674,674 Shares in Citigroup Inc. $C Purchased by Renaissance Technologies LLC

Key Points

• Renaissance Technologies opened a new position in Citigroup during the first quarter, buying 674,674 shares valued at about $76.5 million.
• Citigroup’s latest earnings beat expectations, posting $3.15 EPS and $24.75 billion in revenue, while revenue rose 14.5% year over year.
• The bank also raised its quarterly dividend to $0.67 per share and has a $30 billion share buyback authorization in place, signaling continued shareholder returns.

Renaissance Technologies LLC acquired a new position in shares of Citigroup Inc. (NYSE:C - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 674,674 shares of the company's stock, valued at approximately $76,515,000.

Several other hedge funds have also recently bought and sold shares of C. Norges Bank bought a new position in Citigroup in the fourth quarter valued at approximately $2,800,944,000. Vanguard Group Inc. lifted its stake in Citigroup by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 163,239,926 shares of the company's stock worth $19,048,467,000 after purchasing an additional 4,938,923 shares during the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Citigroup in the 4th quarter valued at $298,082,000. SEB Asset Management AB acquired a new stake in shares of Citigroup in the 1st quarter valued at $252,972,000. Finally, Deutsche Bank AG increased its stake in shares of Citigroup by 28.4% in the 4th quarter. Deutsche Bank AG now owns 7,158,142 shares of the company's stock valued at $835,284,000 after purchasing an additional 1,582,150 shares during the last quarter. 71.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

C has been the subject of a number of research analyst reports. Piper Sandler reissued an "overweight" rating and set a $145.00 price target (up from $125.00) on shares of Citigroup in a report on Wednesday, April 15th. Argus set a $150.00 target price on Citigroup in a research note on Wednesday, July 15th. UBS Group increased their target price on shares of Citigroup from $134.00 to $150.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Royal Bank Of Canada restated an "outperform" rating and issued a $150.00 price target on shares of Citigroup in a research note on Wednesday, July 15th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Citigroup in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Citigroup presently has an average rating of "Moderate Buy" and an average target price of $145.67.

Citigroup Price Performance

Shares of C opened at $131.95 on Friday. Citigroup Inc. has a 12-month low of $87.94 and a 12-month high of $147.96. The business has a 50-day simple moving average of $135.01 and a two-hundred day simple moving average of $123.82. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.71. The stock has a market cap of $225.06 billion, a PE ratio of 14.25, a PEG ratio of 0.60 and a beta of 1.11.

Citigroup (NYSE:C - Get Free Report) last posted its earnings results on Tuesday, July 14th. The company reported $3.15 EPS for the quarter, beating the consensus estimate of $2.74 by $0.41. The firm had revenue of $24.75 billion during the quarter, compared to the consensus estimate of $23.74 billion. Citigroup had a return on equity of 10.15% and a net margin of 10.23%.The business's quarterly revenue was up 14.5% on a year-over-year basis. During the same period last year, the company earned $1.96 earnings per share. Analysts anticipate that Citigroup Inc. will post 11.2 earnings per share for the current fiscal year.

Citigroup Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 3rd will be issued a $0.67 dividend. This is a boost from Citigroup's previous quarterly dividend of $0.60. The ex-dividend date is Monday, August 3rd. This represents a $2.68 dividend on an annualized basis and a yield of 2.0%. Citigroup's dividend payout ratio (DPR) is 25.92%.

Citigroup declared that its Board of Directors has initiated a stock buyback program on Thursday, May 7th that authorizes the company to buyback $30.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 13.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Director John Cunningham Dugan sold 2,117 shares of Citigroup stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $125.30, for a total transaction of $265,260.10. Following the sale, the director directly owned 12,194 shares in the company, valued at $1,527,908.20. This trade represents a 14.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.11% of the stock is currently owned by corporate insiders.

More Citigroup News

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi analysts said the recent pullback in semiconductor stocks looks like a buying opportunity, which may support broader risk appetite and help sentiment around markets that Citigroup covers through its trading and research franchises. Pullback in chip stocks is a buying opportunity, Citi says
• Positive Sentiment: Citigroup was highlighted in a new CMBS deal update, after pricing an $817 million multifamily conduit transaction, reinforcing Citi’s role as an active lender and securitization player in U.S. commercial real estate. Citigroup (C) Sets Post GFC Record With $817 Million Multifamily CMBS Deal
• Neutral Sentiment: Citigroup reportedly closed a bullish South African rand trade after the currency looked “fragile” following South Africa’s surprise rate hold. This is more of a trading update than a major earnings driver, but it shows Citi is actively adjusting macro positions. Citi Drops Rand Bet After South Africa’s Surprise Rate Hold
• Neutral Sentiment: Separately, a headline noting Citi’s bearish view on the “Magnificent Seven” may reflect the bank’s broader market outlook, but it does not directly change Citigroup’s fundamentals. Wall Street Bank Just Declared the Magnificent 7 as “Dead” — What Happens Next?

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.

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