ACR Alpine Capital Research LLC Sells 45,141 Shares of Citigroup Inc. $C

Key Points

• ACR Alpine Capital Research LLC trimmed its Citigroup stake by 1.3% in Q1, selling 45,141 shares but still holding 3.54 million shares valued at about $402 million.
• Citigroup has seen mixed insider and institutional activity, including recent insider sales by Edward Skyler and John Cunningham Dugan, while institutional investors still own 71.72% of the stock.
• Wall Street sentiment remains broadly positive, with analysts maintaining a Moderate Buy consensus and Citigroup reporting strong Q1 results, including EPS of $3.06 that beat expectations and a new $30 billion share repurchase authorization.

ACR Alpine Capital Research LLC lowered its position in shares of Citigroup Inc. (NYSE:C - Free Report) by 1.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,544,555 shares of the company's stock after selling 45,141 shares during the quarter. Citigroup accounts for 6.0% of ACR Alpine Capital Research LLC's investment portfolio, making the stock its 6th largest holding. ACR Alpine Capital Research LLC owned 0.21% of Citigroup worth $401,988,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Mcguire Capital Advisors Inc. purchased a new position in Citigroup during the fourth quarter worth about $25,000. Whipplewood Advisors LLC purchased a new stake in Citigroup in the 1st quarter valued at approximately $25,000. Richards Merrill & Peterson Inc. purchased a new stake in Citigroup in the 4th quarter valued at approximately $28,000. TD Capital Management LLC acquired a new position in Citigroup during the 4th quarter worth approximately $28,000. Finally, Luken Investment Analytics LLC acquired a new position in Citigroup during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 71.72% of the company's stock.

Insider Buying and Selling at Citigroup

In other news, insider Edward Skyler sold 25,000 shares of the firm'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 completion of the transaction, the insider owned 182,022 shares in the company, valued at $23,919,511.02. This trade represents a 12.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Cunningham Dugan sold 2,117 shares of the firm's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $125.30, for a total value of $265,260.10. Following the completion of the transaction, the director owned 12,194 shares of the company's stock, valued at approximately $1,527,908.20. This represents a 14.79% decrease in their position. The SEC filing for this sale provides additional information. 0.11% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on C. Keefe, Bruyette & Woods raised their price target on Citigroup from $140.00 to $153.00 and gave the company an "outperform" rating in a report on Friday, May 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Citigroup in a report on Monday, April 20th. Piper Sandler reaffirmed an "overweight" rating and set a $145.00 price objective (up from $125.00) on shares of Citigroup in a report on Wednesday, April 15th. Oppenheimer cut Citigroup from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 30th. Finally, Truist Financial raised their target price on Citigroup from $147.00 to $158.00 and gave the company a "buy" rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $145.00.

Citigroup Price Performance

C stock opened at $140.67 on Friday. The firm has a 50 day moving average of $133.71 and a 200-day moving average of $122.85. The company has a market cap of $239.92 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 0.65 and a beta of 1.11. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 1.59. Citigroup Inc. has a 12-month low of $85.61 and a 12-month high of $147.96.

Citigroup (NYSE:C - Get Free Report) last released its quarterly earnings results 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. Citigroup had a return on equity of 9.19% and a net margin of 9.35%.The business had revenue of $24.63 billion for the quarter, compared to analysts' expectations of $22.96 billion. During the same quarter in the prior year, the firm posted $1.96 EPS. The company's revenue was up 14.1% compared to the same quarter last year. As a group, equities analysts expect that Citigroup Inc. will post 10.89 EPS for the current fiscal year.

Citigroup announced that its Board of Directors has initiated a stock repurchase 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 typically a sign that the company's board of directors believes its shares are undervalued.

Key Stories Impacting Citigroup

Here are the key news stories impacting Citigroup this week:

• Positive Sentiment: Citi is expected to collect about $70 million in fees from the SK Hynix listing, underscoring strength in its capital markets and advisory franchise. Article Title
• Positive Sentiment: Multiple pieces this week describe Citigroup (C) as one of the stronger large-bank names ahead of earnings, supported by resilient trading activity, investment banking momentum, and loan demand. Article Title
• Positive Sentiment: Analyst commentary and TV mentions have also kept Citi in the spotlight as a favored bank stock, suggesting continued institutional confidence in the name. Article Title
• Positive Sentiment: Earlier coverage said Citi’s Q1 results were the strongest among diversified banks, reinforcing the view that the company is executing well relative to peers. Article Title
• Neutral Sentiment: Citi also announced that SCB is now live with its 24/7 USD Clearing and Citi Token Services, a constructive step in digital payments infrastructure, but not a near-term earnings driver. Article Title

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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