Zurich Insurance Group Ltd FI Has $32.78 Million Stake in Citigroup Inc (NYSE:C)
Zurich Insurance Group Ltd FI decreased its stake in Citigroup Inc (NYSE:C) by 8.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 468,104 shares of the financial services provider’s stock after selling 42,001 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Citigroup were worth $32,781,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in C. Garrison Point Advisors LLC raised its position in shares of Citigroup by 2.6% during the second quarter. Garrison Point Advisors LLC now owns 5,560 shares of the financial services provider’s stock worth $389,000 after acquiring an additional 140 shares during the last quarter. Essex Financial Services Inc. increased its holdings in Citigroup by 0.7% in the second quarter. Essex Financial Services Inc. now owns 22,728 shares of the financial services provider’s stock valued at $1,592,000 after purchasing an additional 153 shares during the last quarter. Asset Dedication LLC increased its holdings in Citigroup by 2.0% in the second quarter. Asset Dedication LLC now owns 7,782 shares of the financial services provider’s stock valued at $542,000 after purchasing an additional 156 shares during the last quarter. Icon Wealth Partners LLC increased its holdings in Citigroup by 3.2% in the first quarter. Icon Wealth Partners LLC now owns 5,138 shares of the financial services provider’s stock valued at $320,000 after purchasing an additional 157 shares during the last quarter. Finally, Avestar Capital LLC increased its holdings in Citigroup by 35.0% in the first quarter. Avestar Capital LLC now owns 610 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 158 shares during the last quarter. 76.56% of the stock is currently owned by institutional investors and hedge funds.
In other Citigroup news, insider Michael Whitaker sold 7,500 shares of the business’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $62.03, for a total value of $465,225.00. Following the completion of the transaction, the insider now directly owns 93,848 shares of the company’s stock, valued at $5,821,391.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by insiders.
Citigroup (NYSE:C) last posted its earnings results on Monday, July 15th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.17. Citigroup had a return on equity of 10.10% and a net margin of 18.24%. The firm had revenue of $18.76 billion during the quarter, compared to analysts’ expectations of $18.49 billion. During the same period in the previous year, the firm earned $1.63 earnings per share. The company’s revenue was up 1.6% on a year-over-year basis. As a group, sell-side analysts expect that Citigroup Inc will post 7.53 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 5th were paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.92%. This is a boost from Citigroup’s previous quarterly dividend of $0.45. The ex-dividend date was Friday, August 2nd. Citigroup’s payout ratio is presently 30.68%.
A number of research firms recently commented on C. JPMorgan Chase & Co. upped their price objective on Citigroup from $75.00 to $77.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Bank of America downgraded Citigroup to a “hold” rating in a report on Friday, July 26th. Wells Fargo & Co set a $85.00 price objective on Citigroup and gave the company a “buy” rating in a report on Friday, August 16th. Berenberg Bank set a $78.00 price objective on Citigroup and gave the company a “buy” rating in a report on Monday, June 17th. Finally, BMO Capital Markets downgraded Citigroup to a “hold” rating in a report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $79.12.
Citigroup Company Profile
Citigroup Inc, a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions in North America, Latin America, Asia, Europe, the Middle East, and Africa. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).
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