note Wealth LLC boosted its stake in shares of Citigroup by 107.7% in the fourth quarter. High Note Wealth LLC now owns 270 shares of the company’s stock worth $32,000 after acquiring an additional 140 shares during the last quarter. Finally, Entrust Financial LLC acquired a new stake in shares of Citigroup in the fourth quarter worth approximately $34,000. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Citigroup news, Director John Cunningham Dugan sold 2,117 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $125.30, for a total transaction of $265,260.10. Following the transaction, the director owned 12,194 shares of the company’s stock, valued at approximately $1,527,908.20. The trade was a 14.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Edward Skyler sold 25,000 shares of the business’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $131.41, for a total value of $3,285,250.00. Following 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 position. The disclosure for this sale is available in the SEC filing. Insiders own 0.11% of the company’s stock.

Key Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup launched tokenized Digital Depositary Receipts, creating a new blockchain-based way for clients to gain exposure to private companies and for issuers to tap liquidity, reinforcing Citi’s push into next-generation capital markets. Citigroup Is Rolling Out Tokenized Shares of Private Companies
• Positive Sentiment: Related coverage said Citi is expanding access to private markets with tokenized private-share trading, which could open a new fee-generating business line and strengthen its innovation story with large clients. Citigroup Expands Access to Private Markets With Tokenized Depositary Receipts
• Positive Sentiment: Trump praised Citigroup and CEO Jane Fraser as a top M&A adviser, which helped fuel momentum and reinforced confidence in Citi’s investment banking comeback. Citigroup shares outperform down market after Trump endorsement
• Positive Sentiment: Citi also continued building out its consumer and retail investment banking franchise with a new managing director hire, suggesting management is still investing in growth areas. Citi hires Ryan Beaupré as MD in consumer and retail investment banking push
• Neutral Sentiment: Citi completed the sale of its Polish consumer banking business, continuing its multi-year retreat from underperforming overseas markets. This supports simplification, but it also shows ongoing shrinkage in some international operations. Citi’s overseas retreat advances with sale of Polish business
• Neutral Sentiment: Reports that regulators are probing banks’ use of AI could raise compliance scrutiny for the sector, but there was no Citi-specific issue mentioned. Bank Regulators Probe Industry Use of AI

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on C shares. Keefe, Bruyette & Woods lifted their price target on Citigroup from $140.00 to $153.00 and gave the stock an “outperform” rating in a research note on Friday, May 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $139.00 price target on shares of Citigroup in a research note on Wednesday, April 15th. Jefferies Financial Group started coverage on Citigroup in a research note on Thursday, March 26th. They issued a “buy” rating and a $135.00 price target on the stock. Wells Fargo & Company lifted their price target on Citigroup from $160.00 to $162.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 29th. Finally, Truist Financial set a $147.00 price target on Citigroup in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Citigroup presently has a consensus rating of “Moderate Buy” and an average target price of $137.62.

Citigroup Stock Performance

NYSE C opened at $139.68 on Friday. The stock’s fifty day moving average is $127.34 and its two-hundred day moving average is $118.06. The firm has a market capitalization of $238.23 billion, a P/E ratio of 17.31, a price-to-earnings-growth ratio of 0.62 and a beta of 1.12. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.99 and a current ratio of 0.99. Citigroup Inc. has a fifty-two week low of $76.11 and a fifty-two week high of $141.12.

Citigroup (NYSE:C) last released its quarterly earnings data on Tuesday, April 14th. The company reported $3.06 earnings per share for the quarter, topping analysts’ consensus estimates of $2.63 by $0.43. The company had revenue of $24.63 billion for the quarter, compared to analyst estimates of $22.96 billion. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.96 earnings per share. On average, research analysts anticipate that Citigroup Inc. will post 10.68 earnings per share for the current year.

Citigroup declared that its Board of Directors has approved a stock buyback plan on Thursday, May 7th that allows the company to repurchase $30.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 13.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

Citigroup Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Monday, May 4th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Monday, May 4th. This represents a $2.40 dividend on an annualized basis and a yield of 1.7%. Citigroup’s payout ratio is 29.74%.

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.