Advent Capital Management DE Lowers Holdings in Citigroup Inc. (NYSE:C)

Key Points

• Advent Capital Management DE reduced its stake in Citigroup Inc. by 25%, now holding 30,000 shares worth approximately $2.13 million.
• Citigroup reported a quarterly EPS of $1.96, exceeding analysts' estimates, and posted revenue growth of 8.2% year-over-year.
• The company has announced an increased quarterly dividend of $0.60 per share, up from $0.56, representing an annualized yield of 2.6%.

Advent Capital Management DE lessened its stake in Citigroup Inc. (NYSE:C - Free Report) by 25.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,000 shares of the company's stock after selling 10,000 shares during the quarter. Advent Capital Management DE's holdings in Citigroup were worth $2,130,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of C. Orion Capital Management LLC bought a new stake in Citigroup in the 4th quarter worth about $28,000. MorganRosel Wealth Management LLC bought a new stake in Citigroup in the 1st quarter worth about $28,000. American National Bank & Trust bought a new stake in Citigroup in the 1st quarter worth about $29,000. Accent Capital Management LLC increased its holdings in Citigroup by 106.0% in the 1st quarter. Accent Capital Management LLC now owns 412 shares of the company's stock worth $29,000 after buying an additional 212 shares in the last quarter. Finally, Mascagni Wealth Management Inc. bought a new stake in Citigroup in the 4th quarter worth about $34,000. Hedge funds and other institutional investors own 71.72% of the company's stock.

Citigroup Trading Up 1.7%

Shares of NYSE:C opened at $92.79 on Friday. The stock has a 50 day moving average of $86.07 and a 200 day moving average of $77.38. The company has a market cap of $170.82 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 0.80 and a beta of 1.38. The company has a current ratio of 0.99, a quick ratio of 0.98 and a debt-to-equity ratio of 1.61. Citigroup Inc. has a 12-month low of $55.51 and a 12-month high of $96.90.

Citigroup (NYSE:C - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.61 by $0.35. The company had revenue of $21.67 billion during the quarter, compared to the consensus estimate of $20.75 billion. Citigroup had a return on equity of 7.29% and a net margin of 8.44%. The firm's revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.52 EPS. As a group, equities research analysts expect that Citigroup Inc. will post 7.53 EPS for the current year.

Citigroup Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Monday, August 4th will be paid a dividend of $0.60 per share. This is a boost from Citigroup's previous quarterly dividend of $0.56. The ex-dividend date is Monday, August 4th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. Citigroup's dividend payout ratio is presently 35.45%.

Insider Activity

In related news, Director Peter B. Henry sold 3,000 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $90.40, for a total transaction 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. The trade was a 58.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.08% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Cowen assumed coverage on Citigroup in a report on Wednesday, May 14th. They issued a "hold" rating for the company. The Goldman Sachs Group lifted their price objective on Citigroup from $85.00 to $96.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Oppenheimer lifted their price objective on Citigroup from $123.00 to $124.00 and gave the stock an "outperform" rating in a report on Wednesday, July 30th. TD Cowen lifted their price objective on Citigroup from $85.00 to $95.00 and gave the stock a "hold" rating in a report on Wednesday, July 16th. Finally, Piper Sandler lifted their price objective on Citigroup from $84.00 to $104.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $96.54.

About Citigroup

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.

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