Longboard Asset Management LP Acquires New Stake in Citigroup Inc. $C

Key Points

• Longboard Asset Management LP has acquired 3,373 shares of Citigroup Inc. valued at approximately $287,000, marking Citigroup as 0.7% of its total holdings.
• Citigroup's quarterly earnings exceeded expectations, reporting earnings per share (EPS) of $1.96 against an estimate of $1.61, alongside revenue of $21.67 billion.
• The company also boosted its quarterly dividend from $0.56 to $0.60, reflecting a positive yield of 2.4% for investors.

Longboard Asset Management LP bought a new stake in Citigroup Inc. (NYSE:C - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,373 shares of the company's stock, valued at approximately $287,000. Citigroup comprises 0.7% of Longboard Asset Management LP's investment portfolio, making the stock its 21st biggest position.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wedmont Private Capital grew its position in shares of Citigroup by 0.5% in the second quarter. Wedmont Private Capital now owns 23,706 shares of the company's stock valued at $2,034,000 after purchasing an additional 129 shares during the last quarter. Swedbank AB grew its position in shares of Citigroup by 14.8% in the second quarter. Swedbank AB now owns 10,906,386 shares of the company's stock valued at $928,352,000 after purchasing an additional 1,406,624 shares during the last quarter. Secure Asset Management LLC grew its position in shares of Citigroup by 3.7% in the second quarter. Secure Asset Management LLC now owns 3,290 shares of the company's stock valued at $280,000 after purchasing an additional 118 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Citigroup by 3.9% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 257,930 shares of the company's stock valued at $21,955,000 after purchasing an additional 9,644 shares during the last quarter. Finally, Signal Advisors Wealth LLC grew its position in shares of Citigroup by 49.7% in the second quarter. Signal Advisors Wealth LLC now owns 5,392 shares of the company's stock valued at $459,000 after purchasing an additional 1,791 shares during the last quarter. Institutional investors and hedge funds own 71.72% of the company's stock.

Insider Activity at Citigroup

In other news, Director Peter B. Henry sold 3,000 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total value of $271,200.00. Following the completion of the transaction, the director directly owned 2,140 shares in the company, valued at approximately $193,456. This represents a 58.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on C shares. Morgan Stanley upped their target price on Citigroup from $103.00 to $107.00 and gave the company an "overweight" rating in a research report on Wednesday, July 16th. Oppenheimer boosted their price target on Citigroup from $123.00 to $124.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Bank of America boosted their price target on Citigroup from $89.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Dbs Bank upgraded Citigroup from a "hold" rating to a "moderate buy" rating in a research note on Thursday, July 17th. Finally, Zacks Research cut Citigroup from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $97.68.

Citigroup Price Performance

NYSE C traded up $0.23 on Friday, hitting $102.64. 24,743,060 shares of the company's stock were exchanged, compared to its average volume of 12,162,818. The stock has a 50-day moving average of $95.12 and a 200-day moving average of $80.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.61. Citigroup Inc. has a 52 week low of $55.51 and a 52 week high of $103.13. The stock has a market cap of $188.95 billion, a price-to-earnings ratio of 15.16, a P/E/G ratio of 0.88 and a beta of 1.41.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, July 15th. The company reported $1.96 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.35. Citigroup had a return on equity of 7.29% and a net margin of 8.44%.The firm had revenue of $21.67 billion during the quarter, compared to analysts' expectations of $20.75 billion. During the same period in the prior year, the company earned $1.52 earnings per share. The company's quarterly revenue was up 8.2% on a year-over-year basis. Citigroup has set its FY 2025 guidance at EPS. Analysts expect that Citigroup Inc. will post 7.53 earnings per share for the current year.

Citigroup Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Monday, August 4th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date was Monday, August 4th. This is a positive change from Citigroup's previous quarterly dividend of $0.56. Citigroup's dividend payout ratio is currently 35.45%.

Citigroup Company Profile

Citigroup Inc, a diversified financial service holding company, provides various financial product and services to consumers, corporations, governments, and institutions worldwide. It operates through five segments: Services, Markets, Banking, U.S. Personal Banking, and Wealth. The Services segment includes Treasury and Trade Solutions, which provides cash management, trade, and working capital solutions to multinational corporations, financial institutions, and public sector organizations; and Securities Services, such as cross-border support for clients, local market expertise, post-trade technologies, data solutions, and various securities services solutions.