37,363 Citigroup Inc. $C Shares Acquired by B. Riley Wealth Advisors Inc.

Key Points

• B. Riley Wealth Advisors increased its Citigroup stake by 118.9% in the third quarter, acquiring 37,363 additional shares for a total of 68,799 shares valued at approximately $8.9 million. Institutional investors collectively own 71.72% of Citigroup.
• Citigroup reported third-quarter adjusted EPS of $2.85 and revenue of about $23.84 billion, exceeding analyst expectations. Services, wealth management and fixed-income trading drove growth, although credit-loss provisions and capital-ratio concerns weighed on investor sentiment.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $151.47. Shares opened at $124.56, down 5.6%, while the company raised its quarterly dividend to $0.67 per share.

B. Riley Wealth Advisors Inc. grew its holdings in Citigroup Inc. (NYSE:C - Free Report) by 118.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 68,799 shares of the company's stock after purchasing an additional 37,363 shares during the quarter. B. Riley Wealth Advisors Inc.'s holdings in Citigroup were worth $8,908,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. State Street Corp lifted its holdings in Citigroup by 3.7% during the second quarter. State Street Corp now owns 80,956,349 shares of the company's stock worth $11,199,986,000 after buying an additional 2,913,701 shares during the period. Bank of New York Mellon Corp purchased a new position in Citigroup in the second quarter worth $3,244,602,000. Bank of America Corp DE grew its holdings in Citigroup by 2.8% in the first quarter. Bank of America Corp DE now owns 26,869,012 shares of the company's stock worth $3,047,215,000 after purchasing an additional 728,043 shares during the last quarter. Invesco Ltd. increased its position in shares of Citigroup by 6.2% during the fourth quarter. Invesco Ltd. now owns 15,139,403 shares of the company's stock worth $1,766,617,000 after purchasing an additional 887,430 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Citigroup by 10.7% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 12,467,857 shares of the company's stock worth $1,745,001,000 after purchasing an additional 1,210,006 shares in the last quarter. Institutional investors own 71.72% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on C. Wells Fargo & Company raised their price objective on Citigroup from $162.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, June 18th. Morgan Stanley boosted their target price on Citigroup from $154.00 to $164.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. HSBC initiated coverage on Citigroup in a research report on Monday, September 28th. They set a "buy" rating and a $164.00 target price on the stock. Evercore set a $140.00 price target on Citigroup in a research note on Thursday, October 1st. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $150.00 price target on shares of Citigroup in a report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Citigroup presently has a consensus rating of "Moderate Buy" and an average price target of $151.47.

Key Headlines Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citigroup beat third-quarter expectations. The bank reported adjusted earnings of $2.85 per share versus the roughly $2.65 consensus, while revenue reached $23.85 billion, above estimates. Net income rose 40% year over year to $5.2 billion, and revenue increased about 8%. Citi profit jumps 40% with higher investment banking, services and wealth revenue
• Positive Sentiment: Services, wealth and fixed-income trading were key growth drivers. Services and Wealth revenue each grew 15%, Markets revenue increased 6%, and fixed-income, currencies and commodities trading reportedly delivered its strongest third quarter in at least a decade. Citigroup also returned $4.1 billion to shareholders through dividends and buybacks. Citigroup fixed-income traders post higher revenue in 3Q as rivals miss
• Neutral Sentiment: Credit quality remains stable for now. Major banks reported little evidence of broad credit stress, while Citigroup said credit-card spending and borrowing increased. However, investors are watching whether higher rates, a flattening yield curve and economic uncertainty could pressure future lending and credit performance. Big banks show clean credit, but investors fear what comes next
• Negative Sentiment: Sequential deterioration outweighed the earnings beat. Compared with the prior quarter, revenue fell 4% and net income declined 10%, with reported weakness across investment banking, trading and overall profitability. Citigroup’s CFO also cautioned that Wall Street’s dealmaking boom is cooling after a strong first half, creating uncertainty for investment-banking revenue. Why Citigroup stock is trading lower today
• Negative Sentiment: Higher credit costs and capital concerns pressured sentiment. Credit-loss provisions rose 6% to approximately $2.6 billion, weighing on consumer-card profitability. Investors also focused on Citigroup’s preliminary 12.8% common-equity Tier 1 ratio and concerns that capital ratios were weaker than expected. Citigroup Q3 earnings beat on higher NII and lower expenses

Citigroup Stock Down 5.6%

Shares of C stock opened at $124.56 on Wednesday. Citigroup Inc. has a fifty-two week low of $95.00 and a fifty-two week high of $147.96. The firm has a market capitalization of $212.45 billion, a PE ratio of 13.45, a P/E/G ratio of 0.58 and a beta of 1.13. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.99 and a current ratio of 0.99. The stock's 50-day simple moving average is $133.46 and its 200-day simple moving average is $131.64.

Citigroup (NYSE:C - Get Free Report) last released its earnings results on Tuesday, October 13th. The company reported $2.85 EPS for the quarter, topping analysts' consensus estimates of $2.65 by $0.20. The firm had revenue of $23.84 billion during the quarter, compared to the consensus estimate of $23.72 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%. The company's revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.86 earnings per share. Equities analysts expect that Citigroup Inc. will post 11.19 earnings per share for the current year.

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Monday, August 3rd were paid a $0.67 dividend. The ex-dividend date was Monday, August 3rd. This is an increase from Citigroup's previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a dividend yield of 2.2%. Citigroup's dividend payout ratio (DPR) is currently 28.94%.

Citigroup Profile

Citigroup Inc is a global financial services company headquartered in New York City and listed on the New York Stock Exchange under the symbol C. Through its subsidiaries and businesses, Citi provides banking, lending, investment, payments, wealth management and other financial services to consumers, businesses, governments and institutional clients.

Citi's principal businesses include Services, which supports institutional clients with treasury, trade, securities services and related solutions; Markets, which provides sales, trading, research and financing services; Banking, which offers investment banking and corporate banking; and Wealth, which provides private banking and wealth management.

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